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Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry Research Paper


Methodology

In this research, the paradigm was Interpretivism (qualitative). Moreover, the study compares market entry strategies, which companies such as Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry prefer. For instance, the companies relied on qualitative data obtained from the products’ users in terms of feedback to create a counter-strategy for their entry.

Since the paradigm applies individual consumer opinion on a particular product, it helped the individual company compete fairly in the Chinese market. As secondary research, the method of data collection and analysis was done using qualitative and quantitative ways, especially from documented sources. Descriptive statistics were applied in doing the analysis, after which an inferential statistics were used to classify market variables in China.

Market assessment will help the researcher carry out a comparative evaluation of the companies on their entry strategies. This will be to establish whether the strategies are compatible with the policies of the host country. In this situation, the data will be retrieved from academic journals, books: print and electronic, and achieves.

Importantly, the qualitative data from different companies and sources will be compared to get more dependable information that could help the researcher to issue recommendation for the appropriate action. Perhaps, this practice is essential and expected to offer meaningful solutions to the problems surrounding foreign companies in their bid to enter the Chinese market.

Strategy

The strategy used in this study was descriptive. In this strategy, the researcher sought for documented information about the opinion that the potential buyers and regular customers had, regarding the products and the strategies, which the different companies employed.

Strategy on the methods, which the researcher applies in the study, was mainly quantitative, with a bit of qualitative data to depict the number of customers who preferred the products. Similarly, the data that were collected also included the number of unit products, which an individual company sold within a specified period. Notably, the research strategy used in carrying out the study varies based on the type of issue being investigated.

Besides, the varying geographical regions and political situation play a significant role in shaping the marketing and research strategy that the company could adopt. For instance, the individual company had to consider the political situation in the country before making proposal of the market entry strategy to adopt.

Design of the Methods Used

In this research, the designs included academic journals, periodicals, survey, and observation. Using such methods, the research philosophy and stance focused on documented articles, which were relevant to Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry companies to the mining and jewelry industry and how they used such relevance in formulating their entry strategies to the Chinese market.

The companies used such data instead of relying absolutely on the interpretive stance and non-authoritative publications. It is assumed that the subject under study is not observable in direct-to-consumer advertising, but can be measured to some extent. The research carefully isolated facts and attempted to identify a link between each company and its clients through analyzing consumer behavior.

In the first six days, the research focused on the formulation of literature and data collection through the proposed secondary methods to accurately understand the problem under study and further refine the research problem. More resources were directed to the selection of articles to be used for the study. A comprehensive review and comparison were applied to facilitate the conceptual framework, formulate research hypothesis used for the study. This set the stage for starting the study.

In the second six days, the attention was directed to isolating the relevant publications to make sure that only those with current and targeted information about the companies were selected to aid the study. The activities carried out at this stage include collection of the secondary data, evaluation and analysis of such information.

Importantly, a pilot study was also conducted during this stage. The use of documented data was important because the method was cheap and fast and centered on the various entry strategy that each company used to penetrate the Chinese market and the level of success in each approach.

In the third six days, presentation and reporting of the findings were done. The report was further refined to meet the academic standards (benchmarks), followed by the defense of the report findings on the impact of direct-to-consumer advertising on consumers. This was important in determining the company that used the best entry strategy so that the information could be used in recommending those approaches to other companies selling jewelry in China and those intending to venture into the business in the country.

Though there were various research designs available for this study, the comparative study was done using secondary information, in the form of a case study of Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry companies. The focus was on how direct-to-consumer advertising and other entry strategies affected the jewelry industry.

There were several literary works about direct-to-consumer advertising, because it was considered important among major areas of concern. The researcher’s in-depth familiarity with the operations and products of the companies also played a role in choosing the research designs. The primary data ware collected through systematic selection of the secondary articles, Internet sources and posts.

Reliability of the Market Entry Method

A comparative research on the Chinese market entry by foreign companies should be reliable. Reliability in this situation is defined as the level of precision of the particular measurement and observation criteria that the researcher uses. This is to examine whether the different strategies, which the companies apply are in consistent or replicable in a different market environment to obtain the same outcome.

In market research, there are various types of reliability, which are used in establishing the individual country’s entry strategies. Reliability of the measures for market entry strategies is different and has various characteristics as explained below.

Inter-rater reliability: this is a way in which the researcher evaluates reliability of the market entry strategy that a company used when entering a new cart and involves different companies undertaking the same evaluation criteria. If the market entry criteria give similar result scores, then it can be credited. For example, if three or more people are asked to classify market entry strategies used by different companies, and they do it in a similar way, then their method is reliable when the outcomes are the same.

Second is the Test-retest reliability: this is when one gets the same outcome on assessing various market entry strategies used by different companies. For example, if different companies are assessed after specific times, a reliable evaluation would give similar results under the same circumstances, while an unreliable test might be sensitive to changes, thus yield different results. This method may be used in understanding the company that has better market entry strategies and use the information to advice others.

