Section One: Questions # 2 and #3 Question #2 a. Define and explain the term Culture Ans.: Culture is a set of shared values‚ understandings‚ assumptions‚ and goals that are learned from earlier generations‚ imposed by present members of a society‚ and passed on to succeeding generations. Culture is basically the way of life of a people: what they eat‚ the music they listen‚ how they dress‚ their meal times‚ their language and art form‚ and so on. b. Give examples if operational conflicts that
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foreign countries‚ product development is totally based upon the taste of local customer. So‚ focus is still on domestic market. Stage 3 : International Marketing Now‚ company starts selling products to various countries and the approach is ‘Polycentric’ i.e. making different products for different countries. Stage 4 : Multinational Marketing Now‚ in this stage‚ the number of countries in which the company is doing business gets bigger than that in earlier stages. And so‚ instead of producing
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decisions require the multi domestic company to decentralize decision making from head quarters to subsidiary operations so local executives have the authority to manage their responsibilities. Basically‚ managers in a multi domestic company hold a polycentric point of view that people who are close to the market (philosophically‚ culturally‚ and physically) ought to run the business. Thus‚ for example‚ the managers of a backpack factory in Singapore have the right to decide what sort of backpack they
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company’s response to global business opportunities depend greatly on management’s assumptions or beliefs –both conscious and unconscious – about the nature of the world. The worldview of a company’s personnel can be described as ethnocentric‚ polycentric‚ regiocentric‚ and geocentric. Management at a Q2. Explain the role of political environment scanning in international marketing. What is political risk? Answer. Environmental scanning is the communication of external information about facts that
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Introduction The rapid pace of Globalization has led to a change in the global economy during the past several decades; it is believe that factors such as trade liberalisation‚ access to cheaper labour and resources‚ similarity of consumer demand around the world‚ and advances in technology and communication has widened the market of consumption‚ investment as well as production on a global scale. These globalization driven factors created new challenges and global competition for businesses around
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world‚ and need to balance the needs‚ wants and desires of all the various groups of employees‚ whilst remaining cost- effective. It should take into account the following. Range of Manpower approaches: Ethnocentric: HQ management dispatched‚ Polycentric: Local management; global; Right Person in right job. The International Dimension: Contextual impact of Globalisation; International effectiveness of Organisations and the global nature of Labour Markets. Cultural Orientations: Nationality is
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maintaining regional values and utilizing flexible manufacturing. Governance is negotiated between regions and subsidiaries‚ and connected to the product organization with a matrix-structure. The regiocentric approach combines both ethnocentric and polycentric strategies‚ but maintains the ability to address both local and regional needs. [Strategy implementation] Using the organization structure to execute the chosen strategy is the process known as strategy implementation. The three most critical
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| | | WORD COUNT: 2050 | [hrm 307 – international human resource management] | Research Question: It has been suggested that global companies ‘are chartacterized by geographical dispersion‚ demands for rationalization and differentiation‚ and cultural diversity.’ (Bratton & Gold‚ 2012) What challenges do these factors present for international HR directors when designing core HR functions such compensation‚ training‚ recruitment and selection? Do these challenges suggests that
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CHAPTER 1 INTRODUCTION TO GLOBAL MARKETING SUMMARY A company that engages in global marketing focuses resources on global market opportunities and threats. Successful global marketers such as Nestle‚ Coca-Cola‚ and Honda use familiar marketing mix elements – the four Ps – to create global marketing programs. Marketing‚ R&D‚ manufacturing‚ and other activities comprise a firm’s value chain; firms configure activities to create superior customer value on a global basis. Global companies
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Executive Summary In a highly competitive and ultra-dynamic business environment in order for Morden business to remain competitive and thrive‚ it is no longer good enough to compete and serve at a local scale‚ more and more business have seen the need and benefit of expanding their business on a global scale. Expanding the business internationally will allow a broader market which in turn will help the organisation stay competitive even gain a competitive edge‚ it will also result in increased
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