Global and Domestic Marketing Business Term Paper

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The costs of research to establish such viability should also be calculated before considering expansion to foreign markets.

When initially globalizing then, it is perhaps wiser to expand to markets that are culturally and economically closer to the domestic market, with expansion to markets that are further removed considered only when the domestic clientele is sufficiently representative of the foreign market.

Other economic factors influencing global marketing decisions include issues such as countries under structural adjustment, foreign currency restrictions, as well as political involvement in economic issues. These should be carefully considered in global marketing. Examples of such countries are many eastern countries such as China. This country has recently undergone extreme changes in terms of not only politics, but also in economics. Taxation and currency laws are thus still in a process of transition, and some industries would be more successful than others in this country.

Cultural Factors

Cultural factors are probably the most all-encompassing influencing factor on both the global and domestic scale of business. Indeed, with increasing heterogeneity of culture, especially in the United States, cultural factors have become an inherent consideration in all business ventures. Thus, all organizational work is closely connected with the culture in which it is established. Individual cultural mores here play an important role, because these influence interpersonal relationships and work ethics, and also to some extent business ethics.

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In terms of global marketing decisions, language is of primary importance. Thus elements such as interpreting, translation, as well as cultural sensitivity need to be part of all successful business transactions. From the point-of-view of foreign markets, a working knowledge of the major scientific language is beneficial in terms of research and science organizations.

Different cultures also value different research issues. Profit can be derived when these issues are understood in a profound sense. The environment, economics and business ethics play an integrated role together with culture. Cultural sensitivity would then include an understanding of what in terms of ethics, values, and business is valued by different cultures. International technology has made this easier than it ever has been before. Cultures can be researched using the Internet, while interpersonal liaisons can be formed via email and messenger without having to travel anywhere. This has made cross-cultural business ventures easier to establish.

An example of this is the variety of online stores available via Amazon, which has stores for a variety of countries, including Germany, Japan and the UK in addition to the United States. Its variety of products also testifies to its sensitivity to the variety of cultures and markets the organization caters for......

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