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With the globalisation of markets, the tastes and preferences of consumers world-wide are
  • a)
    Becoming similar to the tastes and preferences of American consumers
  • b)
    Being encouraged by multinational organizations to become increasingly similar
  • c)
    So different that they can be ignored by international organizations
  • d)
    Converging upon a global norm.
Correct answer is option 'D'. Can you explain this answer?
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With the globalisation of markets, the tastes and preferences of consu...
Globalisation and Consumer Tastes

Globalisation refers to the process of integrating and interconnecting economies, cultures, and societies on a global scale. As markets become more globalized, the tastes and preferences of consumers around the world have undergone significant changes. The correct answer, option 'D', states that consumer tastes and preferences are converging upon a global norm. Let's explore this in detail.

Factors Driving Convergence of Consumer Tastes

1. Increased access to information: With the advent of technology and the internet, consumers have greater access to information about products, brands, and trends from around the world. This exposure to diverse options has led to an increased homogenization of consumer preferences.

2. Global brands and advertising: Multinational companies play a significant role in shaping consumer preferences. These companies often promote standardized products and use global advertising campaigns to appeal to a wide range of consumers across different countries. This approach leads to the convergence of consumer tastes towards a global norm.

3. Improved transportation and logistics: The ease and affordability of transportation have made it possible for consumers to access products and experiences from different parts of the world. This has further contributed to the convergence of consumer tastes as people are exposed to a variety of options and adopt similar preferences.

Implications of Converging Consumer Tastes

1. Standardization of products: As consumer preferences become more similar worldwide, companies may adopt standardized product offerings to cater to a global market. This can help reduce costs and increase efficiency in production and distribution processes.

2. Increased competition: As consumer tastes converge, companies from different countries compete on a global scale. This intensifies competition and encourages companies to innovate and differentiate their products to stand out in the market.

3. Market expansion: Converging consumer tastes present opportunities for companies to expand their market reach beyond their domestic boundaries. By understanding and adapting to global consumer preferences, companies can tap into new markets and increase their customer base.

Conclusion

In conclusion, the globalization of markets has led to the convergence of consumer tastes towards a global norm. Factors such as increased access to information, global brands and advertising, and improved transportation have contributed to this phenomenon. The implications of converging consumer tastes include product standardization, increased competition, and market expansion for companies operating on a global scale.
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With the globalisation of markets, the tastes and preferences of consu...
Globalization has brought the world closer. It has made import and export of goods easier between all the countries. One can get access to the different goods available across the world due to globalization. Hence, as there has been globalization of markets, the tastes and preferences of consumers world-wide are converging upon a global warm.
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Weaver sees hypocrisy in the World Bank as a predictable feature in a large international organization especially when viewed using resource dependency (viewing the competitive environment) and sociological institutionalism (the authorising environment). The Banks emphasis on organizational survival and legitimacy shows itself in its interactions with multiple actors in its competitive and authoritarian environments. Many critics of the Bank simply see the Bank as unable to achieve the goals it sets and help its client states. Weaver however launches into an in-depth description of two "worlds"-the Worlds Bank and the Banks World. The former indicates the complex structure of the Bank including its donor states, client states, its private capital markets and the watchdog Non-Governmental Organisations (NGOs). Weavers examination reveals the various pressures exerted on the Bank and the degree of American influence on the bank.In as much as the Bank is pressured from many sides, Weaver notes a strong degree of operational authority and autonomy in the "Banks World". This stems from the complexity of its operations, some which are not open to extensive review. Second the diversity of member states allows the Bank some autonomy and most importantly, the Bank holds a strong monopoly over development related knowledge. This control of ideas is coupled with a technocratic and economic rationality, reinforced with the influx of Western trained neo-classical economists. Bank ideological coherence is also maintained by the editing of reports to align with neoliberal beliefs. It is within these strong intellectual norms that Weaver examines World Bank reforms. Contrary to some critics, the Bank did engage in reforms in the 1990s. The Strategic Compact arose as a need to transform the Bank back as an effort to re-orientate itself as the premier development agency, after external criticism and an internal evaluation. The first aim of streamlining bureaucracy was easily reached however the aim of being more "poverty focused and accountable" came at odds with the technical, economic and apolitical rationality. New efforts such as listening to clients and conducting consultations clashed with the existing approval culture. Overall, changes occurred but still the approval culture remained strong.Similarly, the focus on good governance was not that effective with apolitical stances amongst staff.Furthermore, the dominating neo-liberal mindset resulted in governance issues framed with economic objectives in mind. Just as with the Strategic Compact, Weaver notes that governance reform challenged the Banks conventional method of conducting business.Weaver does qualify that the constant need to placate the demands of various external groups also hampered Bank reform. She however noted that the Bank deep culture will prevent any productive change. Weaver thus delves away from the normal criticism of the World Bank to explain the reasons of Bank actions and activities.She shed a new light noting that such hypocrisy is a tenet in any large international organisation. In order for any improvement to the World Bank, it is not simply the initiation of change but the need to re work the internal settings of one of the worlds most important development groups.Q. It can be inferred that Weavers attitude to the World Bank is best reflected in which of the following statements?

With the globalisation of markets, the tastes and preferences of consumers world-wide area)Becoming similar to the tastes and preferences of American consumersb)Being encouraged by multinational organizations to become increasingly similarc)So different that they can be ignored by international organizationsd)Converging upon a global norm.Correct answer is option 'D'. Can you explain this answer?
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With the globalisation of markets, the tastes and preferences of consumers world-wide area)Becoming similar to the tastes and preferences of American consumersb)Being encouraged by multinational organizations to become increasingly similarc)So different that they can be ignored by international organizationsd)Converging upon a global norm.Correct answer is option 'D'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about With the globalisation of markets, the tastes and preferences of consumers world-wide area)Becoming similar to the tastes and preferences of American consumersb)Being encouraged by multinational organizations to become increasingly similarc)So different that they can be ignored by international organizationsd)Converging upon a global norm.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With the globalisation of markets, the tastes and preferences of consumers world-wide area)Becoming similar to the tastes and preferences of American consumersb)Being encouraged by multinational organizations to become increasingly similarc)So different that they can be ignored by international organizationsd)Converging upon a global norm.Correct answer is option 'D'. Can you explain this answer?.
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