The international-market rivermaya(1)
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The document discusses strategies for companies to embrace local culture when expanding internationally. It recommends that companies (1) adapt their products, processes, and corporate credos to be respectful of local cultures, (2) build relationships by employing local people to gain cultural knowledge and help employees acculturate, and (3) coordinate regional efforts through meetings, cross-pollination of ideas, and joint projects. Examples highlighted include 3M building a Buddhist shrine in Thailand and Walmart establishing a credo that respects individuals and serves customers with excellence.
The international-market rivermaya(1)
- 4. LOCAL CULTURE ADAPTING PRODUCTS AND PROCESSESS 損 The Gods of Wealth 損 Longevity 損 Happiness THE SECRET OF MAGIC GOURD LOCAL EMPLOYEES CULTURAL KNOWLEDGE 損 Culture general 損 Culture specific
- 5. EMBRACE LOCAL CULTURE Corporate credos companys mission statement Wreathed in surrounded by Pays homage a public show of respect or honor towards someone or something inadvertently without intention or accidentally
- 6. Sam Walton, the founder of Wal-Mart established the Three Basic Beliefs as his companys credo: -Respect for the individual -Service to our customers -Strive for excellence
- 7. 3Ms plant near Bangkok, Thailand, a Buddhists shrine, wreathed in flowers, pays homage to the spirits that Thais believe took care of the land prior to the Plants arrival.
- 8. BUILD RELATIONSHIPS Set of constituents a group of people or something Local ties ex: Ecotourism Emerging market is a country making an effort to change and improve its economy with the goal of raising its performance to that of the worlds more advanced nations.
- 9. *Employ locals to gain cultural knowledge. *Help employees understand you. -acculturation Ex. Corporatization
- 10. Adapt products and processes to local markets Global products Regional products Purely local products Market-by-market basis
- 11. Coordinate by region Regular periodic meetings Cross pollination Joint endeavors
- 12. Reported by:Rivermaya MKG801 Members: Garcia, Genesis Grace A. Macalintal, Rachel Anne G. Rivera, Bernadette M. Gudaca, Cherry mie Lopez, Cristina