Quiz market information

According to the text, what is one main source of market information for global companies?

• Environmental scanning
• Social media
• Local advertisements
• Personal sources

Answer explanation

Executives obtain up to two-thirds of needed information from personal sources.

Who provides much of the external information in global companies?

• Domestic marketing teams
• Local journalists
• Headquarters executives
• Executives based abroad

Answer explanation

Executives abroad communicate with local stakeholders and provide key insights.

Why are overseas executives considered excellent sources of information?

• They speak many languages.
• They understand both the local context and the company's business.
• They follow global trends online.
• They only rely on official reports.

Answer explanation

They combine local knowledge with company expertise.

What is a key weakness of domestic companies?

• They fail to notice opportunities beyond their borders.
• They have too many regional branches.
• They rely only on local advertisements.
• They invest too much in international markets.

Answer explanation

Domestic companies may miss international opportunities due to narrow scanning horizons.

What does the term 'scanning horizon' refer to in the text?

• The limit of information gathered by a company
• The view from a company's headquarters
• A type of data software
• The number of employees in a firm

Answer explanation

It refers to the geographic limit where companies collect information.

According to the text, how do overseas executives gather useful information?

• From documentaries
• By communicating with local distributors and officials
• Through online surveys
• By reading company manuals

Answer explanation

They connect with distributors, consumers, and officials for insights.

What role does direct sensory perception play in market research?

• It replaces all documentary sources.
• It reduces the need for observation.
• It prevents biased opinions.
• It supports data from surveys and reports.

Answer explanation

It gives context and background to information gathered elsewhere.

Which of the following is an example of direct sensory perception?

• Watching a news segment
• Checking sales reports
• Reading online reviews
• Personally observing customer behavior in a market

Answer explanation

Sensory perception means experiencing things first-hand.

Why was Walmart’s initial product choice in China ineffective?

• They underestimated local competitors.
• They didn’t sell products in Chinese packaging.
• They priced items too low.
• The products didn’t suit local customer needs.

Answer explanation

Items like ladders and huge soy sauce bottles were not relevant to Chinese consumers.

What did Joe Hatfield do to improve Walmart’s strategy in China?

• Visited factories
• Hired local consultants
• Watched Chinese television ads
• Roamed the streets to observe and understand local habits

Answer explanation

He directly observed the local environment to adapt product selection.