How to Do a Quick International Market Analysis
Clarke Ricks
School of Business, Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Hicks
April 5, 2021
How to Do a Quick International Market Analysis
Market analysis is a necessary step for successful marketing. Understanding how a
market works is a prerequisite for good marketing. Market analysis enables you to make
well informed decisions for the business. In today’s world, time is the most precious asset.
This article proposes the various ways of doing a quick international market analysis using
online tools.
1. Understand the various foreign markets
Assessing and evaluating the working structure of the various foreign markets (which
form the international market) is significant. Analyse the competitive environment of the
international market. You should ensure that there will be no political and legal hindrances
before initiating the trade. Look for potential in the market and take a step further
accordingly. Your product should be capable of growing in the market opted by you.
2. Develop a Plan and Implement It
Develop a proper plan for conducting an international market research. Decide how you
will get the information related to the international markets. For example, if you’ve to
conduct surveys, how will you conduct them? You can conduct them over phones and mails.
Ensure proper translation facilities while surveying. Your plan should focus on getting the
maximum amount of data possible. Thereafter, start conducting the surveys. Communicate
with the people abroad in order to get a clear understanding of the international market
3. Analyze the data collected
The last step is to analyse all the data collected. Organize the data and evaluate its
suitability for your business. Examine the market in terms of the level of profitability it offers
to you. Compare the level of profits with the costs involved. This will enable you to
determine the suitability of the international market for your business.
Following are the various online tools for doing a quick international market analysis
1. BMI
BMI research is an online website which provides an analysis of the financial markets
and the macroeconomic industry. It gives information about specific countries and their 5-
10 year detailed forecasts. It is a source of trusted insights and can be used to take strategic
and investment related decisions. You can analyse them further in order to identify the
various market opportunities and threats. It is one of the most trusted platforms for the
process of ‘how to do a market analysis’. You can simply go through all the latest reports,
columns and views columns which are available here.
2. Global Edge
Global edge is an online website which provides information, insights and resources of
the international market. It is a credible source of identifying the emerging, frontier and
matured markets. You should visit its trade bloc which caters to the trading information of
21 major countries. You can also obtain industry specific information and insights by
choosing the appropriate industry on the website. You can also subscribe to the global edge
newsletter which keeps you up to date with all the international market happenings. It is an
effectual tool for doing a quick international market analysis. If you wish to find insights of
any specific country,
3. Country watch
Countrywatch is an online website which provides a storehouse of ten years of data for
all countries with respect to over 250 variables. The members of Countrywatch have a
strong business experience along with a good academic background. It aims at providing
country specific market data. It renders a detailed analysis of macroeconomic variables of
various countries. It is one of the most productive tools to do a quick international market
analysis. In order to get accurate international market data,
4. Hoover’s Online
Hoover’s online is one of the largest business information database. It provides insights
into the market conditions along with information about various companies. It is an
effective way to the approach towards ‘how to do a market analysis’. It renders the right
kind of knowledge to the sales people. The free trial option includes powerful analytical
tools, finding new prospects and targeting the market appropriately. For more details
regarding their subscription packages, you can simply give them a call. Also, in order to get a
free tria
5. Lexisnexis
LexisNexis is an online website which provides business research and risk management
services. It is a source of market news and business insights. It helps the business
organisations in managing the risk in an optimal manner. The ‘Nexis’ tab on the website
provides the news and company research. You can use Lexis Practice advisor to get a
practical guidance. For more details about the various international market ongoingsAll the
above points render the process followed by some best online tools to do a quick
international market analysis. Follow the process with a tactical mindset. Using any of the
tools would be a successful approach to the process of ‘how to do a market analysis
