Question

Q1. Do you think that company should use the standardized strategy(Marketing) or not? what case they should use and when they not?

Q2. Will the Globalization will be affected in a negative way(reducing than now) when there is a current situation like

(1) Corona virus pandemic(2020)

(2) World financial crisis(2007-2008)

Answer 1

Ans1 Marketing is a customer-oriented subject. Each customer is different and hence one set of marketing strategies cannot fit all. For a marketing strategy to work efficiently it is important that the company understands the needs and expectations of its prospective customers. After understanding the needs and requirements of their customers and target market, they can group their customers with similar interests and lay down the marketing strategies as per their special requirements. A standardized marketing strategy can be used in cases where the customers display common needs and interests. With diverse customer base, a standardized marketing strategy will not give the required results.

Ans 2 (1) In the case of a pandemic like a coronavirus, globalization and close contacts will definitely affect the world negatively. The downfall in one nation will lead to ill effects in the other nations. The case is evident in today's scenario. There are speculations that the Chinese did this act deliberately to arise as an Asian superpower. But their internal economic matters got worse because of the fall in the demand. The world over lockdown impact is so strong that none of the nations will be able to support each other rather the policy of self-dependence would eventually work in this condition.

(2) Globalization is the process of making the world shrink. This implies making all the nations of the world join their efforts towards the betterment of the world scenario. In such a situation, any crisis would have an impact on all the nations of the world. But, the positive effect of the process of globalization is that it would create synergy to fight against this crisis. The world financial crisis of 2007-08 is a classic case where the integrated economic efforts taken all over the world made it possible to overcome the wave of world over economic downfall.