Key Components of the International Market Information System

 Content

1. How to Conduct Market Analysis for International Business
2. Key Considerations in Using Information Systems to Make International Business Decisions
3. The Pest Concept
4. Information Gaps
5. Market Analysis and Segmentation
6. Key Components of the International Market Information System

The design of an international market information system requires a detailed understanding of the current philosophy underpinning market segmentation, an understanding of the decision-making processes of your customers and an analysis of how markets may be changing. This can help you spot integration issues and new market opportunities.

The design criteria of the market information system need to provide security of data, the process must be continually improved and you need to keep an edge to data capture within the international business. The key focus of market information has to be on assisting senior management to make more effective international business decisions.

The PEST concept is widely used by international managers but it only provides you with a ‘snapshot’ of the target market and cannot be used on its own. Gaps in information have to be dis- covered and it is often important to appreciate what you may not know as well as the hard facts about a market. The analysis of a market and the use of market segmentation will assist managers in developing a continuous view of the changing nature of their target markets.

This analysis of the market enables you to understand three key elements of any market and the risk involved in entering a new and unconquered business environment. The three key elements are: market, competition and customers.