Parallel-forms reliability: in this scenario, various companies are assessed on the different market entry strategies, which they use in establishing business operations at the same time. The results would be reliable if the different tests are consistent, but could be unreliable when they are inconsistent at that time.

Internal consistency: this is the assessment of various market entry strategies used by different companies, which are of the same make. Indeed, it brings the relationship between the market entry strategy and the way in which various companies could respond to the consequences of the approaches.

In addition, the achievements of various business services and market entry research are related to the validity of the approach used by different companies. Similarly, the application of specific market entry method is more significant in determining the success of the implementing company.

In this comparative research, validity means the outcome of the study is acceptable to many companies venturing in new business locations. This makes Validity considerations very significant in evaluating the rationale for unexpected failure, especially when launching operations in new geographic locations.

Face validity: in this scenario, the operationalization of the methods such as measurement and observation are determined and accepted by its outlook. This means that the various market entry strategies used by different companies yield several outcomes, based time, products and the prevailing market situation. However, the outcome might be skewed and not much could be achieved using such entry methods.

Content validity: in this scenario, the operationalization could be compared with the content domain or the item presented for sale in the new market. Mostly, this might not be absolutely true, because of the varied criteria and market entry strategies used by different companies to launch their products.

Usually, this happens in companies venturing in foreign or competitive market, the latter characterizes China. The competitive nature of the market could shape the entry strategy that the different companies would adopt to promote their products.

Concurrent validity: under this system, the companies launching their products in the market have to be distinguished in a theoretical and practical way. This helps in assess the particular operationalization and market entry strategies used by different companies to compete in a given industry. Notably, establishing such distinctions would make the work of evaluating various companies, in terms of their different market entry strategies easier and practical.

Convergent validity: this aspect gives the similarity or difference between operationalization and the theoretical attributes of the measurement and observation used in assessing the market entry strategies used by various companies. For instance, the various market entry approaches could show the correlation between different companies’ understanding the market trends and level of success in the sector they choose to venture.

Discriminant validity: this examines the market entry strategies used by different companies, in terms of operationalization variations. It helps in determining the correlation between various strategic approaches, which companies could use in promoting their products. Once the researcher has performed the operations, low correlations depict discriminant validity, meaning that the companies’ entry strategy did not have significant difference with the market situation, while high correlation shows that it is non-discriminant.

The latter means that the market entry strategies that the particular company uses in entering the market had significant difference with the prevailing economic situation in the country. Such oppositions to the prevailing situations could lead to poor performance of the company, in terms of profitability.

Data Collection Method and Instrument to Use in Carrying Out Market Entry Research

In this research, the data collection was done through public information such as company announcements from internet, company annual reports, and market research reports of individual company. The methods used included note-taking, using reports and published documents about the companies, but varies from one company to the other.

Since the comparative study of the market entry used secondary data collection methods to gather relevant information for the study, it relied on articles, company websites and reports. In details, secondary data are the types of information that are already collected, documented by another person and are available in various sources, whether print or soft copies.

Often, secondary data are cheaper and can be obtained quickly as compared to the primary data, thus useful when carrying market research, because such information was once first-hand.

However, the researcher carrying comparative study on the strategic entry methods should take keen interest on recent publications due to changing public preference to different products. This is important due to the changing fashions, tastes and consumer attitude. Therefore, improper and inadequate analysis consumer behavior could make can make a company make wrong choices regarding market entry strategies.

In fact, the secondary data are cheap to acquire and may be available where crucial and first-hand statistics cannot be obtained. The reason justifies the wide use of secondary data in making dependable promotion decisions and strategies, especially those relating market entry.

Moreover, the secondary methods that will be used to collect data such as review of books, journals, and online sources by logging into websites of various institutions are believed to have crucial information. Such statistics could help in making comparison before a company launches its products in the market. As mentioned earlier, the researcher using data collected from secondary sources should be courteous before making the final decision since the information obtained from books and articles may be outdated.

As a result, the information may fail to conform to the research issue under the study and wrong in making interpretation. When such data are used in advising potential investors about making important marketing entry decisions, it could to the entity losing more money in ventures with low return despite available market potential. In other instances, the accuracy of the secondary data may never be verified easily since questioning the author can be almost impossible. In this comparative study, the specific methods, which the researcher use in collecting data, include documents, observations, surveys, and experimental.

Documents: under this method, the researcher uses instruments such as historical, meta-analysis, secondary analysis, literature reviews, diaries, and content analysis for making decisions about market entry strategy. For example, the participants are asked to make reference to diaries, content analysis, reports, and other journals so that they could draw inferences on the best and reliable information.

The reason explaining this position is that comparing the trends posted in the documents could give the best information that the prospective jewelry companies might use in formulating their market entry strategy.

Since the information available documents such as literature, articles and reports on marketing issues are possibly true, the data could be used in conducting marketing research. As a result, the information on such materials could be used in making decision on the necessary market entry strategy and changes, which are to be effected.

