Question 1

A(n)________ is an international trip by government officials and businesspeople that is organized by agencies of national or provincial governments for the purpose of exploring international business opportunities.

Accepted Answer

A trade mission is specifically designed to bring together businesspeople and government officials for the purpose of exploring international business opportunities. It is organized by government agencies for the benefit of local businesses seeking to expand their presence in international markets. The other choices, such as focus groups and field research, do not involve the same kind of organized, government-led effort to promote international trade. An expo is a large exhibition or fair, which may or may not be focused on international trade.

Question 2

The process of obtaining information that already exists within the company or that can be obtained from outside sources is called secondary market research.

Accepted Answer

Secondary market research involves gathering information that has already been compiled and is available from either internal or external sources. It is different from primary market research, which involves collecting new data through surveys, interviews, observations, or experiments.

Question 3

Scenario: Markowitz Tools
Susan Markowitz is analyzing potential markets where Markowitz Tools can sell its products, and she has narrowed her search to three markets. Country A is a developing country with a low literacy rate, Country B has a group-oriented culture, and Country C is a highly developed nation.
-Which of the following would be the least expensive method in terms of both time and money,for conducting a market research in Country C?

Accepted Answer

Conducting market research through internet data would be the least expensive method in terms of both time and money for conducting a market research in a highly developed nation like Country C. Since internet usage is widespread in such countries, gathering information about the market through online sources would be a cost-effective and efficient method. Structured interviews, surveys, and focus groups can be costlier and time-consuming methods in comparison.

Question 4

In countries with high illiteracy rates,a(n)________ should not be used to collect information.

Accepted Answer

In countries with high illiteracy rates, a written survey should not be used to collect information because respondents may have difficulty reading and understanding the questions, leading to inaccurate or incomplete responses.

Question 5

________ is relatively inexpensive because it has already been collected,analyzed,and summarized by another party.

Accepted Answer

Secondary data is pre-existing data that has already been collected, analyzed, and summarized by another party, making it relatively inexpensive compared to primary data, which requires the researcher to collect new data. Raw data is unprocessed data that has not yet been analyzed or summarized, and transaction data specifically refers to data related to financial transactions.

Question 6

Scenario: Indy Bats LLC
Indy Bats LLC is looking for new markets for its products. Matt Johnson has been appointed head of a special team that has been given the responsibility of identifying new markets for the company's products. The company is especially interested in exploring emerging economies.
-If Matt wants to estimate an emerging market's spending capacity,he should focus on the ________.

Accepted Answer

The spending capacity of an emerging market can be estimated by identifying the size and growth of the middle class. As the middle class grows, disposable income and purchasing power increase, leading to higher demand for consumer products. Therefore, Matt should focus on the population of the middle class in each emerging market to determine their spending capacity.

Question 7

An ongoing process of gathering,analyzing,and dispensing information for tactical or strategic purposes is called ________.

Accepted Answer

Environmental scanning is the ongoing process of gathering, analyzing, and dispensing information for tactical or strategic purposes. Data harvesting refers only to the collection of data, peer production refers to collaborative content creation, and survey research is a specific method for gathering data.

Question 8

Scenario: Markowitz Tools
Susan Markowitz is analyzing potential markets where Markowitz Tools can sell its products, and she has narrowed her search to three markets. Country A is a developing country with a low literacy rate, Country B has a group-oriented culture, and Country C is a highly developed nation.
-Which of the following would be most appropriate for conducting primary market research on attitudes,behaviors,and purchasing habits in Country B?

Accepted Answer

The answer of Scenario: Markowitz Tools
Susan Markowitz is analyzing potential...

Question 9

Scenario: Indy Bats LLC
Indy Bats LLC is looking for new markets for its products. Matt Johnson has been appointed head of a special team that has been given the responsibility of identifying new markets for the company's products. The company is especially interested in exploring emerging economies.
-For several emerging markets,Matt has collected data on the number of telephones,TVs,and fax machines per capita,and population per retail outlet,which assesses the ________.

Accepted Answer

The data collected by Matt on the number of telephones, TVs, and fax machines per capita, and population per retail outlet help assess the commercial infrastructure of the emerging markets. This infrastructure is important to consider when identifying new markets for Indy Bats LLC's products. Economic freedom, market growth rate, and market size may also be important factors to consider, but they are not directly assessed by the data collected by Matt.

Question 10

An exhibition at which members of an industry showcase their latest products,study activities of rivals,and examine recent trends and opportunities is called a(n)________.

