Get int mkt notes from old computer 2 25 2014 Hofstede s Cultural Dimensions Hofstede s research on culture provides a useful means by which to understand and compare cultures Hofstede came up with 5 cultural dimensions o Power Distance o Individualism o Masculinity o Uncertainty Avoidance o Long Term Orientation Power Distance o Degree to which power in a group is shared and is the relative distance between the most and least powerful person o Impacts decision making and views towards authority Individualism o Degree of emphasis placed on the individual versus group o Praise and blame placed on the individual weak ties Masculinity o Degree of distribution of roles between genders o Reflects values on achievement and success Uncertainty Avoidance o Degree to which a society tolerates risk and ambiguity o Impacts entrepreneurship risk taking and willingness to change Long Term Orientation o Added later after studying Chinese managers o Long Term values include thrift and perseverance o Short Term values include respect for tradition fulfilling social obligations and saving face 2 27 Marketing Decisions 1 Go International of remain a domestic marketer 2 Which markets to enter Intelligence Needed Assessment of global market versus domestic market demand and competition and internal assessment of company readiness to go international Assessment of individual market potential e g demand local competition political environment Macro environmental forces Non marketing resources in the firm Physical Environment 3 How to enter target markets Market size trade barriers transportation costs Demography requirement and standards and political Production Marketing mix Company s Economic Conditions Companies Complete environment Financial Sociocultural Factors Product Personnel Planning Marketing System Political Legal Factors Price Public Structure Image The Market Marketing Technology Buyer behavior Marketing competitive practices distribution Distribution Research and System Development 4 How to market in target markets Suppliers Intermediaries Intermediaries Competition channels promotional media market experience and Promotional Location Activities