Class notes
Lecture notes 3.3.2 Demand side Factors in global market
- Course
- Institution
These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.
[Show more]
Seller
Follow
henryquinn
Content preview
3.3.2 Demand side Factors in global marketCultural/Social Factors
Important for firms to recognize these factors when targeting markets
Without insight firms will fail to establish market presence
Essential that firms understand target market requirements
Cultural differences
This occurs due to different types of people having different lifestyles and values
Firms must employ people with knowledge of culture to be aware of the market
More complex when lots of cultures are in the same place London
Understating cultural behaviour is important
Different tastes
Different cultures mean different tastes
Taste is subjective based on the individual
However different environments influence this
Firms can promote products based on ethnicity
Language
Language barriers can be significant issues when doing business
English is seen as the business language
However, with new markets such as BRICS being able to mass produce speaking other languages
is becoming more essential
This is because it may look unprofessional, therefore losing out on business as well as poor
marketing.
Unintended meanings
When the message is being portrayed by businesses it is different to the postnatal market
Based on gestures and hidden connotations
With no appropriate insights into different cultures and societies this can cause significant
problems for a business
o Destroyed reputation or brand image
Incur extra costs such as marketing to fix brand image
Inappropriate/inaccurate translations
Language not converted accurately
Cause embarrassment for a business
Impact on brand name
Adapt marketing strategies for niche markets
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller henryquinn. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now