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Outline your understanding of a ‘Global Business’ and give one example - Leaving Cert Business - Question 7 - 2012
Question 7
Outline your understanding of a ‘Global Business’ and give one example. Example:
Worked Solution & Example Answer:Outline your understanding of a ‘Global Business’ and give one example - Leaving Cert Business - Question 7 - 2012
Step 1
Outline your understanding of a ‘Global Business’
Answer
A Global Business is defined as a company that operates on an international scale, selling a standardized product across various countries while employing a consistent marketing strategy. This approach ensures that the product meets similar quality and branding standards wherever it is sold, allowing the company to view the world as a single market rather than a collection of disparate local markets. This strategy helps in optimizing resources and enhancing brand recognition globally.
Step 2
Example:
Answer
One prominent example of a Global Business is Coca-Cola. The company sells its beverages worldwide with a uniform branding and product recipe, adapting only minimally to local tastes. Other examples include Nike and Apple, both of which have established a strong global presence through their standardized products and marketing strategies.