Find sources of market evaluation data for these firms, then find examples of the data from them, and discuss its value.
The data firms require access to in order to facilitate the most successful approaches to exporting and expansion into foreign markets are often lost and confused beneath the lack of understanding of which of the data is really required. This can be understood as recent literature highlights that there is up to 150 variables that measure aspects of each foreign market’s economic, political, legal, cultural, technical and physical environments (Root 1994; Russow 1989), along with the organisation’s resources, managerial abilities and preferences. Considering even a fraction of these variables for a reasonable number of countries would, in the overwhelming majority of cases, be beyond the resources of the decision maker in terms of time, money and expertise .
Service firms rely quite heavily on understanding its local market as it is subject to rely more heavily on the local infrastructure and resources. It can be argued that the three most important factors that service firms need to be aware of are the potential market’s legal, economical and regulatory requirements as part of the selection process. These factors can be translated as: the technological endowment, the legal framework and the cultural adaptability .
The Australian Trade Commission website, Austrade, not only provides some basic information on various markets, it highlights some major sources of general market research accessible freely on the internet including The Asian Development Bank, IBIS World and federation of International Trade.
In order to assess the best possible market evaluation data, it is imperative the nature of the service be taken into account. Successful service entity highlighted in the previous question was the Australia University, Griffith University as it provides education not only in Australia but has partnered with China to draw on the...