The global world is complex and contains floating
pieces of information that are difficult for marketing researchers and
businesses to collect and understand. For most businesses it can be difficult to collect
data in a way that is useful for strategic decision-making. According to a paper by
Michael Anastasiou businesses should consider using shared databases that allow
for higher levels of understanding and analysis of international market
information (2012).
Because the market continues to change it is
important for businesses to have relevant information for making adjustments that meet
new demands. By collecting information
about the international market, companies can adjust their strategies to predict
and respond to market changes.
Lack of information can be deadly for businesses and
even more so for small businesses that lack capital to recover from mistakes. A
deficiency in market research and technological capabilities to collect and
analyze data can lead to risks of failure (Craig and Douglas, 2001). This
failure occurs as a direct result of not understanding the market or how to
reach potential customers.
Research becomes more difficult when dealing
with ambiguous information such as beliefs, values, ideologies, preferences and
perceptions (Wheeler, 1998). To understand these nuances it is necessary to
have lots of useful information and engage in content analysis. The results can
be used in designing new products or adjust processes to market realities.
The author argues that by allowing for shared
databases businesses can contribute to the data collection process of international
markets and then exploit that information for stronger performance. Before
information can become useful it must be analyzed in a proper theoretical framework.
Small businesses generally don’t have the ability to complete high levels of analysis. They may hire researchers to understand the data or
use software that searches on defined characteristics. Analytical software helps ensure that businesses are using
proper methodology and obtaining useful information for their purposes (Maclaran
& Catterall, 2002).
The author’s point of collective gathering of
information by businesses can foster greater market analysis appears correct. The
use of such information by small businesses and business clusters is
beneficial for those trying to reach a wider market. As each business collects
information they can upload that data for other database users based upon their agreement terms.
What the author does not discuss is how a database
like this can be fostered for economic growth. One can foresee business organizations (i.e. small business association or local association) including
this service as part of membership, building for-profit databases, or
collective sponsorship by clustered businesses within a geographical area. Each
business can analyze the data on their own, use available software or hire researchers to
analyze the data based upon their needs and preferences.
Craig, C. and Douglas, S. (2000).
International Marketing Research, (2nd
ed). Wiley, New York.
Maclaran, P. & Catterall, M.
(2002). Analyzing Qualitative Data: Computer Software Program and the Marketing
Research Practitioner. Qualitative Marketive Research: An International
Journal, 5, pp. 28-39.
Wheeler, D. (1998). Content
Analysis: An Analytical Technique for International Marketing Research. International Marketing Review, 52,
pp. 39-47.
