Suppose McDonalds® was considering bringing a new kind of hamburger to its stores. What kind of research would it need to do in order to have some confidence that the new product would sell well, not just in the United States, but in its locations all over the world?
What are the trade-offs among all the types of research addressed? Suppose you are a manager of a small start-up firm with a limited budget. What kinds of research would be the most valuable? Why?