Domestic and international market research and analysis covers the necessary research, analysis, and evaluation processes for your products and services to be successful in markets where competition for your products and company is very high. This market research, which consists of two processes, market research in the office and field research, is a work that must be completed by businesses that aim to increase their success in the country and want to carry these successes to foreign markets.
What is Domestic and International Market Research?
Market research is the process of gathering statistical information about potential markets. Domestic market research refers to this process for a country’s domestic markets. In contrast, international market research involves gathering information about export potentials. Market research and analysis are conducted to help businesses find answers to questions such as:
- Who are the customers of the company? What is the customer portfolio like?
- Who are the major players in the market that the business is targeting?
- What is the size of the market, its behaviour patterns and trends?
- What are the distribution channels in the market?
- What are the average prices in the market?
How to Conduct Domestic and International Market Research?
Market research is the process that businesses conduct to gather statistical information about potential markets. While domestic market research refers to researching a country’s domestic markets, international market research involves analysing countries worldwide to obtain information about export potential. Market research and analysis are driven to help businesses find answers to questions such as:
- Who are the customers of the company? What is the customer portfolio like?
- Who are the leading players in the target market of the business?
- What is the size of the market?
- What are the behaviour patterns and trends?
- What are the distribution channels in the market?
- What are the average prices in the market?
How to Conduct Domestic and International Market Research?
Market research consists of two main processes: office research and field research. These two processes complement each other. To conduct successful field research, it is necessary first to complete the research process in the office. The office research process consists of two stages, which are selecting the target market and measuring the potential of the target market. Daily monitoring of global markets and events, analysis of commercial and economic data, and consultations with experts in the field are all part of the office market research process. In addition, office research aims to classify the product, identify sources of information to be obtained, categorise the received data, and create a database of information.
The second market research process is field research, which involves the unit conducting market research directly and visiting the target market to obtain information. The success of field visits and getting the desired information depends on the success of office research. Field research is significant for international market research. In this context, businesses visit their targeted export markets to obtain information and conduct meetings with potential business partners and customers. In addition, companies that want to carry out these activities can benefit from government support such as Foreign Market Research Support, Market Research, and Market Entry Support from the Ministry of Commerce. During the field research process, businesses can conduct meetings with distribution channels, visit production facilities and stores of competitors, hold meetings with professional and relevant organisations, and meet with producer associations.