ExoArt, Inc., a small U.S.-based manufacturer of exotic jewelry, feels that a market exists for its product in foreign markets. However, the company's managers have no experience in the international environment, and do not know how to proceed in forming a marketing strategy for international markets. They have decided to contact a marketing research firm to help with the process. The researchers recommend a "foreign market opportunity analysis" as a starting point for the company's internationalization.
a. What is the aim of a foreign market opportunity analysis?
b. Which questions might a researcher ask to gather information for the analysis?
c. What is the most probable cause of failure for a business or marketing research project in a foreign environment?