The importance of adapting to a new culture when considering venturing into global markets

Business planning is not quarterly or annual, but often is anticipated for the next decade, or even decades. If I tell you that when you engage in a sales call in the United States, the acceptable spatial proximity between you and your prospect is 2.

Inevitably, conflicting demands of local stakeholders and corporate headquarters create tensions; this issue must be managed efficiently. If I demonstrate to you, instead, how uncomfortable you feel when I say hello and proceed to shake your hand while standing 6 inches from your face, I have accomplished the equivalent of teaching you to fish.

The domestic companies that are likely to see incremental growth in the coming decades are those that are not only doing business internationally, but that are developing the strategic skill set to master doing business across cultures. In individualistic cultures, such as the United States, customers make most of their buying decisions individually, whereas in collectivistic cultures, decisions are significantly influenced by the group family, extended family, network of friends and colleagues, and the community at large.

Short-term wastefulness in a supply chain, for example, is despised because thrift is a significant virtue, but professional development training that will lead to long-term corporate growth may see lavish expenditures.

Economies and cultures have come closer. A Framework for Understanding Culture has many definitions. These brains come up with strategies and policies that can find applications acceptable "glocally" globally and locally.

In East Asian cultures, communication is very subtle and indirect. The HQ platform might have the capability to generate the report with the specific information and format requested in a blink of an eye or at least the click of a mousebut a satellite office in Senegal might require a programmer or a wiz with an excel spreadsheet over the course of a week to effectuate the same result.

Understanding the Importance of Culture in Global Business

This issue can be addressed through intense study of cultures and by bridging gaps through employing management that commands the cultural fundamentals of host countries.

The longevity of the culture combined with Confucian philosophy yields a long-term orientation that materializes in the business world in several ways. Globally expanding businesses require a wide range of expertise and knowledge that operates under a variety of managers coming from different cultures.

Incidents occurring in remote areas of the world affect other countries; local businesses face competition from foreign corporations, regional uprisings can inflate oil prices, share trade in Europe can be a cause of economic tremors in America.

This reality has created a new ideological context that calls for international social responsibility and accountability that goes beyond individualism, beyond borders, highlighting the importance of global thinking.

People are now aware of the cultures, traditions, lifestyle, living conditions prevailing in almost every corner of the world. Chinese cultural themes are rooted in folk belief and Confucian values, including filial piety, thrift, endurance, and trustworthiness. Let us examine some examples of American executives interacting with Chinese executives to illustrate how a few of these comprehension lenses impact business.

In China, a highly collectivist culture, the marketing collateral and sales process needs to be targeted toward the group, and not toward the individual. Multinational firms whose operations are borderless have to consider the cultural variability of different regions of the world and develop cultural understanding.

Interestingly, this is going beyond awareness and into a state of integration that is a result of cross-pollinated views, ideologies, products and services. It is without a doubt that global thinking and cultural understanding are both powerful business tools which allow multinational firms to dominate the local markets and establish a global presence.

They must be able to connect those people, allow them the space to cross-fertilise ideas and achieve the highest degree of collaboration.

The difference is that a multinational company simply operates in multiple nations; a global company has embarked upon the journey of systematically updating its policies, procedures, and systems across multiple cultures.

Cultural Understanding and Global Thinking in Business

In Western cultures, time is a commodity.8. Use trade shows to test markets for your product or service. In addition to traditional market research, one way to test the potential for your products overseas is to participate in industry trade fairs in the markets you are considering.

One starting point for identifying potential trade shows is the Trade Show News Network website. 9. a global communication strategy of fully adapting advertising messages to local markets whole-channel view designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network.

Sep 22,  · As the Founder and CEO of Luxury Market Branding, I often find myself working with companies that want to develop a presence in various international markets.

Before embarking on new. Established companies entering emerging markets should take a page from the strategy of start-ups, for which all markets are new: Instead of looking for additional outlets for existing offerings, they should identify unmet needs—“the jobs to be done” in our terminology—that can be fulfilled at a profit.

Emerging markets teem with such jobs. Global communication strategy of fully adapting advertising messages to local markets Whole-channel view Designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery market.

Marketing Strategies Essays Sub-Topics in Marketing Strategies. The Importance of Adapting to a New Culture When Considering Venturing into Global Markets.

staff pick. 1, words. 5 pages. The Mini Cooper and Its Integrated Marketing Strategy. 1, words. 5 pages.

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The importance of adapting to a new culture when considering venturing into global markets
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