Domestic And Foreign Market Research Essay

Domestic And Foreign Market Research Essay

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The Mayo Clinic is looking to expand their international sales revenues by 100 percent, over the next five years. In order to effectively expand their clinic, it is imperative that Mayo Clinic understands foreign markets and how they operate. Foreign research greatly differs from domestic research. " The basic difference between domestic and foreign market research is the broader scope needed for foreign research, necessitated by higher levels of uncertainty.......... a countries political stabilty, cultural attributes, and geographical characteristics are some of the kinds of things that are not ordinarily gathered by domestic marketing research but they are required for a sound assessment of a foreign market." (cateroa 321) To successfully grow their clinic to the desired level, Mayo Clinic must conduct research in a systemactic and orderly process. There are six steps in which the research process should follow, "1. define the research problem, 2. determine the sources of information,3. consider the costs and benefits of the research effort,4. gather the relevant data from secondary or primary sources, 5.analyze, interpret and summarize the results, and 6.effectively communicate the results to the decision makers." (cateroa 222)

To: Staff
"International" will continue to be a part of who the Mayo Clinic is even more so in the coming years. Over the next five years, We have decided to expand our international sales revenues by 100 percent. There are a few integral changes to the marketing research that will be outlined to you in this memo. It is important that these concepts are not only fully understood but, implemented immediately in order to push Mayo Clinic in the right direction. We will be using several d...

... middle of paper ...

... push their company further in the coming years. Quantitative will look more on the buisness and statistics side, where as the quantitative methods will help them understand their customers feelings and wants. Being able to paint a whole picture of the international market will be very effective when developing the marketing plan. The use of secondary data , only after it is validated will help cut the costs of the research. Primary data will be aimed to the Mayo Clinic research specifically and will fill in the gaps left from the secondary data. When conducting primary research however it is important to take into consideration the respondents culture and rituals . Some cultures might not allow of responses and others might get offended by the questions being asked. Before conducting any type of research imperative to understand the culture in which you are in .

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