Observation: in this situation, the researcher uses interpretive, case study, participant-observer, and ethnography as the tools for collecting data. This involves interaction among the people to observe the various behavior trends where the researcher being the participant-observer.

Normally, observation could be effective if the participant has exceptional skills in monitoring the trends. On the other hand, the method could be fruitless if the observer has a short memory. Such people cannot draw facts and make decision-based on the observation.

Therefore, if such individual researchers are tasked with carrying out research and advice a company on the best entry strategy to use in a particular market, the outcome might not yield the desired result. Occasionally, marketing research can also be conducted through observing the changes in the entry trends, thus having first-hand information about the product.

In conducting such research, tools such as case study, participant-observer, interpretive, and ethnography are used for collecting data. The case studies are used in making comparison and recommendation on the best market entry strategy that could yield more return.

Surveys: under surveys, the internet was used since it has relevant and elaborate information about the topic that may aid comparison. The Delphi Technique would also be used in surveying. In this method, the researcher identifies the issues that the people believe about motivation. Through using such instruments, the researcher becomes able to establish the connection between incentives and the perceived employee participation.

Surveys are useful when carried out via the internet because it could reach many people, especially those targeted. In marketing study, the researcher can use surveys in collecting current data.

This means that he/she can use tools such as books, articles, company publications, online journals and other standardized tools in getting information relating to marketing opportunities and trends, which famous marketing managers and scholars have made during administration. Such information is very useful when making comparison on the available options for market entry decision.

Experimental: in this method, the researcher uses tools such as true and quasi designs, in which he/she obtains information about the research questions under controlled state. Notably, carrying out experiments is the best way of determining the right information that could be used in making conclusion.

Often, alterations in marketing trends can be done using facts from experiments on different marketing institutions to ascertain the best administrative practices, which could help in making dependable entry strategies. Since experimental results are accurate, the data that the researcher collects can give the right information for making comparisons about the practice that the company could adopt when venturing into new and/or competitive market.

Methods of Implementation

In terms of implementation the research will be executed by using the internet and research companies. These methods were chosen because it was not easy to conduct an effective research in all the companies to come up with reliable findings. Using individual researcher has its limitations due to the area of coverage because the study compared five different companies, which sold a variety of jewelry and ornamental products.

In fact, when executing the study through the internet or companies, the researcher is likely to get experienced people to help him/her conduct the analysis. The experts could also assist in doing the marketing comparison and advice the researcher on the latest marketing practice that ensures that the company preparing to launch its operations does not waste the company.

In addition, the method ensures that only the targeted participants get the opportunity to access the research materials. Even though implementing a piece of research is tedious, it is necessary if the primary objectives of the research are to be realized. Therefore, the researcher has to be conversant with the methods used in implementing the study.

Limitations of Using Different Research Methods

Mostly, using different research methods cannot proceed smoothly without hitches. Researches usually experience various problems during the study, some of which affect the overall outcome. In addition, using different research methods can be confusing, especially if the researcher is not acquainted with all. Furthermore, using different methods is an expensive venture since each has its minimal costs, thus the total cost of the research could be expensive to the researcher.

Therefore, some of the limitations to the research relating to the method that was used included inadequate funding to complete the research, time constraints and opposition from individual firm that may find the study results too revealing for its operations. These problems affected the period that the comparative study lasted and its outcome.

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IvyPanda. (2019, October 10). Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry. Retrieved from https://ivypanda.com/essays/comparison-between-hang-fung-jewelry-ltd-shanghai-lao-miao-jewelry-co-ltd-digico-group-tai-sung-jewelry-and-adeka-jewelry-research-paper/

Work Cited

"Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry." IvyPanda, 10 Oct. 2019, ivypanda.com/essays/comparison-between-hang-fung-jewelry-ltd-shanghai-lao-miao-jewelry-co-ltd-digico-group-tai-sung-jewelry-and-adeka-jewelry-research-paper/.

1. IvyPanda. "Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry." October 10, 2019. https://ivypanda.com/essays/comparison-between-hang-fung-jewelry-ltd-shanghai-lao-miao-jewelry-co-ltd-digico-group-tai-sung-jewelry-and-adeka-jewelry-research-paper/.


Bibliography


IvyPanda. "Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry." October 10, 2019. https://ivypanda.com/essays/comparison-between-hang-fung-jewelry-ltd-shanghai-lao-miao-jewelry-co-ltd-digico-group-tai-sung-jewelry-and-adeka-jewelry-research-paper/.

References

IvyPanda. 2019. "Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry." October 10, 2019. https://ivypanda.com/essays/comparison-between-hang-fung-jewelry-ltd-shanghai-lao-miao-jewelry-co-ltd-digico-group-tai-sung-jewelry-and-adeka-jewelry-research-paper/.

References

IvyPanda. (2019) 'Comparison between Hang Fung Jewelry Ltd, Shanghai Lao Miao Jewelry Co Ltd, Digico Group, Tai Sung Jewelry, and Adeka Jewelry'. 10 October.

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