Cultural Factors Affecting Business Development
Cultural Factors Affecting Business Development
TK Maxx Entering Japan
Individual Report
International Management
SZ376U
Introduction
As with most international products and services decisions an organisation can either adapt or standardise their promotional strategy and message. Basic marketing concepts inform businesses that they will sell more of a product if they aim to meet the needs of their target market. In international markets, consideration of the consumers cultural background, buying habits, levels of personal disposable income etc in order to deliver a tailored marketing mix program to suit their needs. This report will consider the Cultural factors affecting transnational business development if TK Maxx was to enter Japan.
In today’s global world, where consumers travel more, watch television, communicate and shop internationally over the internet, the world seems to be becoming a lot smaller. Brands such as Coca-Cola, MTV, Nike and Levis are all successful global brands where they have a standardised approach to their marketing mix; all these products are targeted at similar groups globally. In many circumstances a company will have to adapt their product and marketing mix strategy to meet local needs, wants and cultural factors that cannot be changed.
Due to such rapid and large-scale expansion of global businesss the world is continuously being assimilated and homogenized, and yet at the same time, uncovering more about its cultural diversity. Every day in and outside of global corporations different cultures, norms, and standards meet and interact. (Black & Mendenhall, 1990; Zonis et al., 2005; Collins, 2008). Different cultures breed different socio-politico-economic systems and paradigms. This means that economic systems and policies, market mechanisms, financial institutions, corporate systems and governance are all inherently culture-bound. Therefore, understanding different cultures is critical in understanding different
TK Maxx Entering Japan
Individual Report
International Management
SZ376U
Introduction
As with most international products and services decisions an organisation can either adapt or standardise their promotional strategy and message. Basic marketing concepts inform businesses that they will sell more of a product if they aim to meet the needs of their target market. In international markets, consideration of the consumers cultural background, buying habits, levels of personal disposable income etc in order to deliver a tailored marketing mix program to suit their needs. This report will consider the Cultural factors affecting transnational business development if TK Maxx was to enter Japan.
In today’s global world, where consumers travel more, watch television, communicate and shop internationally over the internet, the world seems to be becoming a lot smaller. Brands such as Coca-Cola, MTV, Nike and Levis are all successful global brands where they have a standardised approach to their marketing mix; all these products are targeted at similar groups globally. In many circumstances a company will have to adapt their product and marketing mix strategy to meet local needs, wants and cultural factors that cannot be changed.
Due to such rapid and large-scale expansion of global businesss the world is continuously being assimilated and homogenized, and yet at the same time, uncovering more about its cultural diversity. Every day in and outside of global corporations different cultures, norms, and standards meet and interact. (Black & Mendenhall, 1990; Zonis et al., 2005; Collins, 2008). Different cultures breed different socio-politico-economic systems and paradigms. This means that economic systems and policies, market mechanisms, financial institutions, corporate systems and governance are all inherently culture-bound. Therefore, understanding different cultures is critical in understanding different
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