mattel's toy recall
1. What is the current economic climate of the globe and consumer perceptions that play in this perception?
The global financial crisis led to a long-term economic depression since 2008. Especially, the wave started from subprime mortgage in the U.S. Most of countries have been trying to get out of the long depression and it’s getting better than few years before. The global economy is turning into a smoother and less volatile period compare with 2008. According to the article, it asserts that “Overall, the global economy is moving into a new and hopefully less volatile phase. The extreme risk and swings in perceptions that have driven global capital and output markets have eased significantly” (Burns, A., & Rensburg, T. J. 2013, Spring). This is only focusing on a current globe economic climate but I want to see the relationship between economy and consumer’s perception in a big picture. To explain briefly, we can use Maslow’s hierarchy of needs. Most of developed and developing countries are included in a global market and these countries are already satisfied first stage which is physiological needs, then people move naturally to a second stage which is safety needs. What is safety? It can be explained in many ways but if we limit the meaning of safety in a product view, it would be related directly to a product’s quality. For example, consumers tend to assume that high quality is equal to safety, such as high quality cars are safer than standard quality cars. Also, safety can be measured how a product affects to human body when we use or consume it. Precisely, The U.S citizens in this case, we can say that they are having one of the highest consumer expectations in the world. In addition, after 9/11, safety is the most important concern in the U.S for everything. Furthermore, I heard a joke from my sister who lived in the U.S for 10 years. She told me that I have to keep in mind the U.S hierarchy system living as a man. Top priority is a child, second is a
The global financial crisis led to a long-term economic depression since 2008. Especially, the wave started from subprime mortgage in the U.S. Most of countries have been trying to get out of the long depression and it’s getting better than few years before. The global economy is turning into a smoother and less volatile period compare with 2008. According to the article, it asserts that “Overall, the global economy is moving into a new and hopefully less volatile phase. The extreme risk and swings in perceptions that have driven global capital and output markets have eased significantly” (Burns, A., & Rensburg, T. J. 2013, Spring). This is only focusing on a current globe economic climate but I want to see the relationship between economy and consumer’s perception in a big picture. To explain briefly, we can use Maslow’s hierarchy of needs. Most of developed and developing countries are included in a global market and these countries are already satisfied first stage which is physiological needs, then people move naturally to a second stage which is safety needs. What is safety? It can be explained in many ways but if we limit the meaning of safety in a product view, it would be related directly to a product’s quality. For example, consumers tend to assume that high quality is equal to safety, such as high quality cars are safer than standard quality cars. Also, safety can be measured how a product affects to human body when we use or consume it. Precisely, The U.S citizens in this case, we can say that they are having one of the highest consumer expectations in the world. In addition, after 9/11, safety is the most important concern in the U.S for everything. Furthermore, I heard a joke from my sister who lived in the U.S for 10 years. She told me that I have to keep in mind the U.S hierarchy system living as a man. Top priority is a child, second is a