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- Critically analyse the theory, concepts and models of international marketing
- Analyse and critically evaluate the ways in which marketing communications are adapted in view of specific market cultures and consumer behaviours
- Critically evaluate the role of brands and brand management in the strategic development of international stakeholder relationships, and the particular importance of understanding market culture when designing a cross-cultural branding strategy
- Demonstrate a sound understanding of the role and importance of national culture and verbal/non-verbal communication in shaping managerial attitudes and actions, and in the establishment and maintenance of cross- cultural stakeholder relationships
- Demonstrate an understanding of the importance of CSR, ethics and 'corporate citizenship' in international communications, operations and in the development and maintenance of stakeholder relationships
Culture and its Impact on International Business
Globalization came into existence with easily accessible information, advanced tools of technology, intricate distribution channels, trade agreements, and operational innovations. Several organizations have set foot in the global arena through organic and inorganic expansion. Stakeholders often closely monitor companies making an attempt to go global while experts are consulted for knowledge of future positions of the company (Beamish 2013). The report depicts the importance of cultural and lingual competence to be able to gain success in any sector when expanding internationally.
Globalization is also subject to several barriers. One of the primary barriers is the difference in cultures among nations. Coping up with these differences is essential for ensuring harmony across international business units. Communication continues to be the most common barrier. Usage of distinct languages poses various challenges for companies. Thus understanding cultures becomes important to devise strategies that may be acceptable to both nations in business. This report takes references from the business environments in UK and Costa Rica to measure culturally accepted strategies that are important to strike a balance and mutual agreement between the two countries.
Impact of culture on International Business
When a firm decides to go international, it cannot simply depend on its current way of carrying out business. This is because each nation has its own set of variables that are novel to the company. These comprise of currency, rules and regulations, taxation, etc. The most important facet here is the difference in cultural opinions. Successful negotiations require communication technique and also understanding of context for negotiating so as to reap maximum profits (Korobkin & Ulen 2000)