Global Business Today Eleventh Edition Chapter 16
C) Business analytics can be focused on one of three core applications: descriptive, predictive,
and prescriptive. Descriptive analytics refers to the use of relatively simple statistical techniques
to describe what is contained in a dataset. Predictive analytics can be defined as the use of
advanced statistical techniques (and software) to identify and build predictive models that can
help to identify trends and relationships not readily observed in descriptive analyses. Prescriptive
analytics can be defined as the use of management science methodologies to guide a company in
its endeavors to best use allocable resources.
INTERNATIONAL MARKET RESEARCH
A) To effectively configure the marketing mix, global companies conduct marketing research.
International marketing research is defined as the systematic collection, recording, analysis,
and interpretation of data to provide knowledge that is useful for decision making in a global
B) Compared with market research that is focused on the domestic market, international market
research involves additional issues such as translation of questionnaires into appropriate foreign
languages and accounting for cultural and environmental differences in data collection.
C) The basic data that companies want collected include (1) data on the country and potential
market segments; (2) data to forecast customer demands within a specific country or world
region; and (3) data to make marketing mix decisions.
D) The process for conducting international market research involves six steps (Figure 16.1). (1)
Defining the research objectives. (2) Determining the data sources that will address specific
research problems: primary and secondary. (3) Assessing the costs and benefits of the research.
(4) Collecting the data. (5) Analyzing and interpreting the research. (6) Reporting the research
A) Products sell well when their attributes match consumer needs. If consumer needs were the
same the world over, a firm could simply sell the same product worldwide. But consumer needs
vary from country to country depending on culture and the level of economic development. In
addition, firms are limited by countries differing product standards.
B) Countries differ along a whole range of cultural dimensions, including tradition, social
structure, language, religion, and education. At the same time, there is some evidence of the
trends Levitt talked about. Tastes and preferences are becoming more cosmopolitan.
Lecture Note: To see how some companies have adapted their product to better suit local
markets, go to https://www.forbes.com/sites/sylviavorhausersmith/2012/06/22/cultural-