WALMART SCENARIO
Walmart is the largest retailer in the world with more than 4,000 stores located in 14 countries outside the United States. The corporation has learned, sometimes the hard way, that the Walmart business model cannot be applied to every country it enters due to cultural differences. For example, the retailer ran into difficulties in many European countries because stores are not open 24-hours a day, seven days a week, like Walmart Supercenters in the United States. When negotiating the purchase of Trust-Mart stores in China, the company had to develop "enduring" relationships with executives before even discussing business opportunities. Making inroads into the Chinese market was particularly difficult for Walmart. Chinese customers generally believe in the superiority of home-made products to foreign ones. Establishing trust with these customers was difficult as Chinese customers don't warm up easily to foreign brands and view them with suspicion. Most of the customers perceived a price-risk relationship rather than a price-quality relationship while making purchasing decisions. Even within China, the cultural diversity was immense. Standard Chinese was spoken differently in different parts of the country. Keeping this diversity in mind, Walmart varied its marketing mixes based on local tastes, cultures, and economic conditions.
-Refer to Walmart Scenario.Keeping the existing diversity in mind,Walmart varied its marketing mixes based on local tastes,cultures,and economic conditions.This practice is best described as _____.

Question

Quizplus · Accepted Answer

The practice of varying marketing mixes based on local tastes, cultures, and economic conditions is known as glocalization. This approach involves adapting global strategies to meet local conditions and preferences. Walmart's use of this approach in their international operations shows their recognition of the importance of cultural differences in business.

WALMART SCENARIO Walmart Is the Largest Retailer in the World with More