Get int. mkt. notes from old computer!2/25/2014Hofstede’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 Distanceo Individualismo Masculinityo Uncertainty Avoidanceo Long-Term Orientation- Power Distanceo 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- Individualismo Degree of emphasis placed on the individual versus groupo Praise and blame placed on the individual; weak ties- Masculinityo Degree of distribution of roles between genderso Reflects values on achievement and success- Uncertainty Avoidanceo Degree to which a society tolerates risk and ambiguityo Impacts entrepreneurship, risk taking, and willingness to change- Long- Term Orientationo Added later after studying Chinese managerso Long-Term values include “thrift and perseverance”o Short- Term values include “respect for tradition, fulfilling social obligations” and saving face2/27Marketing Decisions Intelligence Needed Assessment of global market versus domestic market (demand and competition) and internal assessment of company readiness to go international1. Go International of remain a domestic marketer? 2. Which markets to enter? Assessment of individual market potential (e.g., demand, local competition, political environment)Non-marketing resources in the firm:ProductionFinancialPersonnelPublic ImageResearch and DevelopmentLocationSuppliersMarketing IntermediariesThe MarketMarketing IntermediariesMacro environmental forces:Physical EnvironmentDemographyEconomic ConditionsSociocultural FactorsPolitical Legal FactorsTechnologyCompetitionCompany’s Marketing mix:Product PlanningPrice StructureDistribution SystemPromotional ActivitiesCompanies Complete Marketing SystemBuyer behavior, competitive practices, distribution channels, promotional media, market experience, and company expertise4. How to market in target markets?Market size, trade barriers, transportation costs, requirement and standards, and political environment3. How to enter target