In each country there are firms that specialize in market research to help us find the information we need. The price of this kind of market research can range from $ 3,000 to $ 10,000.
Expenses related to overseas market research trips made by industrial and / or commercial companies and companies operating in the software sector are supported at a rate of 70% and up to a maximum of USD 7,500 per overseas market research trip. Information is given in the fourth chapter on this subject; For up-to-date information, the Ministry of Economy website (www.ekonomi.gov.tr) should refer to the “Market Research and Market Entry Support Communiqué and Implementation Procedures and Principles” in the Support Programs Legislation. After determining the target market with the analysis of the data obtained as a result of both desk research and field research, the company will make the following decision: If the market is not big enough, it may give up working in that market. If the market is too big to serve, it can find strategic partners or find the market segment within that market where it can best serve. When the number of competitors in the market is high, it is difficult to enter the market and make a profit. According to the conditions of competition, it is necessary to either seek more virgin markets or struggle with competitors. To beat the rivals, it is necessary to divide the markets into even smaller groups. You can design a market section consisting of the customers you choose according to the needs, expected benefit from purchasing and the similarity of purchasing behaviors and habits, and you believe that these needs have not yet been met or you will meet them better than your competitors, you can reshape your product and carry out promotional activities addressing that department. Today, many businesses go to market segmentation in international marketing, and by offering different goods or services to their foreign customers who have different desires and needs, they can be much more successful than a company that applies a lean marketing policy.
1-In order to go to market segmentation in international marketing and to benefit from this, it is possible to “measure” the variables that will reveal the sections first. However, it will not be easy to measure all kinds of variables.
2-On the other hand, the market determined by measuring must be “satisfactory” for the exporter company. That is, the market segment should be of “ideal size”. Ideal size means that a market segment is large enough to be profitable but also small enough to serve effectively. However, in such a segmentation, we have the chance to be the sole or preferred supplier that determines the terms of bargaining.
3- An important point that should not be overlooked when making market segmentation is whether the selected markets can be “reached” or not. For example, there is no packaging material demanded from the foreign market for a good. There are no obstacles in terms of price, quality, packaging and legislation, but it is impossible to transport the goods to the foreign market due to the war in that country or neighboring countries. For these and similar reasons, it may not be possible to export to many of the potential markets. So, when a business wants to enter a new market, it should try to segment the market by doing the following in successive stages:
To be able to target a market segment, we must know your customer’s wants and needs. The customer will only make a purchase if he has a need that remains unmet. Your customer’s wishes and needs naturally vary depending on whether you are selling to the end consumer or to another business.
The wishes and requirements of the target customers will naturally depend on whether the business is selling to the end consumer or to other businesses.