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Cultural Diversity In The International Market Place - Case Study Example

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International trade has existed for a long time in history. The writer of the paper "Cultural Diversity In The International Market Place" discusses how important understanding different economic, political and cultural environments for every organization’s success…
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Cultural Diversity In The International Market Place
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Download file to see previous pages Culture is a major challenge to international trade. In respect of cultural diversity in the international market, two main schools of thought currently exist. While one school of thought argues that business is business irrespective of cultural differences and place, the other argues that cultural differences should be respected and taken into consideration when marketing goods internationally (Czinkota and Ilkka, 2009).
Given the importance marketing is to business success, this paper is dedicated to analyzing cultural diversity and its impacts on the international marketplace. The two schools of thought stated earlier will also be analyzed in depth with reference to works by different researchers including Geert Hendrik Hofstede.
Marketing is a process that is concerned with the promotion of an organization’s products for the purpose of effecting sales (Bradley, 2005). Brandley notes that it is through marketing that organizations create value for consumers and customers and build sustainable customer relations with an aim of capturing their return. In other words, marketing helps in the creation, sustenance, and satisfaction of customers.
Many companies have come to appreciate the importance of international marketing according to Brandley (2005). International marketing involves activities that are designed to price, promote, plan and promote the organization’s flow of services and products to users or consumers, for profit, in two or more nations. More and more, organizations have realized that competition is not restricted only to the existence of domestic companies. Further, with an aim of sustaining or improving growth and profit margins, companies have had to search for alternative markets for their services and goods.
Companies such as Coca Cola, IBM, Nestlé, McDonalds and Nike conduct business in several countries. ...Download file to see next pagesRead More
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