Globalization And Consumer Behavior Essay

1606 words - 6 pages

IntroductionGlobal markets offer greater opportunity for people to tap into more and larger markets around the world. It means that they can have access to more capital flows, technology, cheaper imports, and larger export markets. But markets do not necessarily ensure that the benefits of increased efficiency are shared by all. Countries must be prepared to embrace the policies needed, and in the case of the poorest countries may need the support of the international community as they do so. Consumer's need for products and services, is affected by three factors: memory, internal (individual) differences and external (environmental) influences. All of these features are important to academics and marketing managers as they help to ascertain the customer's need recognition. However, external influences are probably seen to be the most important as it is the easiest and less time-consuming to study.China will remain a critical area of influence and interest for developed countries in the years to come. The growth that China has sustained over the past two decades is unprecedented and undoubtedly will be observed as more and more businesses take advantage of the emerging opportunities. The economic changes stemming from reform has given power to China that has never existed in the purely socialist world under Mao's People's Republic of China. Even with the economy being influenced by both market and state-owned powers, China has flourished and will most likely continue to flourish for years to come.The process by which the lives of all people around the planet become increasingly interconnected in economic, cultural, political, and environmental terms, along with our awareness of such interconnections is known as globalization. Globalization has pushed the world into the revolution of information. The planet has become connected through technological renovations and the interdependence of economic expansion. Nations have formed one agenda, one unit, and with it, emerges the concept of winners and losers. Globalization has increased the gap between rich and poor. As we form one world, the level of inequality rises, the strong nations get richer, and the weak nations get poorer. The retail business is revolutionizing due to globalization, yet inequality seems to be the intimidating factor that comes with it.Globalization is being driven by five major factors: customers, markets, technology, competition, and costs. The global marketplace exposes retailers to an unprecedented number of customers. The relaxation of trade barriers, creation of trade blocs, and opening of new markets has presented the world's retailers with the option of going global.Economic EnvironmentLooking at the environmental factors of China, the economic development it has undergone in the past 15 years is of increasing interest to marketers. It has developed and continues to grow into a great trading partner. If this growth pattern continues, China will someday have significant...

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