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Lecture notes 3.3.2 Demand side Factors in global market £7.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics B
  6.  
  7. Unit 3 - The global economy

Lecture notes

Lecture notes 3.3.2 Demand side Factors in global market
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.

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  • June 15, 2023
  • 2
  • 2022/2023
  • Lecture notes
  • Paddingtion zinzombe
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  • 314 trade policy and trade negotiations 322

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3.3.2 Demand side Factors in global market



Cultural/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

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