Market research

Study and Selection of Foreign Markets

1. Market research or marketing research?

Market research :

Market research involves gathering information about consumers or groups of consumers with a view to marketing a product. It answers questions such as: "Is there a market for our product X? This approach can be qualitative or quantitative and is often based on field surveys, direct questioning of consumers or observation of their behaviour. It also includes documentary research, particularly to assess the potential of a market

Marketing research :

Unlike market research, marketing research focuses on analysing the dimensions of the marketing mix (the 4Ps: Product, Price, Place, Promotion). It can be used to assess the effectiveness of an advertising campaign, the impact of new packaging or other strategic elements. These analyses can be used to define appropriate strategies.

2. International market research

International market research involves systematically gathering information on a foreign market. Its main objectives are :

- Selection of target markets :

Establish a formalised process for identifying, evaluating and comparing the opportunities offered by different foreign markets. This helps to identify the most attractive markets (in terms of sales potential and accessibility) on which to focus your prospecting efforts, while avoiding wasting resources on markets that are not very interesting.

- Strategic decision-making tools :

Provide detailed information on the environment and specific features of foreign markets (political, economic, cultural factors, etc.). This includes identifying the needs of local consumers and the means of satisfying them, in order to build an effective and appropriate marketing strategy.

Why do SMEs underestimate the importance of international market research?

Many exporting SMEs neglect these studies, often for the following reasons:

- Opportunistic export : The export may occur by chance, for example following a trade mission or an unsolicited order. In this case, markets are selected informally.

- Lack of awareness : some SMEs are unaware of the differences between their domestic market and foreign markets (culture, infrastructure, regulations, distribution systems, etc.).

- Contraintes de ressources : the cost and time required to conduct these studies are sometimes considered too high in relation to the expected benefits.

- Unfamiliarity with tools : some companies do not know how to access international data or use analysis tools.

- Overconfidence in experience : Experienced SMEs may consider their knowledge of the market as a substitute for in-depth research.

- Arbitrary choices : some managers select a market on the basis of personal preferences (holiday destinations, past studies, language skills, etc.).