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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
Several key drivers have facilitated the process of globalisation over the past two decades. These include technological advancements, which have made communication and transportation more efficient; the reduction of trade barriers and tariffs; and the expansion of international markets. Additionally, the rise of multinational corporations and global financial markets has enabled businesses to operate on an international scale, thereby increasing competition and opportunities for growth.
Step 2
Analyze the impact on marketing strategies
Answer
In response to globalisation, businesses have tailored their marketing strategies to reach international audiences more effectively. For example, companies have shifted toward digital marketing techniques, conducting market research to understand local consumer preferences and trends. They also adapt their products and promotional campaigns to align with the cultural nuances of different markets. An example is the adaptation of McDonald's menus in various countries, which reflects local tastes while leveraging their worldwide brand.