Discuss the Impact of market liberation on consumer lifestyles and preferences around the world. Provide examples to illustrate your answer? Globalization/lnternationalization of businesses has had an extreme and largely beneficial impact on consumer attitudes world over. Lifestyles, preferences and perceptions have been drastically altered and the process is ongoing. This is particularly noticeable In the developing countries, where the consumer had limited choice of only locally produced products as trade barriers made access products manufactured elsewhere prohibitively expensive.
Globalization, which has been facilitated by most nations lowering evolve barriers and permitting capital and technology inflow has boosted the economy of these made it possible to acquire products which were not within reach for most. For Example: Earlier the common man cannot effort to buy electronics but nowadays the technology grown up around the world even UN developed countries, so common people can buy and use electronics for example television, mobile phones etc.
Setting up cutting edge technology industry and exposure to sophisticated assortment practices have a highly beneficial impact on local business, which then started making their presence felt in overseas markets. The global market philosophy has also enhanced cultural perception and sensitivity between peoples of various countries. Increased market size has allowed economics of scale, veneering cheaper products which go a long way in reducing the gap in life styles of peoples of developed and developing nations.
The mutual co-operation and interdependent of nations tends to reduce chances of government which result in the common man lending secure and confident. Market Globalization impact on consumer lifestyles and following examples: Example 1: International newspaper Journalist and editors, whenever they describe globalization by using pictures of American brands coca-cola and McDonald’s. To demonstrate the process of globalization, actually the American brands stretch out of a small number of branches around the world. These kind of global brands are neither appointed of the total consumption package nor of transnational trade.
By using “index of transnational’. The UNCLAD (United Nations conference on trade and development) measures the ratio of company’s foreign assets to total assets, by above measure. Example 2: Nestle is the world’s famous foreign oriented company. The company outsourcing internationally 87% of its assets, 98% of its sales and 97% of workers. Example 3: The main reason is McDonald’s succeed in international markets is the fact that in order to maintain a brand image and follow the same service standards around the world, its product offers has a local taste to the customers.
For example the kiwi burger in New Zealand, a grilled salmon burger in Norway, The Maharaja Mac in India and The Croquet McCoy in France. Example 4: One of the main impacts of globalization on consumer activity is coffee industry. Its impact by two ways directly and indirectly. Since sass’s the price of South American coffee reached of $4 per pound. From that time with the expand globalization of coffee, the price regularly decreased because of the en-large production of coffee, not only in South America but also in around the world.