Accepted Answer

A trade show is specifically designed for industries to display their latest products and services, study the activities of competitors, and see the current market trends and opportunities. Focus group, environmental survey, and field research are all research methods that can be used to gather information about a particular topic, but they do not necessarily involve an exhibition or showcase of products.

Question 11

The process of obtaining information that already exists within the company or that can be obtained from outside sources is called ________.

Accepted Answer

Secondary market research is the process of gathering information that already exists within the company or that can be obtained from outside sources, such as industry reports or government publications. Data mining and data harvesting are specific techniques used to gather and analyze large sets of data for insights, while scientific data archiving pertains to preserving research data.

Question 12

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.
-The income-elasticity coefficient for Zulu doll is 1.2,which means the demand for Zulu doll will ________.

Accepted Answer

The income-elasticity coefficient of 1.2 indicates that the demand for Zulu doll will increase by 1.2 percent for every 1.0 percent increase in income. Therefore, as people's income increases, the demand for Zulu doll will also increase.

Question 13

Which of the following is a source of secondary data for conducting international market research?

Accepted Answer

Trade associations often provide a wealth of secondary data including industry statistics, product trends, and regulatory information. Surveys, interviews, and focus groups are primary data sources.

Question 14

The annual income considered below the poverty line in one country is the annual income of a middle-class family in another country.Which of the following difficulties associated with conducting international market research does this scenario illustrate?

Accepted Answer

This scenario illustrates the difficulty of comparability of data because the poverty line and middle-class income vary significantly between different countries, making it challenging to compare and analyze data between them accurately.

Question 15

The process of collecting and analyzing original data and applying the results to current research needs is called ________.

Accepted Answer

Primary market research involves collecting original data and analyzing it to meet current research needs, while secondary market research involves using existing data that has already been collected by others. Data harvesting refers to the process of automatically gathering data from multiple sources, while data mining refers to the process of analyzing large sets of data to uncover patterns and insights.

Question 16

Some researches consist of errors due to misinterpretations by foreign language interpreters.Which of the following difficulties associated with conducting international market research does this example signify?

Accepted Answer

This example signifies the difficulty of cultural differences when conducting international market research, specifically the challenges that come with interpreting foreign languages.

Question 17

Small and medium-sized companies often find trade missions very appealing because ________.

Accepted Answer

Trade missions provide small and medium-sized companies with access to important business officials and executives, which can open up new opportunities for partnerships, collaborations, and sales. They also provide an opportunity to learn about the business culture and practices in a new market, and to establish contacts that can help with future business. Choices A, B, and D are not accurate because trade missions can be expensive, may not involve travel to new places, and are not primarily focused on analyzing competitors' strategies.

Question 18

Scenario: Markowitz Tools
Susan Markowitz is analyzing potential markets where Markowitz Tools can sell its products, and she has narrowed her search to three markets. Country A is a developing country with a low literacy rate, Country B has a group-oriented culture, and Country C is a highly developed nation.
-If Susan wants to obtain information in the least expensive way,she should use ________.

Accepted Answer

Secondary market research would be the least expensive way to obtain information as it involves gathering data that already exists from sources such as government reports, industry publications, and online databases. This would be a more cost-effective option compared to consumer panels, structured interviews, or large focus groups followed by surveys, which require actively collecting new data and conducting research from scratch.

Question 19

The potential to conduct written surveys is independent of the literacy rates among the local population.

Accepted Answer

The potential to conduct written surveys effectively depends on the literacy rates among the local population, as higher literacy rates facilitate better understanding and completion of written surveys.

Question 20

Scenario: Indy Bats LLC
Indy Bats LLC is looking for new markets for its products. Matt Johnson has been appointed head of a special team that has been given the responsibility of identifying new markets for the company's products. The company is especially interested in exploring emerging economies.
-If Matt wants to estimate the extent to which free-market principles predominate in an emerging market,Matt should consider the variable called ________.

Accepted Answer

Economic freedom measures the extent to which free-market principles, such as property rights, freedom of trade, and low government intervention, are present in an economy. This would be the most appropriate variable to consider when identifying markets with a free-market orientation, which would be of interest to Indy Bats LLC. Commercial infrastructure, market receptivity, and market intensity are other factors that could be considered but are less relevant to measuring the degree of economic freedom in a market.

Quiz 12: Analyzing International Opportunities

A(n) ________ is an international trip by government officials and businesspeople that is organized by agencies of national or provincial governments for the purpose of exploring international business opportunities.