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‘Over the past two decades, the push for globalisation has had a significant impact on how businesses are managed.’ With reference to a global business you have studied, analyse the drivers of globalisation, and how the business has developed its marketing strategies in response to the push for globalisation. - HSC - SSCE Business Studies - Question 27 - 2001 - Paper 1
Question 27
‘Over the past two decades, the push for globalisation has had a significant impact on how businesses are managed.’ With reference to a global business you have stu... show full transcript
Worked Solution & Example Answer:‘Over the past two decades, the push for globalisation has had a significant impact on how businesses are managed.’ With reference to a global business you have studied, analyse the drivers of globalisation, and how the business has developed its marketing strategies in response to the push for globalisation. - HSC - SSCE Business Studies - Question 27 - 2001 - Paper 1
Step 1
Identify the drivers of globalisation
Answer
The primary drivers of globalisation include technological advancements, economic factors, and sociocultural influences. Technology facilitates communication and transportation, reducing barriers to trade. Economic factors such as market expansion and competition encourage businesses to seek global opportunities. Lastly, sociocultural influences promote consumer awareness and demand for international products and services.
Step 2
Analyse how the global business adapted its marketing strategies
Answer
Taking example of [Business Name], the company employed various marketing strategies to address globalisation. These included significant market research to understand customer needs in different geographical regions, adapting their product offerings to suit local tastes, and using targeted promotion strategies that resonate with regional cultures. Furthermore, differentiation strategies were employed to set the brand apart in competitive markets.