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Country Effect to Companies Success.Thailand - Assignment Example

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As much as the setting up of new companies in emerging and other developed markets is a very daunting task, the need to maintain the new businesses and ensure their growth remains even more demanding and tasking (Baughn et al, 2006)…
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Country Effect to Companies Success.Thailand
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Download file to see previous pages It is only through sustained growth and development of the company in the new market that incomes and subsequently profits will be yielded on the investments. But questions have been asked as to why some companies succeed easily in new markets and why other struggle till collapse. Indeed, no single answer can be given to explain why this phenomenon is so. However, one fact that is inclusive in the many available options of answers the regard for the country effect (Lee-Ross and Mitchell, 2007). By country effect, reference is being made to the need to pay critical attention to rhythmic cultural and socio-economic behavioral pattern of the people within the country in which the company is situated (Garcia-Cabrera and Garcia-Sota, 2008). Studies have showed that the mistake that most modern companies make with the country effect and thus the regard for the cultural influence of the local people is that, they tend to take pride in globalization and thus think global and act global. In this paper, an example is presented of how an entrepreneur in Thailand effectively made use of the country effect to his advantage, using the article of Brettel, Engelen and Heinemann (2008) as a case study. Consumer Perception and Ethics A regard for consumer perception and ethics is an important factor that determines success for entrepreneurs in Thailand. This is because according to Brettel, Engelen and Heinemann (2008), the perceptive and ethical values of the people of Thailand is carried directly into their consumer decision making as to which companies to do business with and which companies to withdraw from. Generally, these consumers would want companies to show high sense of integrity, ethical consideration and respect for social responsibility. Entrepreneurs who have become successful in Thailand have therefore been those who make as part of their organizational culture and climate, the respect for integrity, ethics and community development. Specific example is used with DHL Thailand in a separate study where the company made as part of its new market entry strategy, the need to throw themselves up to the people as the most trusted company. With the use of high moral standards through respect for privacy, timely delivery of parcels, concise charging of fees, and improved corporate social responsibility, the company became one of the fastest growing companies in Thailand (Baughn et al, 2006). In effect, it is always important to know the values that consumers cherish through consumer perception and ethics and rightly make these values showed in the company’s virtues. Consumer behavior and preferences Another study conducted has showed that the country effect and the exhibition of culture can be translated into the consumer behavior and preferences of the local people (Nguyen et al, 2009). That is t say that the kind and nature of goods and services that consumers will patronize depends largely on their country culture. Disregarding the country effect would therefore mean that companies and for that matter, entrepreneurs will offer goods and services that do not meet the preferences of consumers. As far as consumer behavior and preference is concerned, Brettel, Engelen and Heinemann (2008) explained that two key dimensions of country effect that comes to play in Thailand are collectivism and uncertainty avoidance. With collectivism, Thailand is ranked high, meaning there is high dependence on group in the society. In effect, the consumer behavior of individuals is influenced by what the masses accept to be true, real or authentic. With this in mind, entrepreneurs who h ...Download file to see next pagesRead More
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