Leading Canadian technology company XYZ Corporation understands the value of research methodologies in assisting its needs analysis procedure and investigation of internationalization difficulties (Hair et al., 2021). By combining primary and secondary research methods, XYZ Corporation seeks thorough insights into consumer needs and market dynamics. In this report, the research techniques used by XYZ Corporation are examined, and their advantages in achieving the company’s research goals are highlighted.
Primary Research Utilizing Needs Analysis Tool:
XYZ Corporation uses a primary research approach that uses a needs analysis tool to properly grasp its customers’ requirements. The needs analysis tool consists of a structured questionnaire given to a sample representative of the total consumer population. This application makes it possible to collect in-depth information about customers’ preferences, pain spots, and expectations. XYZ Corporation is able to directly acquire insights from its target audience by employing this primary research method, which enables evidence-based decision-making to be more easily accomplished. (Hair et al., 2021) The needs analysis tool offers a methodical approach to the collection of consumer requirements, which ultimately results in the production of individualized goods and services.
Secondary Research Methods for Requirements Analysis:
A Comparison and Contrast XYZ Corporation, in addition to primary research, utilizes secondary research methods to support its requirements analysis process. This allows the company to better understand its customers’ wants and needs. The process of collecting and analyzing data and information that has already been gathered from a variety of sources is known as secondary research. The primary types of secondary research that XYZ Corporation utilizes are known as the literature review and the examination of market reports.
A thorough investigation of academic journals, trade publications, and other pertinent books is required by the approach known as “literature review” in order to glean useful insights into client requirements, market tendencies, and ideal business procedures. Using this strategy improves XYZ Corporation’s grasp of the existing knowledge base and enables more informed decision-making overall. (Saunders et al., 2019)
The method of studying market reports comprises performing research and analysis on reports compiled by market research companies, trade associations, and government agencies. These reports offer very useful information regarding the size of the market, growth rates, client demographics, and the nature of the competition. XYZ Corporation achieves a more comprehensive understanding of the dynamics of the market by analyzing many market reports side by side, which enables the company to see developing trends and discover possible opportunities. (Churchill et al., 2020)
XYZ Corporation ensures a complete needs analysis process by integrating primary and secondary research methods. This enables the company to combine insights from actual customers with current information and data from the market.
Research Methods Supporting Exploration of Internationalization Challenges:
Methods of Research That Are Designed to Help With the Exploration of Different International Obstacles Finding research techniques that provide support for the exploration of internationalization issues that the industry client is presently facing is of the utmost relevance in light of the fact that XYZ Corporation is actively seeking an international growth. It is of the utmost importance to find research methods that provide support for the exploration of internationalization challenges. Research of a qualitative nature through interviews as well as research of a comparative nature through studies carried out across national borders, are two sorts of study that could be carried out in this context.
The method of conducting qualitative interviews comprises conducting in-depth interviews with persons working in international business, individuals who are stakeholders in the sector, and industry experts. These dialogues provide valuable insights into the specific challenges and opportunities connected with growing into markets outside of the country in which one now resides. The open-ended format of qualitative interviews makes it possible to acquire a deep understanding of the issue. This, in turn, enables XYZ Corporation to adjust its strategy for internationalization in accordance with the findings by using the information gained from the interviews. (Yin, 2018).
Comparative studies spanning multiple nations look at the practices of businesses operating in fields that are analogous to one another and which have expanded into other countries. Using this method of research helps discover common issues, causes of success, and best practices. The XYZ Corporation can benefit from the internationalization trips of other comparable companies by researching those journeys in order to gain knowledge, avoid potential errors, and adjust their tactics accordingly. (Johanson & Vahlne, 2020).
Conducting Secondary Research for Broader Understanding of Challenges and Solutions:
XYZ Corporation does secondary research by reading academic articles, industry reports, and case studies in order to obtain a more comprehensive grasp of the difficulties associated with internationalization and the potential solutions to these difficulties. This strategy presents a detailed analysis of the aspects that influence successful international expansion and draws attention to potential problems that are specific to the firm’s industry. The XYZ Corporation is able to identify strategy approaches, market entrance techniques, and risk mitigation measures with the support of the insights gathered from secondary research. (Cooper & Schindler, 2022)
Conclusion
In order to assist its needs analysis process and study of internationalization difficulties, the Canadian technology company XYZ Corporation makes use of a combination of primary and secondary research approaches. XYZ Corporation achieves a full grasp of customer needs and the complexity of worldwide expansion by deploying a needs analysis tool, performing literature reviews, assessing market data, and using qualitative interviews and cross-national comparative studies. This method, which is research-driven, gives the company the ability to make well-informed decisions, offer individualized solutions, and successfully traverse the hurdles associated with expansion in a worldwide market.
References
Money, A. H., Samuel, P., Hair, J. F., and Wolfinbarger, M. F. (2021) The basics of business research techniques. Routledge.
Lewis, P., Saunders, M., and Thornhill, A. (2019). Research techniques for students of business Pearson.
Brown, T. J., Suter, T. A., and Churchill, G. A. (2020). fundamental marketing analysis. Cengage Education.
Yin, R. K. (2018). Research and applications using case studies: design and procedures Publications by Sage
Vahlne, J. E., and Johanson, J. (2020). Revisiting the Uppsala Model of the Internationalization Process: From Liability of Foreignness to Liability of Outsidership 51(3), 342–362, Journal of International Business Studies
Cooper, D. R., and P. S. Schindler (2022): approaches to business research McGraw-Hill Learning.
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