Scenario: Chong's Analysis of International Markets
John Chong is an inexperienced entrepreneur in global business. He wants to sell his product, Zulu doll, a toy for kids below the age of eight, in every corner of the world. He wants to examine all potential markets but wants to keep his costs low. John has asked you to explain a few things about analyzing international markets.
-Which of the following stages of the market-screening process would require John to visit a potential market personally?

Question

Quizplus · Accepted Answer

Visiting a potential market personally is needed when selecting the market. This involves gathering firsthand information on the market's characteristics, such as customer preferences, cultural norms, competitive landscape, regulatory framework, and infrastructure. Other stages of the market-screening process, such as assessment of the national business environment, identification of the basic appeal for markets, and measurement of market potential, can be conducted through secondary research, databases, surveys, and other sources of information.