What Are The Many Cultural Political Essay Example

to a market economy." (Yeung & Lyngaas, 2005) In order to succeed in the new market, the management team must come up with solutions for the cultural, political, and geo-economic challenges mentioned earlier. Understanding and respecting the local culture is essential in building positive relationships with local vendors, suppliers, and clients. Similarly, cultural sensitivity is crucial in attracting, retaining, and expanding the consumer base. Managerial intolerance and insensitivity towards people from different cultural backgrounds can harm both the company's global expansion prospects and the career progression of those involved, which is something managers trained in Western business schools would want to avoid.

Furthermore, in today's rapidly changing global economy, decision makers are seeking real-time insights on developments in overseas markets, regardless of the language they are reported in. Being able to quickly understand and interpret information from local-language news sources or databases can provide a significant competitive advantage. It is crucial to stay informed about what is happening in emerging markets and be able to identify new opportunities, even if they are not in one's native language. (Kho, 2011)

The process of globalization presents unprecedented challenges for global managers, as it involves the complex interplay of individuals, social frameworks, and culture. We live in a complex, open, and ever-changing world where meanings can be easily disrupted and our sense of identity can become fragmented. Globalization poses challenges to the stability of specific perspectives due to the cognitive compression of the world and the intensification of global consciousness. (Roniger, 1995)

Failing to overcome political challenges can lead to various potential issues for companies with global ambitions.

The main issue is the loss of trust and respect among the political

leaders in many developing countries. In these places, having connections is often the only way to succeed in business. A manager who strictly adheres to the rules is unlikely to make any headway. Another challenge is understanding and adapting to the local economy. This involves having a good understanding of how wealth is distributed among the population and identifying potential consumer groups. Furthermore, creating marketing campaigns that resonate with the target audience's culture presents its own difficulties.

The decision to design price entry points for products is crucial. Currently, economic crises are affecting continents worldwide and pose a domino effect as leaders leave office due to gridlock and lack of public confidence. Europe, the Americas, Asia, and Africa are all experiencing economic crises, which affect global business plans. These events represent global change related to immigration, migration, changing populations, struggling economies, environmental challenges, health status (including nutrition issues like starvation and obesity), and ongoing technological advancements that will result in further transitions (Baugher, 2012). The implications of globalization for geo-economy are extensive.

The text highlights the concept of "more free markets, less protection, more labour market deregulation" which, according to Curthoys & Johnson (1998, p. 97), results in a dystopian society characterized by globalization, deindustrialization, rural depression, high unemployment, and foreign ownership. When it comes to addressing cultural challenges, having patience and an open-mind is crucial. Demanding a thorough business mindset from local vendors and partners may not always have positive outcomes. The necessary approach is to have savoir-faire or the ability to navigate politics and business effectively.

Hence, organizing lunch and dinner events for the influential figures in the local business and political sectors greatly contributes to

accomplishing business objectives. In emerging economies, social refinement and charm are more advantageous than strict strategic planning, as typically taught in business schools. These intangible attributes also facilitate comprehending the cultural mentality and its impact on consumer habits. Therefore, resolving geo-economic issues is intertwined with addressing cultural and political dilemmas.

There is no established scientific method or theoretical model for effectively expanding a business worldwide. The intangible attributes of effective leadership, such as charisma, intuition, and taking educated risks, frequently surpass the systematic aspects of management and decision-making.