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International Entrepreneurship Unit 3 (Essay Sample)


The paper was about the importance of market research. It also addressed the effect that changes in lifestyle can have on an appliance, and there were also to be specific answers from respondents in different countries.


TN - International Entrepreneurship Unit 3 Individual Project
TN - International Entrepreneurship Unit 3 Individual Project
It is essential to conduct a research on the marketability of a product before embarking on activities aimed at selling it. Lack of research may culminate in total disappointments because of low sales for a product. The business may end up realizing that the sale of the product is far much below its expectations (Gupta, 2004).
Market research helps a business to improve communication with its clients. Customers will only buy products that they understand well. Details of the commodity must be in a language that they can understand. For example, most Germans may not understand English the way they empathize their native language. It will not be right to introduce products in Germany that have details in English. Few people will understand the details of the products. This will lead to poor performance of the items in that country (Hisrich, 2010).
Doing market research also helps in the identification of places where the products are required. Business organizations should not supply products to people without knowing whether they require them or not. Customers will only buy commodities when they need them. For example, businesses that deal with the production of school bags should find out whether there is demand for the same in Germany, in case they are planning to supply the products to that country. Germans do not have many children who may provide a good market for the bags. This information is vital to producers of schoolbags (Hisrich, 2010).
Market research assists in the modification of the products. Businesses should work towards getting feedback from their consumers. This will enable them to know what their customers do not like about the products and the areas that need perfection. They will then introduce the changes that suit the wishes of the customers, which will result in an increase in sales. For instance, a business may produce drinks and end up adding less or excess sugar than required. They will only know that the customers require an addition of sugar into the drink by getting feedback (Grover, 2006).
The research also helps the businesses to have an upper hand over their competitors in the market. It will make them create good relationships with their customers, which will make them feel valued by the businesses. This will then contribute to the increase in sales of the products. For example, businesses in Germany and those in the USA produce the same products and supply them to England. The Germany businesses do frequent research on the market in England than their counterparts from the USA. This will lead to a good rapport between them and the British community. It will then result in an increase in sales for the Germany products (Kolb, 2008).
Responses from Americans, Germans, and Britons on the current electrical kitchen appliances.
QuestionsResponse from AmericansResponse from GermansResponse from BritonsWhat language do you understand well?American EnglishGermanBritish EnglishDo you have electricity in your home?Yes.Yes.Yes.What do you use for cooking in your home?Electric cookerGasElectric cookerWhat was its price, in dollars, when you bought it?$250$200$270Do you intend to change it?Yes, I will do so when there is an alternative.No.Yes.If yes, what makes you consider changing it? If no, why are you not changing it?Its power consumption is high. It is also not portable.Other cooking appliances are more expensive than gas.It is not durable.How many people do you know who use the product?Everyone uses it in this neighborhood.I am not sure of the number.Majority uses it.What do they say about it?They have the same complaints _They expect a substitute to come soon.How is it efficient?It is not very efficient.It is efficient.It is relatively efficient.Is there something that you feel should be improved on the product?Yes, its size and power consumption should be reduced.No.Size and power consumption rate.
Enron Corporation succeeded a lot in the USA. After some time, business graduates developed a culture of overlooking Enron and joining Skilling, which was its rival. This made Enron lose professionals who could manage it well. The company also saw a sharp decline in the value of its shares on the stock exchange. Customers of th...
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