Thus, by conducting multicountry market research, consulting firms can identify potential opportunities and risks in different markets, enabling them to design effective, customized strategic plans russia phone number example and solutions for their clients. This type of research also provides a comprehensive perspective of the global marketplace, considering the economic and political elements that can affect business operations in various nations.
Keys to understanding target markets in multicountry market research
Identifying target markets: To effectively conduct multinational market research, consulting firms must identify the target markets that are meaningful to their clients. These target markets are determined considering geographic location, demographics, and psychographic factors such as age, gender, income, education, attitude, and values, among others.