HCBA 3221: International Business Management
Topic 2: International Business Research
Peter Chege HD 333-1080/2015
Peninah Nyutu HD 333-1088/2015
Submitted to Dr. Oloko
INTERNATIONAL BUSINESS RESEARCH
What is international Business?
* Is a business where transactions occur across the borders
What is research?
* Research - is a process of inquiring. It is a systematic search for information. It also means carrying out a diligent enquiry or critical examination of a given phenomena
* Research remains the most efficient and reliable source of knowledge.
What is International business research?
* International business research ...view middle of the document...
This is because;
* Globalization experts are an important feature that needs to be involved
* Industry specific experiences
* Information access
* The level of international experience
* Language skills
(c) Challenges to international businesses
International businesses experience a lot of challenges such as;
* Government constraints
* Inadequacy of resources
* Fragmentation of power in a country
* The pressure to achieve economic goals more rapidly
* Relationships with other Governments
* Lack of information and inexperience in negotiations
* Changing technology
(d) Complexity of international businesses
* The need to use different strategies
* Questions to answer
* Do I do I not
* Where do I venture
* Which products to sell
* How do I enter market
Characteristics of information needed
* The competitive information needs to have the right focus, despite the need to be provided faster, an early enough in order to be effective.
* The information should be retrieved exclusively for the company in question owing to the fact that if all the industry enjoys this information, there seizes to exist, a hand in competitive gain.
* The procurement of the information has to be done by internal staff but also by external market specialist.
Importance of international market research
* To identify new business - Many new business opportunities helps in identifying new business opportunities and also aiding in the reassurance of the area strategy, in business research, a strategy that entirely defines the geographical hemisphere that the research needs to cover.
* For innovations - Markets research in general, is intended to provide new ideas, comparisons, and control information for marketing decisions. These decisions are found from marketing and sales, import and export positions, new business development, in a strategy staff, in corporate planning departments and within the top managements.
* To generate new information or to obtain new knowledge about the markets- The act of international market research provides an information base for strategic decisions. This information may always provide a competitive advantage and needs to be availed early, faster and with the right filter.
* It helps to describe a phenomenon. if something emerges, need to understand it and come up with mitigating factors
* It helps in predicting the outcome of a particular decision. If one is able to know a particular phenomenon you can predict another on the basis of another.
* It enables control, one can manipulate one phenomena to estimate its impact on another phenomena
* It enables us to develop theories.
* Research is used to validate existing theories
Categories of international business research