Business and Finance

GLOBALISATION AND BUSINESS

1) INTRODUCTION

Subsequent to Globalisation process that has taken place the magnitude of the research activity has increased considerably

The area that the researcher has to operate is enlarged with the enlargement of the market that has taken place under Globalisation scenario

On one hand the scope of work has enlarged and on the other the inputs that are required to execute the market research study has increased facilitating the researcher easy and efficient research work

The researcher if he can make use of the environment to his advantage can grow to any extent benefiting him, his company, his nation and humanity as a whole

Marketing Research Consultancy could be considered as a Services Sector Industry catering to the Industrial Market which is growing tremendously after Globalisation process. Hence Marketing Research Consultancy if tapped properly will throw light to the Services Sector Industry growth

Global companies keep conducting Marketing Research studies on continuous basis to update their Marketing Information system.

Also companies are faced with lot of opportunities / problems for which they have to keep conducting research to solve their problems

This being the trend the work involved in performing Market Research studies by the researchers have become more complex and difficult after Globalisation. Today,Marketing researcher needs professional expertise. As an efficient manager of Research Project he has to discharge duties as the manager in executing functions of research activities. He should aim for maximization of the resources provided to him to achieve results.

To be an efficient Marketing Research manager he should be familiar with the management functions like Planning, Organising and controlling of the research activities

The scope and nature of work involved in conducting Marketing Research has undergone a sea change from the old conventional method to more complicated / sophisticated method of performing research work.

To elaborate the same let us examine the Marketing Research process in detail

2) MARKETING RESEARCH PROCESS

1) Problem / Opportunity Identification2) Planning the Research Design3) Selecting a Research Method4) Selecting a Sampling Procedure5) Data Collection6) Evaluating the Data7) Preparing and Presenting the Research report

1) Problem / Opportunity ( After Globalisation )

Increased competition

Increased infra structure facilities

More number of Professionals

Increased supply (more number of units and imports ). Choices for consumers

Knowledge consumers, increased consumer preferences, increased consumer purchasing power, etc

Efficient Transportation services

Effective communication using computers

Less restrictions by Governments

Attitude of the people to share information facilitating Win Win situation.

Hence,Business decisions are taken considering the worldmarket ( from Macro angle )

Opportunities are many for businesses

Problems are many in the businesses

Somuch is the scope for theMarket Researchers

Conclusion

Based on the research problem whether to adopt integrated / segmented approach

2) Planning the Research Design

Research Approach as total Market as one Market ( or ) Segmented Market

Exploratory Design

Access to Secondary Data has increased

Experts from all over the world ready to cooperate, to have Win Win situation

Professionals / Experts are available from varied fields to conduct in depth analysis, depth interviews, etc

Descriptive Research

Primary Survey / Questioning / observation study.

Consumers are knowledgeable and understand the importance of Marketing Research : hence co operate

Modern Hi Tech equipments are available like Pupilometer, eye camera, etc. facilitating efficient data collection

Many professionals managed Multi — National companies spending more money on Research studies adding to the data collection

Experimental Research

Companies started believing more on the findings of experimental research studies before taking strategic decisions: not bothering for the extra expenditure

The consumers are also fit enough to carry experimental research on them

The extra skills required among researchers to conduct experimental studies has also increased considerably

Various technologies available to give treatment on the consumers and record the reactions

Conclusion

If resource is the constraint e mail survey is recommended

The research becoming meaningful and useful

3) Selecting a Research Method

Secondary Research using secondary source

Increased availability of books, periodicals, news papers, journals, etc in the libraries,

Associations, Consulates and other places

Internet

Desk Research

Sharing of information towards building the humanity

Minimisation of expenditure on Paper, Printing, and other costs, result of e media

When the research findings are used by many segments of people the cost per research reduced

Data available at the Table

Conclusion

Availability of Secondary data minimizes the need for Primary survey

Primary research using Primary Source

The target customers are located all over the world

The territory area to be covered is huge

Possible to contact them through e mail

The companies prepared to spend more money on research. Scope for retaining consultants

The local Government policy, Consumer preferences, competitors, Marketing channel, Nature, Mode of Transportation, communication facility, etc differs.

Difficult to carry observation studies in foreign countries

After exploring the data availability with the secondary source: Primary survey only to suit the exact requirement is carried out.

4) Selecting a sampling procedure

Difficult to get secondary data availability on the population size

Obtaining sampling frame difficult

Non response error may be high

Un organized sector existence

Sample selection difficult

The representative of the sample to represent population

Conclusion

Better to segment the market population based on territory and define the segment population as the population as the population for the research

5) Data collection

Secondary data collection

First secondary data to be carried out

Consultants all over the world to be appointed to carry desk research of their local area

Enough time, effort and money to be spent to explore all the available datas

Wherever necessary the researcher pay the required fee and collect reports, internet information

Information on Government policy, consumer preferences, competition, export / import statistics, nature, etc

Processing, analyzing and interpreting the data

If secondary data is sufficient enough no need to primary survey

Primary data

Planning the Data collection

Budgeting — huge Budget ( cost has come down )

Scheduling — Proper Time management ( could be speeded up )

Procedure to be followed

Policy proper agreements and legal actionsData collection methods ( may vary on many considerations )

Organizing the Data collection

Appointment of consultants

Terms and conditions

The scope of work

Payment terms ( currency, mode of payment )

Default clause

Reliability clause

Controlling

Regular meetings ( video conferencing avoids expenses on venue, travel,etc )

Progress reports ( online reporting helps to monitor efficiently )

Remedial measures ( across the table )

6) Evaluating the Data

The data will be voluminous

Soft ware packages like ( SPSS ) need to be used for Analytical purposes

Each and every segment Analysis will be carried out and combined

Or based on the analysis of individual segment interpretations arrived

7) Preparing the report

With the facilities available like C D s, Audio / Video equipments, etc the presentation of the reports made attractive

Even now the reports are preferred to be prepared in printed copies

3) CONCLUSION

The Scope for Marketing Research has increased with the increase in Business Opportunities on one side and the Threats that the business community is facing in the competitive environment.

All the companies are interested in up dating their Management Information System and Marketing Information System which is very much required for quick and efficient decision making process and this could be achieved only through the systematic and result oriented research work on continuous basis.

As discussed there is free flow of information between professionals all over the world, enough funds are available for the research purpose, etc making the research work more interesting and useful

Support from all the sectors ( viz ) Government, Universities, Social Welfare Organisations and others have started motivating the researchers and which will enable the researchers to find new methods, ideas, products, etc