Market research and product placement

Global business success depends on many critical factors and research methods that require detailed analysis. International market research is essential for businesses to help them effectively and efficiently sell their products. It is difficult to obtain all the information for the formulation of business plans, particularly sales, marketing and promotion strategies, without a proper research process. Companies wishing to enter new markets in different countries should be thorough when doing research on international markets, as they must determine their goals and potential pitfalls to avoid making cultural mistakes.

A strategy that considers brand objectives, consistent brand name and identity systems, target markets, positioning, key communications messages, and the ranking of brand touch points is necessary to build a powerful brand. Results of secondary and primary consumer research will be used to illustrate successful brand positioning using product placement.

Why is it Important?

To ensure a business’s smooth entry and draw in local customers, market research is crucial. It is crucial to comprehend how different cultures react to new goods, advertisements, and businesses.

For instance, the Gerber baby food line failed in Africa because the label featured a cute white baby. In some cultures, products are even put to new uses that are unrelated to their original purpose.

Successful international business requires in-depth market knowledge, and conducting international market research can give you the information you need to comprehend your target markets. It is crucial to commission a traditional market study covering the target region’s issues, but be prepared for answers to vary across nations due to cultural and historical factors. Your marketing choices will be impacted by this as well.

The brand is a multifaceted concept with both tangible and intangible elements. Consumers are influenced to purchase products bearing the brand by its reputation for quality, promise to the buyer, icon, and image.

A brand can also be thought of as a collection of associations brought on by names and symbols, or as a collection of qualities such as personality, values, associations, and quality that influence consumers’ decision-making processes and serve as a reflection of their perceptions. It should be regarded as a legal and intangible asset whose value cannot be ascertained prior to being the object of a purchase transaction.

Benefits

• International market research provides critical information about the target countries and focus groups of international business, providing a company with all the information it needs to make the right decisions before entering a new market.
• It can determine opportunities for new business and provide targeted information regarding specific geographical locations.
• It can also provide controlled information for marketers and advertisers, compare markets, products and other market variables, and supply new ideas for business entry or business expansion.
• Market research is essential for almost all decision-making departments of a corporation, as it provides the base of information which is vital when making strategic decisions.
• It can help decide which market to enter, which customers, and how much efforts on localization do your company need. For example, a fintech company marketing campaign will not work without localization, which includes translating messaging, pricing, currency, local laws, even completely different alphabets and cultures.
• Product placement in contrast to traditional forms of advertising does not interrupt the broadcast, but can cause viewers annoyance.
• Celebrities are attractive to the viewer, making them an object of desire in audiovisual transmission.
• Companies have the option of placing their brand in exchange for props for films, resulting in low cost and high efficiency.

The increased competition about quality and price forces companies to take planned actions to ensure their distinction and originality. A tool for achieving a competitive advantage is the brand, reflecting the essence of the business and focusing on associations around the name and logo. Product and brand placement refers to both the visible and invisible parts of the brand, and is used in movies, entertainment programs, and books and other printed materials and video games. Research actions will be taken to understand the mechanism of brand placement and how it works from the inside. Knowledge is important for marketers and consumers, as it allows them to control the amount and frequency of advertisements.