Global Market Research Case Study Analysis Example | Topics and Well Written Essays - 1000 words

Global Market Research Analysis - Case Study Example The turnaround was masterminded by two employees who decided to work without pay and their efforts were rewarded when S/M Architects won the competition for the aquatics facility for the Canada games. Buoyed by the success of sports complex design and construction, Sperry Architects now wants to enter into new markets. According to (Keegan 2013) firms enter into new markets to increase profitability, stem inherent risks in the home market and therefore ensure long term business stability. With economists predicting a recession in 1989 and local competition heating up it is clear why Sperry Architects wants to enter into a new market. Entering a new market comes with substantial risk, challenges as well as opportunities (Moschis, 1994). Sperry/MacLennan Architects is seeking to enter a new market and must therefore conduct a thorough market research and analysis to increase its chances of success in the new market. In this case S/M Architects must pay close attention to the following. It is imperative that S/M defines the target market it intends to satisfy and the opportunities for growth. Entering a saturated market might not offer many new opportunities. It is also important to identify gaps in the market and weigh the current players in the market while paying close attention to their strengths and weaknesses. Beall (2010) notes that laws regarding business practice vary from province to province as well as country to country. Tax laws as well as well as amount of profits which can be repatriated back home are key issues which should be taken into consideration by S/M Architects before venturing into new markets. Understanding the market dynamics and consumer behavior of the target market is crucial to the success of any firm with intentions of expanding into a foreign market. Cultural beliefs shape the consumption patterns in new