Problem:
To make sound and effective decisions, international businesses spend a lot of time researching the local economic, cultural, legal, and political conditions. Only after careful consideration do corporations enter new markets and expose themselves to financial loss or political problems.
Tasks:
Answer the following questions:
Q1. What are the benefits of "soft" market research data gathered by using techniques such as focus groups and observation?
Q2. What are the advantages of using "hard" data such as statistics on consumers' buying habits and figures on the market size?
Q3. As a manager, what kind of data would you prefer and why?
Provide examples and reasons to support your answer.