In a short essay, discuss the impact of market globalization on consumer lifestyles and preferences around the world. Provide examples to illustrate your answer
What will be an ideal response?
Around the world, consumers spend their money and time in similar ways. Many aspects of lifestyles and preferences are converging. Shoppers in New York, Paris and Shanghai increasingly demand similar household goods, clothing, automobiles, and electronics. Teenagers everywhere are attracted to iPods, Levi's jeans, and Hollywood movies. Major brands enjoy a global following encouraged by movies, global media, and the Internet. Movies such as Transformers and The Hunger Games have developed global audiences of fans. Convergence of preferences is also occurring in industrial markets, where professional buyers source raw materials, parts, and components that are increasingly standardized-that is, similar or identical in design and structure.
You might also like to view...
"Market failure" is likely to occur when _______.
A. there is only a small number of firms in a market B. it is extremely difficult to directly measure the quality of products C. potential exchange partners are highly opportunistic D. all of the above
Accountants assume that the dollar's purchasing power is stable
Indicate whether the statement is true or false