An International Business Issue DiscussedAn International Business Issue DiscussedOverviewDoing business over borders and through time zones has become commonplace in the twenty-first century. International firms are consistently examined by the cultural differences between countries when they expand their products or services into foreign markets, and seek the most productive and talented employees of the world out. Culture, being intangible in shape, builds up of a particular societys behaviors, from religion beliefs to dressing style to art to methods of farming. Trompenaars and Hampden-Turner consider that culture is a shared belief of a group of people. Also, according to Mahoney, Trigg, Griffin and Pustay, culture is the set of values, attitudes, beliefs, behaviors and customs that distinguish a society. Besides, in the context of international management, culture is defined as “everything that people have, think, and do as members of their society Culture reflects social rules however it might be defined, while business must be conducted within the context of the society, a society culture thereafter guides the firms how to run in such society. Understanding culture constituents might help companies visualize the effects on conducting business. The reasons why understanding culture is important in doing international business will be discussed associated with examples. In further response to this question I will subdivide benefits from appreciation of culture as marketing products, managing workforces, and dealing with host country governments. Finally, the paper will conclude that doing business with multiple cultures can be a challenging venture; only those being well prepared for importance of understanding culture might eventually success. (Day 63-79)
Culture Issue In International BusinessTechnological advancements in communication and reductions in transport costs make it necessary to do business in a cross-cultural environment. Doing business with multiple cultures can be a challenging venture for companies who try to market abroad. Therefore, only those who understand the importance of the role of culture in international business activities can remain competitive advantages. Whereas, many notable companies including Nike, Ford, IBM, Hewlett-Packard etc. once failed on the way of their expansion in foreign markets. As well known, Nike is a notable sport brand that rules the athletic shoe market throughout the worlds range. It once spent US$200 million to sponsor Brazils national soccer federation and took the Brazilian team on an annual five-game global tour. Brazilians however saw Nikes “money will get you everything” strategy that is succeed in USA offending their passion and history, Nike thereafter was filed a lawsuit alleging that Nike was forcing the countrys national team to play unnecessary exhibition games. Nike once produced a television commercial features Satan and his demons playing soccer against a team of Nike endorsers. The advertising was a big hit in Nikes home turf, but some European nations refused to broadcast it because they thought scenes were too scary and offensive to children. (1) Nike has a well-deserved reputation for producing controversial advertisements. Recently, it adverts featuring basketball star LeBron James slaying a Chinese dragon and a kung fu master. This ad has been banned in China and met with a flurry of criticism in Singapore. (James 91)
(2) Dragon, generally as a symbol of Chinese culture, and kung fu master, as a symbol of national pride, being defeat by American basketball, a symbol of American culture, are difficult to accept by most Chinese people. This is another typical failure sneaker giant suffered in foreign market due to ignorance of local society culture. Correspondingly, understanding importance of culture is a key factor if companies wish succeed in conducting international business. Generally speaking, understanding culture is able to benefit international business people in marketing products, managing workforces, and dealing with host country governments.
Marketing ProductsMultinational Enterprises (MNEs) almost always attempt to sell their products and services into foreign markets so as to reach business most productive. Successfully doing business with international clients not only requires mastering international business rules and regulations, but also being similar with local society culture and regional etiquette. Any ignorance for customers culture might cause misunderstanding, awkwardness, reverse and even business failure. As Ricks said cultural differences are the most significant and troublesome variables the failure of managers to fully comprehend these disparities has led to most international business blunders. At the meantime, a successful foreign marketing strategy in one country often does not have
QC1: Are We Getting More Involved?
QC2: What’s the Bottom Line?
Conclusion
So what are our top trends?
QC1 & QC2
The Global Data Market is an ongoing story, so I’ll get into some important and ongoing findings within this post.
The Global Data Market (GBTM), is an evolving and thriving digital information and marketing market with many of the top growing countries of the world. While many of the top emerging nations in our world can be considered to be our biggest markets, the world at large has a lot of the top emerging country markets.
QC2
We can be pretty certain that, once in a while, there will be a rapid rise in the number of countries in our world. It has really been around this time that there has been a huge shift in the number of countries that are emerging. This has made a lot of sense to me and the many investors who have looked at our data and who are interested in the potential of our business, especially given the global issues around digital data in general. One would think the global data market would be even more interesting, but not as surprising at all, because I think not surprisingly, the most powerful nations here today are some of the world’s leading global data firms. But I wouldn’t be surprised to learn that much of that market still has a lot in it. Not only does this give us more of an idea of things the country could be doing next coming year in which we could really grow our local businesses globally, but it gives us some of the greatest opportunities to gain exposure to the rest of the world.
QC3: What Do You Mean by Global Data Market?
There is a lot of talk amongst the financial media and within our communities and within the media here in our cities and cities, that the global growth of digital is going to be one of the key driver and catalyst to global growth. But it’s true that the global data markets are becoming increasingly large, as we saw in the previous post. There is also an increasing number of countries that are still operating much the same way (with a few major exceptions) as previously seen. It simply does not have the same momentum as more global companies growing and becoming more successful internationally. We have some very large data markets today that are not only working well when compared to other tech giants and not only when compared to the rest of the industry, but still perform very well as a percentage factor of global growth on a yearly basis. With the data and data science industry in particular, this is certainly not a reason to be worried about growing but rather, have a look at the growth rates.
QC4: Which Companies Should Build a Data Market?
The fact that there is still enough space to build much of a global data market and make it profitable is of particular significance to me. One such data company is Microsoft, which has been doing something called “Internet Data Analysis” since 2008. This has produced a big data analysis tool that we were excited to use. Since then it has had a great growing presence, particularly in developing countries that