Question : Case Study 12:
ABC Ltd. is a retail company that recently expanded its operations into international markets. It is facing challenges due to differences in cultural practices and consumer preferences in different countries.
Q:- How can understanding the social environment help ABC Ltd. in dealing with differences in cultural practices and consumer preferences in different countries?
Option 1: By implementing standardized marketing strategies globally
Option 2: By ignoring cultural differences and focusing on profitability
Option 3: By adapting to local customs and practices
Option 4: By reducing product prices
Correct Answer: By adapting to local customs and practices
Solution : The correct answer is (C) By adapting to local customs and practices
Understanding the social environment can help ABC Ltd. in dealing with differences in cultural practices and consumer preferences in different countries by enabling the company to adapt to local customs and practices. This approach acknowledges the importance of respecting and aligning with the cultural nuances of each market. By doing so, the company can create marketing strategies and product offerings that are more appealing and relevant to local consumers.
Q:- What does the term "cultural diversity" refer to?
Option 1: The process of reducing government intervention in the economy
Option 2: The process of nationalizing private companies
Option 3: The existence of a variety of cultural practices and customs within a society or group
Option 4: The process of increasing economic integration and interdependence among countries
Q:- What is the business environment factor affecting ABC Ltd. in this case?
Option 1: Economic environment
Option 2: Social environment
Option 3: Technological environment
Option 4: Political environment
Question : Case Study 16:
JKL Enterprises is a retail company that is facing challenges due to changes in consumer preferences and lifestyle trends.
Q:- How can understanding the social environment help JKL Enterprises in dealing with changes in consumer preferences and lifestyle trends?
Option 1: By offering higher salaries and benefits
Option 2: By implementing flexible work hours
Option 3: By investing in market research and product development
Option 4: By outsourcing recruitment to external agencies
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile