Discuss Your Thoughts Regarding the Effectiveness and Difficulty of Carrying out Market Research on a Global Basis
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Discuss your thoughts regarding the effectiveness and difficulty of carrying out market research on a global basis.
Consumer demand for value and convenience are now driving the global market, thanks to aggressive research. The acceleration of consumer lifestyles and a shift in power from supplier to retailer provides many companies an advantage over its competitors. One reason that global research is effective and has an advantage is because of the quality or superiority of the products or services provided by conducting the market research and how it produces new product ideas that could be used globally. For example, a niche market which is a gap in a market that is currently not being provided for by existing businesses in the industry. Their could be a trend, product, or service that is in production in another country and has provided that particular supplier with an competitive edge of that market segment, if that same product or services is available in the United States, the possibility of that market being successful would be exceedingly encouraging.
In addition, it appears that market research, when done globally is extremely important due to cultural backgrounds world-wide. There are social and economic differences that fundamentally will transform consumer perceptions of value depending on the country. That being said, I think that market research on a global basis could build rapid expansion with businesses internationally as long as the cultural and economic assessments are explored.
Segmenting, targeting, and positioning products globally
As stated in the case, both Japan and China were mature and lucrative markets for cosmetics. MKCs must manage not just one product in one market, but a whole product line targeted at the same or different segments in the market. I think that MKC need to examine how the marketing strategies for each product (i.e lipstick, foundation., etc) must be developed and implemented in a holistic manner, taking into consideration each products implications for the success of the entire line of cosmetics. If consumers are impressed with the ingredients, feel, and the look of the foundation, more buyers would be prone to try other products in that line. This is an example of how the positioning of new products can affect perceptions of the companys existing product line.
Strategically Equivalent Segments can be applied to the MKC case first by determining the MKCs choice of which market to serve, how to position its product/service for that market, and how to deliver this positioning for the chosen market through the 4Ps of the marketing mix. Also, MKCs will need to decide on how to minimize cannibalization of existing products and maximizing synergies and economies. MKC should develop and implement a market-focused strategy, and highlight the balance between focus and change, between creativity and analytics. These steps will ensure that MKC is equipped with essential mechanisms for ongoing success.
Mary Kay has proven that a company can identify profitable customers into a major strategic advantage and evaluate new products and marketing strategies by their impact on customer loyalty. They have provided unique opportunities and challenges that multinational companies face in targeting the worlds fastest growing emerging markets. In addition, I believe that providing the conceptual frameworks and improve the analytical and creative skills that are necessary to define and develop superior value, persuasively communicate that value, profitably deliver it to a carefully selected target market, and sustain both the value and the profitability in the face of ever-changing customer needs and competitive offerings is