Studies show that to survive in the rapidly changing world we live in, companies must learn to adapt, whether that be to new customer demands and desires or ever changing business practices. More importantly, in order for companies to stay afloat, they must be able to reach as many consumers within their potential target market. This implies that any company choosing to expand internationally must be up to face cultural differences, diversity awareness, and understand the overall effect of global marketing and interconnectedness.
Understanding culture is understanding a person or a group’s beliefs and having knowledge of a large group of people. It is also respecting those beliefs and applying them to live a better lifestyle. This concerns …show more content…
It is important to have a diverse group of people working together because more ideas and/or opinions pop up. When hiring potential employees in a foreign market, a company should have an adequate mix of skilled, well-trained individuals that are able to work efficiently and effectively, regardless of being independent or in a group setting. Expanding a company from the Unites States to a country like Russia, a business/company would want both Americans and Russians involved in the marketing aspect of the company. Although having individuals from both regions internally involved within the company is great, a company must be certain it can cohesively work together while having cultural differences. “A diverse workforce alone does not equate to a successful global diversity management program. Inclusion programs and initiatives that bring a heightened sense of awareness and sensitivity to differences often provide employees with tools to overcome the potential challenges associated with diverse, global teams” (Johnson, …show more content…
“With a larger market comes the potential for more profit and a greater customer base…international marketing introduces an entirely new population to products or services and has the potential to substantially increase a company’s recognition and reach” (Morello, 2015). Where there are advantages for global marketing, there are also disadvantages to it as well.
Companies can face greater competition when expanding to a foreign market. For example, the United States has Victoria’s Secret. Now this store does have chains internationally, but in Russia, Victoria’s Secret does not exist. If expanding into the Russian market, Victoria’s Secret would have to be knowledgeable of its competition such as Bustier and Wild Orchard. Both are top selling brands in the Russian economy, so making their target market’s gain interest in an expanding Victoria’s Secret chain would help increase profits, but also proves that it would face good
Understanding culture is understanding a person or a group’s beliefs and having knowledge of a large group of people. It is also respecting those beliefs and applying them to live a better lifestyle. This concerns …show more content…
It is important to have a diverse group of people working together because more ideas and/or opinions pop up. When hiring potential employees in a foreign market, a company should have an adequate mix of skilled, well-trained individuals that are able to work efficiently and effectively, regardless of being independent or in a group setting. Expanding a company from the Unites States to a country like Russia, a business/company would want both Americans and Russians involved in the marketing aspect of the company. Although having individuals from both regions internally involved within the company is great, a company must be certain it can cohesively work together while having cultural differences. “A diverse workforce alone does not equate to a successful global diversity management program. Inclusion programs and initiatives that bring a heightened sense of awareness and sensitivity to differences often provide employees with tools to overcome the potential challenges associated with diverse, global teams” (Johnson, …show more content…
“With a larger market comes the potential for more profit and a greater customer base…international marketing introduces an entirely new population to products or services and has the potential to substantially increase a company’s recognition and reach” (Morello, 2015). Where there are advantages for global marketing, there are also disadvantages to it as well.
Companies can face greater competition when expanding to a foreign market. For example, the United States has Victoria’s Secret. Now this store does have chains internationally, but in Russia, Victoria’s Secret does not exist. If expanding into the Russian market, Victoria’s Secret would have to be knowledgeable of its competition such as Bustier and Wild Orchard. Both are top selling brands in the Russian economy, so making their target market’s gain interest in an expanding Victoria’s Secret chain would help increase profits, but also proves that it would face good