Individual Reflection on Classes 3 and 4

Class 3

Market Research Provides Information Useful in Business Decision-making

Throughout the market research process, data is obtained, collated, and examined. This information is often linked to market characteristics. Tracking studies, mystery shopping, consumer satisfaction surveys, feasibility studies, and advertising assessments are some of the approaches used by market researchers. Businesses may find market research beneficial in determining what new goods or services the market will need and how to supply those products or services. It is possible to identify important problems that must be solved when manufacturing a certain product or service, which may assist firms in avoiding expensive blunders. Furthermore, it assists a firm in determining which features customers value the most and how management can best incorporate these values into the items they desire to make accessible on the market.

Market Environment Scanning is a Critical Element of Global Business

Environmental scanning is the practice of examining external sources and aspects that have an impact on a company’s internal operations. The purpose of this activity is to identify potential sources to consult with or consider when making decisions about a company’s operations. It is used by individuals involved in the decision-making process, such as the organization’s leaders and executives, to get a knowledge of challenges that may have an impact on the enterprise as a whole. The actions of a firm’s competitors, changes in the political atmosphere, changes to current rules, and other features of the environment in which the company operates are all examples of variables that might affect the organization’s degree of success.

Class 4

Trade Barriers and their Consequences to Market Entry Strategies

Countries will often create trade barriers in order to restrict free trade between their respective economies. Therefore, attempts to change markets that happen to operate on a global scale are at the heart of trade obstacles. Examples of trade barriers include tariffs (taxes) on imports (and sometimes exports), as well as non-tariff trade hurdles such as import quotas, local industry subsidies, trade embargoes with particular countries (usually for geopolitical reasons), and licenses to bring items into the economy. Import quotas, domestic industry subsidies, and trade restrictions with certain countries are all examples of non-tariff trade impediments. These trade barriers are a way for governments to protect their domestic markets, a situation that may be of negative outcome when choosing to enter a given market.

Politically Stable and Developed Nations Make the Most Favorable Markets

Since 2010, there have been many changes in the level of political stability in emerging market economies. These changes have had big effects on both business and economic growth. Because of ongoing and getting worse political unrest, investors and consumers have lost faith in economies like Venezuela, Ukraine, Egypt and Russia. On the other hand, countries like India, Indonesia, China, and Chile have seen more money come into their economies because both their political and business environments have gotten better. in the stronger and more developed economies such as Australia, the United States, Germany, and Japan, political stability conditions have ensured predictability in governance and policies.