You are speaking on the phone with Mike when he asks about what sort of cultural aspects you are considering in this plan.
You think about this and say, "There may well be some considerable cultural differences that need addressing. I remember last year when there was a language mix-up with a doll. It was just saying 'I love you' in a different language, but it sounded like 'kill mommy.' It's funny now, but imagine being the marketing team in that building!" Both of you laugh as you hang up the phone, but the memory does get you thinking seriously about cultural differences. Complete the following:
What cultural considerations should you take into account for your strategy?
Will this negatively impact your current strategy?
Does this change your approach?
Why or why not?
Compose, prepare and recommend strategies to achieve and sustain a competitive market profile
Please see the attached.
Culture and Strategy
With globalization every company seeks to tap the market outside the domestic boundaries. Hence understanding culture becomes even more important. Consumers tend to relate products with cultural values in terms of any possible or perceived conflicts with the values. In addition to beliefs, values and customs, individuals also conform to the dominant values and behavioral patterns of the larger society to which they belong. For example, Indian society can be taken as a culture and various religious subgroups like Hindus, Muslims, Christians, and Sikhs are the subcultures. It is also important to note that one's cultural background has a deep effect on how a message is interpreted leading to challenges in communication across different cultures. For example Chevrolet introduced a car named Nova in Mexican market. However in Mexico "No va" translates into "it doesn't go". It was a huge failure in the Mexican market and not only led to revenue loss but also impaired the brand equity of the company. Problems of such kind could have been easily avoided with careful ...
The cultural considerations and competitive market profit are examined.