Markets that serve as major research and development sites as well as home markets for major global competitors in a given industry are called ______________ markets.

Question

Markets that serve as major research and development sites as well as home markets for major global competitors in a given  industry are called ______________ markets.

BlackTom AI · Accepted Answer

In this question, the blank is asking for the term used to describe markets that function both as major research and development hubs and as home markets for the industry’s global competitors. Lead markets are typically the places where firms invest heavily in innovation and where consumer demand is sophisticated enough to drive product development, while also serving as the base from which firms compete internationally. This dual role—being a center for R&D activity and a domestic market with substantial competitive presence—defines lead markets in international business literature.

By filling in the blank with 'lead,' we align with the standard concept that such markets lead in setting standards, product quality, and innovation that others follow. It's important to note that other market classifications (like demand, growth, or regional markets) describe different phenomena and do not specifically capture both premier R&D activity and robust domestic competition in the same sense. Therefore, the term best matching this description is lead (as in lead markets).

MKTG 445 (003 - 12:20pm) EXAM # 2

Markets that serve as major research and development sites as well as home markets for major global competitors in a given industry are called ______________ markets.

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