INTERNATIONAL MARKETING INFORMATION
INTERNATIONAL MARKETING INFORMATION REQUIREMENTS
Categories for Information Requirements
Importance of identifying the problem:
• Managers are
seldom criticized on the grounds that they cannot solve the problems.
• This they can do
most of the times.
• But they solve
the wrong problem.
• The managers are
often better at finding the right answers than asking themselves the right
• The real problem
in management is that executives are likely to come up with right answer to
To improve decision making managers need to focus to first
understand the environment and issues
properly. If their understanding of the issues is correct and
comprehensive then they are much more
likely to be able to make correct decisions with respect to the
Difficulties in rational decision making:
capacity for information processing is significantly limited.
• Managers tend to
follow what is called the law of small numbers, whereby even small samples are
viewed as representative of the population from which they are
drawn, and they are likely to
underestimate the errors and unreliability inherent in such
• They are also
subject to the availability fallacy, whereby they are led to draw conclusions on
evidence that they have because it is available rather than
because it is relevant.
• There is abundant
evidence that managers overestimate their own abilities and suffer from
• A common way
managers obtain confidence about a decision is by structuring thesis.
Marketing intelligence must drive marketing research because in
ever- changing competitive market
place more emphasis will be on determining where to move the
business? and why?, and less on how to
Categories for global marketing information requirements:
Managers need a vast variety of information for successfully
operating in international markets. In the
following are described seven categories in which managers need
timely and comprehensive
information to make appropriate business decisions.
• Marketing Mix:
to add, delete, change products, stage of product life cycle, marketing/sales
campaign, distribution channel selection, price/demand and
information: corporate, business, functional strategies, market share.
exchange info: interest rates, exchange rates, balance of payment,
attractiveness of a
country’s currency, and expectations of analysts.
potential: demand estimates, consumer behavior, review of products,
communication media, and market performance.
info: laws, regulations, rulings concerning taxes, earnings, dividends in
both home &
• Resource info:
availability of human, financial, information, physical resources.
conditions: overall review of socio-cultural, political, technological