Emerging developing market economies (EDMEs) such as Vietnam have the potential of becoming market economies. These nations have an objective to progress and become an advanced economy however, they do not have the market efficiency, accounting standards, and security regulations. But they have the physical infrastructure, stock market, and unified currency which are essential components for a market to grow and develop. Vietnam is one such country that is emerging as a developing market economy. The main objective of this report is to identify potential challenges that come across while collecting market information and conducting market research in Vietnam. Identified challenges in the report are impactful reporting, technology, and data management. For each of the challenge identified, associated risk with the lack of information which it poses on the decision making will be discussed. In order to reduce the risk, appropriate ways will also be suggested which will be followed with a conclusion.
Impactful reporting is the ability to provide or receive consultative reports. These reports give cohesive information and address all the queries and concerns which a market researcher requires regarding the host country or industry. Lack of availability and reliability of primary and secondary research is a challenge that limits the scope of opportunities available in the emerging market. It is important to understand the objectives of the research because key decisions are based on the findings of the objectives of the research (Lee, 2018). Starting from the designing of the study till the analyses of the results each factor has its impact on the reporting.
Risk Insufficient or incomplete market research may lead to wrong decisions which may also deviate researchers from the core objective. Sampling errors, preconceived conclusions, and analytical errors may impact the findings of the research. Turing the data into a comprehensible report is a challenge for the market researchers. In Vietnam, there is a lack of research in the relations between Vietnam and developed countries such as the US. Vietnam lies in the heart of Asia and the presence of a low wage rate is the biggest opportunity that can be exploited by international magnets. However, lack of research in the particular field did not provide these industrialists enough information about the opportunities for them.
Selecting appropriate data collection methodologies to help in collecting appropriate data that can create impactful reporting (Rosenberg amp Goodwin, 2016). Resources from which the data has been collected should be extracted from authentic and reliable resources. Unless the collection of data is not reliable results will not be accurate. Data sampling and analysis of the collected data also needs to be accurate to produce error-free and unbiased opinions. It is tough to gather a sufficient amount of data on the trade and diplomatic relations between Vietnam and foreign investors. This lack of information creates problems and challenges for investors. Recent developments in the country should be considered while collecting data and analyzing the same so that relevant findings can be collated. Since, secondary research on the trading policies, policies, and legislation or economic development of Vietnam, is limited hence, market researchers can also conduct primary research to collect data as per the objective of their study. Communicating with industry experts, getting their insights on the international relations and challenges they face will work as a reliable source and develop an impactful reporting.
With the increasing use of technology in every aspect of the organizational performance and evaluation, market research also involves technology to analyze the data. Vietnam already has limited data and research on the industry trends hence it is difficult to find project findings on its market. The technology used in the research may not be reliable for all the findings and analyses as they are static. Dynamic methods that collect real-time data help in gathering relevant information that can be converted into feasible information. Big data has become a great source of information from which a relevant piece of data can be collected. It provides real-time information that may be difficult to use for a few of the market researchers. Measurement of perceived value and actual value would be different with the use of technology (IMF, 2018). This cannot measure the emotional relations, customer satisfaction, and insights of the person in question. Use of technology is only limited to find out results for analytical data.
Risk Lack of knowledge of using technology to extract relevant information from the big data will lead to loss of money spent, and time devoted to the research. Improper use of big data or wastage of the available data is the loss of the organisation which has spent in the market research (Aidoo, 2012). Without measuring emotional quotient, customer insight and level of satisfaction it would be difficult to analyze the expectations, perceptions, and behavior of the customers in the foreign market.
To overcome the limitations of technology faced by the market researchers, it is required that market researchers can develop a rating system that determines the likeability of the customer towards the product or the service offered by the organization. However, it will not measure the impact and acceptance of reformed policies and legislations coined by the country. Vietnam has developed communication technology but they are not as advanced as other developed countries have. For certain data that cannot be measured with the help of technology, manual data analysis could be adopted. As mentioned above, customer satisfaction, their insights, and emotional quotient can be measured by communicating with them. Open-ended questions posed to the participants will help in collating information related to the perceptions of people of Vietnam about their political system and reforms in international trading. Aligning most of the collected data with the technology so as to convert into accurate and trustworthy information could be made possible. Technology cannot measure cultural differences. These are the aspect that can be translated while communicating or interacting with the people. The social and market structure, however, can be analyzed with the previous research reports and their findings.
Data management is a must in the field of market research. The data can be utilized to extract information for any field. In order to have comprehensive knowledge about various topics managed data could be of help. It is related to the work practices of different countries and their businesses. Data management is to gather, handle, and integrate vast amounts of data collected from both primary and alternative research resources. At first, getting data is difficult in Vietnam due to government regulations related to privacy. Data management is related to data mining, and database construction. It also requires competent experts for analyzing the data so as to interpret correct information for the collected data (Sudhir, et al., 2015). There is a lack of competent data analyzing experts in Vietnam which may predict wrong or misleading outcomes of the data. This challenge creates potential issues in the market research upon which ample decisions are based.
Risk Improper data management will lead to misleading outcomes of the data analysis. Decisions taken on the basis of such information may cause loss to the organization. Another potential problem of mismanaged data can cause data leakage which is a serious concern (Khanna, Palepu
amp Sinha, 2005). Vietnam has strict privacy regulations which may create problems for the data holders too.
Data management if done accurately, adds values to the decision taken by the researchers. The data-centric approach helps in maintaining the quality, privacy, and security of the data that has been stored. High-quality data helps in taking improved decisions that are authentic and reliable. Deploying competent staff that can manage and store data is essential for maintaining the bottom line.
Vietnam has emerged as a developing marketing economy which can be exploited by foreign investors. Market research has several drawbacks and challenges which has affected the research conducted in the current market potential. The aim of the report was to identify the challenges in market research. The identified challenges are impactful reporting, technology, and data management. Each of the challenges has a risk which affects the market research. For instance, impactful data is essential for taking decisions. If the data is not analyzed appropriately it would to misleading assumptions. Overcoming these challenges is required for predicting and interpreting data results that are authentic and reliable. The report has succinctly identified and explained the risks associated with them.
Lee, X. (2018). Global problems threaten emerging economies but some are on firmer ground than others Moodys. Retrieved from https//www.cnbc.com/2018/11/16/emerging-markets-face-multiple-challenges-but-some-are-resilient-moodys.htmlIMF. (2018). Challenges For Monetary Policy In Emerging Markets As Chapter 3 Global Financial Conditions Normalize.
Aidoo, K. (2012). Australasian Journal of Market amp Social Research. 20(2).
Khanna, T., Palepu, K., amp Sinha, J. (2005). Strategies That Fit Emerging Markets. Retrieved from https//hbr.org/2005/06/strategies-that-fit-emerging-marketsRosenberg, A., amp Goodwin, L. (2016). The Dos and Donts of Working with Emerging-Market Data. Retrieved from https//hbr.org/2016/07/the-dos-and-donts-of-working-with-emerging-market-dataSudhir, K., Priester, J., Shum, M., Atkin, D., Foster, A., Iyer, G., ... amp Qian, Y. (2015). Research opportunities in emerging markets an inter-disciplinary perspective from marketing, economics, and psychology.Customer Needs and Solutions,2(4), 264-276.
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