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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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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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