Podcast
Questions and Answers
Which factor is NOT contributing to the world becoming more interconnected?
Which factor is NOT contributing to the world becoming more interconnected?
- Reduced trade barriers
- Expansion of business into foreign markets
- Slower communication methods (correct)
- Increased speed of travel
What primary challenge do businesses face when considering global expansion?
What primary challenge do businesses face when considering global expansion?
- Deciding whether to standardize or adapt marketing strategies (correct)
- Finding locations to open new headquarters
- Translating their goods into different languages
- Determining the correct tax laws for each country
According to some theorists, what is the projected outcome of economic advancement on consumer behavior?
According to some theorists, what is the projected outcome of economic advancement on consumer behavior?
- Converging consumer buying patterns (correct)
- No change in consumer buying patterns
- Increased divergence in consumer buying patterns
- A complete reversal of trends
Which company is cited as an example of a business that has influenced the trend towards global standardization?
Which company is cited as an example of a business that has influenced the trend towards global standardization?
If national differences diminish, what is most likely to become more achievable for multinational businesses?
If national differences diminish, what is most likely to become more achievable for multinational businesses?
Flashcards
Shrinking World
Shrinking World
The world is becoming increasingly interconnected due to advancements in travel, communication, and reduced trade barriers.
Expanding Opportunities
Expanding Opportunities
As the world becomes smaller, businesses have more opportunities to expand beyond their home country.
Global Standardization vs. Adaptation
Global Standardization vs. Adaptation
The challenge companies face when deciding whether to use the same marketing approach in all countries or tailor it to specific cultures.
Inherent Global Standardization
Inherent Global Standardization
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Convergence of Consumer Patterns
Convergence of Consumer Patterns
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Study Notes
Globalization and Business
- Businesses are experiencing a shrinking world due to faster travel, communication, and decreased trade barriers
- This creates many opportunities for businesses to expand into foreign markets
- Companies must decide if they should use the same marketing strategies globally, or adapt to different cultural factors in different markets
Global Standardization
- Some theorists believe that global standardization of products and services is inevitable as economies develop
- Consumer buying patterns may become more homogenous
- National differences may fade
- Kellogg's, the breakfast cereal company, has played a significant role in promoting global consumer trends
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