The paper 'How Far Is the World Still not Homogenous ' is a great example of a Business Assignment. In observing the run of events in recent times, there is no way one can ignore the fact that the world has changed over time. Similarly, globalization has increased market targeting and companies look for foreign markets to expand their production and sales of their products (Holt, Quelch & Taylor 2004). Despite development in the world markets as a result of an increase in a variety of products and services offered and advancement of technology, the world or products are still not homogenous.
Christopher and Peck (2004, p. 7) claimed the markets still have challenges resulted from the different market structures, cultures, supply chain systems, technology, and needs. Therefore, this essay will discuss how far the world is still not homogenous. In addition, it will evaluate how this situation influences the decisions made by multinational companies. Some of the factors which contribute to why the world market is not homogenous are culture, communication, technology, product feature and price, and market structure. Homogenous means something which is uniform or has the same nature.
From the market perspective, it means markets of the same structure or which has the same composition in terms of products and service. Eichengreen, Chiţu, and Mehl (2014) stated that in the product perspective, homogenous means products that cannot be differentiated from others from different producers or suppliers. In a nutshell, such products have similar quality and physical features similar to that of other suppliers. In this situation, products are easily substitutable. However, such a situation has never been completely achieved in world markets because managers try to be unique enough to gain a competitive advantage.
Maude (2011) argued that even though, managers try to uniquely, the uniqueness must embrace local taste in terms of product features, communication, or selling techniques. According to Holt, Quelch, and Taylor (2004), the strategy is called termed glocal and has been there for quite sometimes. The world is far from achieving a homogenous state because of cultures. The global brand often do not escape being noticed because they have not been in consumer minds for a long time.
People view global differently from the locals and think they can do more harm but at the same time can be of high quality (Holt, Quelch & Taylor 2004). To grasp the attention of the consumers in the international markets, strategists suggest that companies ought to consider the culture of such economies. It is obvious that national cultures are different and shape up the customers’ preferences and tastes. For instance, Ralston et al (2008) asserted that cultures among Asian and American and European nations are categorized as Eastern and Western cultures and are different from each other.
In fact, business experts believe that understanding the western culture in terms of business etiquette and how it varies from Chinese culture on how to build create relationships, interact and communicate with their associates is vital in closing business deals (Zhu, Nel & Bhat 2006). Using China and America as a case study, Maude (2011) contended in American culture, workmates could sporadically spend happy coffee to know one another at a personal level. This is not accepted during organization-sponsored events.
In a nutshell, many colleagues American cultures do not mix personal and professional lives.
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