Develop your understanding of decision making risks and the barriers to reliable market information
Vietnam is one of the larger emerging and developing market economies EDME, which provide some of the biggest growth opportunities for international businesses. However, decision making in such markets is fraught with risk and much of this risk stems from poor quality of information upon which decisions are made. Enhancing the quality of such market information is therefore of paramount importance to the business manager.
Obtaining and collecting market information in EDMEs like Vietnam poses significant challenges for companies. This assignment requires you to select three of these generic challenges and discuss them in relation to Vietnam. For each you must briefly describe the challenge; consider the risk it poses to effective decision making; and suggest ways that the risk might be reduced or overcome.
NB. Some of the early lesson activities will help you to progress with this assignment. Also before starting the assignment please read the associated resources on Learnline.
The assignment will:
· Get you thinking about a contemporary and growing concern for managerial decision making relating to EDMEs – specifically Vietnam.
· Develop your understanding of decision making risks and the barriers to reliable market information.
· Require you to critically evaluate the implications of these barriers and determine ways to overcome them.
· Help develop skills in desk research (library and Internet search), collating, presenting and interpreting information, as well as the ESSENTIAL SKILL of accurate referencing.
· Develop your skill in writing concisely and to the point.
EDMEs such as Vietnam present the international business manager with many potential barriers to obtaining reliable and accurate market information. These include:
· Availability and reliability of secondary information
· Availability and reliability of primary research suppliers
· Selecting appropriate data collection methodologies
· Research costs variations
…AND a host of related macro and environmental differences relating to:
· Political and legislative issues
· Basic infrastructure
· Cultural differences
· Social and market structure differences
· Communication and technology difficulties
In this assignment you are must first choose three potential challenges relating to gathering market information and conducting market research in Vietnam. For each you should describe the challenge; consider the risk it poses to effective decision making; and suggest ways that the manager might overcome the challenge and reduce this risk.
How to structure your writing
· Cover page – Please include a cover page containing the title; student name(s) and ID number (s); date & total word count (excluding title, reference list, any appendices).
· Introduction – Write about 150 words on the increasing significance of EDMEs / the emerging market specified and the challenges of obtaining reliable emerging market information, as well as introduce your paper.
· Pitfalls – Write about 400 words on each of three pitfalls or difficulties associated with obtaining reliable information in the emerging market specified. Be sure to spend around half of these words considering how the pitfall might be overcome.
· Conclusion – Write about 150 words summing up the importance of overcoming the pitfalls of emerging market information and reducing associated decision making risks.
· References – Finally insert your references list using a recognized referencing format such as APA or Harvard – (For example, the ‘Harvard quick guide’ provides a useful summary http://www.swinburne.edu.au/lib/researchhelp/harvard_quick_guide.pdf).
· For this assignment it is anticipated that you will use a minimum of six to ten different references that include relevant journal articles.
· Word limit – There is a considerable amount to cover, so it is important that you clearly introduce the focus of your assignment and then write clearly and concisely within the specified word limit. At the end of each section please state the number of words you have used and at the start please also indicate the total number of words, which should not exceed 1500 words. NB the reference list does not count toward the word limit.
· Please write in a professional manner with a clear structure and appropriate headings, properly spell checked and proof read.
· (NB. Any demographic / country specific information should appear as appendices so as not to use up your limited word count).