Answered: In spite of all the globalization…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

In spite of all the globalization efforts, there remain huge differences in local consumption patterns, which are affected by many factors, such as climate, local dietary preferences, local regulations, different use for similar items, difference in motivations and buying behaviors and many other location-specific factors. Is this statement true or false? Question 27 options: a) True b) False

Expert Solution

Introduction

Globalization has been a major factor in connecting people and markets around the world. It has facilitated the exchange of goods, services, and ideas across borders, leading to a greater level of interconnectedness and interdependence. However, despite the efforts made towards globalization, there remain significant differences in local consumption patterns.