Most of the countries have relaxed their trade policies and removed the trade barriers (SmallBiz Connect, 2013). This has resulted in the establishment of various free trade agreements among different countries and led to the creation of the World Trade Organization (WTO) and GATT (General Agreement on Tariff and Trade). GATT is a worldwide agreement and helps in facilitating free trade between the member countries by restricting the trade barriers like import duties, subsidies and tariff protection (Barrett, Donaldson, Kiwiets, & Pearson, 2009). The main objective of WTO would be to implement these policies and agreement. Implementation of these policies has led to the betterment of the consumers and allows the price of the commodities to be set as per the actual supply and demand. Free trade practices are essential for the developing economies as it helps in production of commodities at a lower cost than the developed countries and the revenue generated from the exports permits their economy to grow rapidly (SmallBiz Connect, 2013).The developed economy can have access to technical expertise and technology from the developed countries which help in improving their production process (SmallBiz Connect, 2013). ...
Marketing decisions are deeply influenced by the global cultural flows between the countries. These cultural flows are managed by the media organizations and use the latest technologies to shape the community and the consumers (Ardalan, 2009). However, cultural flow is not associated with a singular type of organization and has deep influence on all types of organizations. The culture influences the consumer purchasing behaviour deeply. Apart from values, languages, beliefs the purchasing behaviour is also influenced by the subculture, demographic characteristics, geographic locations, ethnic and national background. Marketing decisions like advertising and promotions have to be in parallel with cultural values and beliefs of a particular region. The advertisements and the promotion have to be designed as per the cultural appeal of the consumers. As per a survey conducted by Stanford University, Welch grape juice can reduce the risk of heart disease however the advertisement with the preventive messages appealed only to the Asian Americans and not to the Americans (Stanford Business, 2013). Thus it is essential for the marketers to have a thorough cultural knowledge for product design, packaging and advertisements. In order to understand the market demand and supply the marketer needs to understand the market demographics to perform market segmentation. Market demographics include the age, occupation, sex, marital status etc (Lamb, Hair& McDaniel, 2011). Through the market demographics the marketer can understand the needs and wants of various segments of population. The derived data is used to develop an exquisite product design (Lamb, Hair& McDaniel, 2011). Environmental, Social Responsibility, ...
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