Final answer:
Ethnocentrism is the belief that one's own culture is superior to others, and it can impede the ability to accurately assess foreign markets and cultures.
Step-by-step explanation:
The ability to assess a foreign market without being influenced by one's own cultural biases is essential when conducting international business or studying other cultures. The factor that impedes this objective assessment is ethnocentrism, which is the belief that one's own culture is superior to others. Ethnocentrism can create barriers to understanding and appreciating the complexities and merits of foreign markets and cultures. On the other hand, xenocentrism refers to the belief that another culture is superior to one's own, which can also distort a person's ability to accurately understand and evaluate different cultural norms and practices. It is important for individuals to strive for cultural relativism, which is the practice of assessing a culture by its own standards rather than viewing it through the lens of one's own culture.