Emerging Markets Assignment Help
Emerging Markets are producing the highest potential for business growth in future. But, the biggest issue is how to research consumers in these regions; hence we can see very few case studies on the same which can be used as a guiding post for researchers. There is a need to discuss the challenges which are being faced by market researchers in emerging economies. On what all difficulties they face while preparing consumer research in emerging economies. The situation will be posing a great problem for marketers in future, as emerging economies are the fastest growing markets and have become a very attractive destination for all global multinational corporations. United Nations have already said that economies with the highest increase in population will be majorly in Africa and Asia and will double within the span of 30 years. Total spending will reach to approximate 5 billion by 2020 which is approximate 2 fold increase since 2000. There are multiple small as well as global market research players who are operating in emerging economies. While a number of nations in emerging economies is huge, but they have been only contributing only 2% of global marketing research turnover (Aaker, Kumar , Day, Lawley and Stewart 2007).
Within this also, most of the income is generated by multinational market research organizations. It is very much uneconomic for them to work towards supporting the complete portfolio of research service in all of the countries. They have centralized teams which run multiple projects across multiple emerging economies. They have placed small data capturing offices which are then supported by full service providing research hubs (Melaia, Abratt and Bick 2008, pp. 233–246).
They are normally centralized for a cluster of emerging economies of Africa and Asia. Then, these hubs are connected with larger global regional offices for reporting and coordinating. For example, Nielson and Milward Africa operations were inside their Asia Pacific Operations. Although there is a lack of easily available marketing research data which will be very significant to conduct market research, still consumer research is commercially conducted in emerging economies. It is restricted by client commitment and never come into the public domain (Baack, Boggs 2008, pp. 125-139).