The importance of culture

Business & Finance, Management & Leadership, Management
Cover of the book The importance of culture by Stefan Bode, GRIN Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Stefan Bode ISBN: 9783638626590
Publisher: GRIN Publishing Publication: March 10, 2007
Imprint: GRIN Publishing Language: English
Author: Stefan Bode
ISBN: 9783638626590
Publisher: GRIN Publishing
Publication: March 10, 2007
Imprint: GRIN Publishing
Language: English

Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Glamorgan, language: English, abstract: This report provides an analysis and evaluation of the significance of a study about cultural diversity in cross-border business. Additionally, it identifies the possible advantages and disadvantages that companies will be confronted by when deciding to sell internationally. The method of analysis for this report included a review of the current literature available in libraries and on the internet. The major findings indicate that an understanding of cultural diversity is of paramount importance in order to be successful in exporting, since people's behaviour and tastes differ widely from country to country. Thus, culture has a strong impact on communication, products and their promotion. Conducting a study regarding culture enable companies to meet consumer needs, to use the marketing mix more efficiently and to set up successful foreign network channels. On the other hand, by exporting, firms may meet the challenges of face to face communication with foreign people, collaborating with foreign counterparts and convincing foreign consumers about its products. Beyond this, the company should overcome the temptation of ethnocentrism and adapt their business method to local requirements. This report finds that despite many future challenges the prospects for exporting entities are positive, if they thoroughly prepare themselves for conducting cross-border business. In detail, they should conduct a study concerning culture which should be included in a PEST framework (political, economic, social and technological analysis). Firms should, based on the culture and PEST analysis, adapt its business method to each culture. Moreover, employees should be prepared to engage in international business. They should be able to speak different languages and handle diverse cultures effectively. Companies also need to foster a consistent level of understanding and application of cultural diversity. Additionally, foreign distributors should be engaged and foreign partners should be found. Further, before starting negotiations companies negotiating teams should gather background information about its counterpart. This report also investigated the fact that cultures shift over the years. Thus, companies should regularly analyse markets and react to any changes over the years to come.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Glamorgan, language: English, abstract: This report provides an analysis and evaluation of the significance of a study about cultural diversity in cross-border business. Additionally, it identifies the possible advantages and disadvantages that companies will be confronted by when deciding to sell internationally. The method of analysis for this report included a review of the current literature available in libraries and on the internet. The major findings indicate that an understanding of cultural diversity is of paramount importance in order to be successful in exporting, since people's behaviour and tastes differ widely from country to country. Thus, culture has a strong impact on communication, products and their promotion. Conducting a study regarding culture enable companies to meet consumer needs, to use the marketing mix more efficiently and to set up successful foreign network channels. On the other hand, by exporting, firms may meet the challenges of face to face communication with foreign people, collaborating with foreign counterparts and convincing foreign consumers about its products. Beyond this, the company should overcome the temptation of ethnocentrism and adapt their business method to local requirements. This report finds that despite many future challenges the prospects for exporting entities are positive, if they thoroughly prepare themselves for conducting cross-border business. In detail, they should conduct a study concerning culture which should be included in a PEST framework (political, economic, social and technological analysis). Firms should, based on the culture and PEST analysis, adapt its business method to each culture. Moreover, employees should be prepared to engage in international business. They should be able to speak different languages and handle diverse cultures effectively. Companies also need to foster a consistent level of understanding and application of cultural diversity. Additionally, foreign distributors should be engaged and foreign partners should be found. Further, before starting negotiations companies negotiating teams should gather background information about its counterpart. This report also investigated the fact that cultures shift over the years. Thus, companies should regularly analyse markets and react to any changes over the years to come.

More books from GRIN Publishing

Cover of the book Teaching English to Children with Dyslexia by Stefan Bode
Cover of the book Do Microcredits offer a practicable solution for sustainable growth in the economies of developing countries? by Stefan Bode
Cover of the book Delivering Quality Of Services For Media Streaming Networks by Stefan Bode
Cover of the book Fertility in Europe - A sociodemographic analysis by Stefan Bode
Cover of the book Compounding - the general structure of compounds and their most striking features by Stefan Bode
Cover of the book Analysis of the questionnaire used in 'ERASMUS Programme as Promoter of Tolerance comparing Latvia to France and Switzerland' by Stefan Bode
Cover of the book African American Vernacular English in Contemporary Music by Stefan Bode
Cover of the book Phraseology in Intercultural Communication by Stefan Bode
Cover of the book Britain Today - a Post-industrial Economy by Stefan Bode
Cover of the book Decimation Lowpass Filters for SIGMA-DELTA Modulators - A Comparative Study by Stefan Bode
Cover of the book Tireseas and other seers in T.S. Eliot's 'The Waste Land' by Stefan Bode
Cover of the book Market Segmentation in European Markets by Stefan Bode
Cover of the book Marketing and communication plan for Bournemouth by Stefan Bode
Cover of the book 'Portnoy's Complaint' by Philip Roth by Stefan Bode
Cover of the book Social and religious aspects in Bram Stoker's DRACULA by Stefan Bode
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy