What is Global Marketing Intelligence?
Global marketing intelligence is the collecting, logging and analysis of marketing data that relates to the strengths, weaknesses, opportunities and threats concerning global marketing of goods and services using an organized system.
Global Marketing Intelligence involves the collection of data that answers the following questions:
- Where to market
- How to penetrate the market
- How to price
- What products to offer
- How to promote
- Where to sell
The Difference Between Domestic and Global Marketing
Global marketing intelligence consists of additional analyses including criteria not normally included in domestic marketing. This type of investigative Analysis is more commonly referred to as comparative analysis. Comparative analysis involves collecting and deciphering data on global markets, in addition to evaluating and drawing comparisons between countries in order to make efficient use of a company’s international resources. For example, grouping countries based on location, can create problems when the countries are not similar in other critical areas. Grouping countries according to their degree of economic development, for example, can be a useful way of filling data gaps, as the missing values can be assumed to be similar to those available in the small group. Also, the cost and time requirements needed to research many small countries can often be avoided by carrying out research on a sample of countries and extrapolating the results for the entire group. The following example illustrate the advantages of completing global marketing analysis.
A large full-service language translation services provider conducted a comparative marketing analysis of the worldwide markets it serves by defining demanded features and then clustering the various countries according to their likeness on those features. The research pinpointed four unique clusters which allowed the marketing group to develop marketing strategies to better serve the companies the needs of those markets. The effectiveness of the strategies were shown in greater efficiencies and high customer satisfaction.
Common Problems in Global Marketing
Many problems common to global marketing research are rarely encountered in domestic market research. Problems unique to global marketing research often involve issues relating to cultural and economic issues. In some countries, there is no dominant language and consequently, product manuals, installation guides and packaging instructions must be translated in multiple languages. In Muslim countries, it is often forbidden to interview women concerning product choices, perception and usage. In other countries, the postal systems are either non-existent or completely unreliable which make mail questionnaires impractical. Further, the less developed a country is the less likely there will be reliable economic and marketing data available. Once you factor in the cost of researching a global market, it becomes apparent that Global Marketing strategy is far more than a simple extension of domestic marketing strategy.