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Advantages of using hard data on consumers’ buying habits

Advantages of using “hard” data on consumers’
buying habits

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:

What are the benefits of “soft” market research
data gathered by using techniques such as focus groups and observation?

What are the advantages of using “hard” data such
as statistics on consumers’ buying habits and figures on the market size?

As a manager, what kind of data would you prefer and why?

Provide examples and reasons to support your answer.

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