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International Marketing Project 2/5 final - Assignment Example

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Diversity is a key player in international marketing because the world today is so dynamic that the marketplace is ever evolving. With embracing cultural diversity, consumers of varying cultural and socio-economic backgrounds are catered for in terms of their preferences and needs. As international marketers become more diverse through the way they promote goods and services as per the customs, tastes, and beliefs of people, organizations become successful in targeting demographics by use of marketing strategies that are sensitive to peoples’ practices and attitudes. It makes it possible for organizations to better know and serve an increasingly large client base, meaning that business people who want to reach a large market cannot afford to disregard this crucial mass of clients (Cox, 1994). In this context therefore, cultural diversity will be viewed as a major foundation for successful organizations that want to establish their sales internationally. It is from the understanding that diversity is critical that marketers can learn how to create an appropriate marketing strategy and start from this point to pursue their corporate goals. By the analysis of big, successful companies such as General Motors and Google, one can be able to learn and agree that indeed, successful international marketing can never be achieved with ignorance of embracing cultural diversity. LITERATURE REVIEW Diversity today refers to something very distinct from the meaning it used to carry some years back. Many scholars have come up and focused on researching and studying this important aspect in the international marketing arena. Most authors of different articles and scholarly documents on cultural diversity may either disagree or agree on the importance of cultural diversity. However, it is notable that most of them agree that cultural diversity cannot be separated from marketing overseas. The main argument for those who are positive about the idea is that it makes organizations as well as their promoters to learn ways of increasing their customer base and to make their business flourish through hiring diverse staff. On the other hand, scholars who are against the idea may base their arguments on difficulties that come along with cultural diversity, such as language barriers and the formation of informal groups in organizations, a concept that may be undesirable. Some of the arguments pertaining the issue can be analyzed in two parts as follows: A). Arguments that support the importance of diversity within an organization. Diversity leads to increased profitability Research shows that firms that use innovation by embracing the knowledge and ideas of their diverse employees achieve product profitability of 46% more often and launch of products at 47% more often compared to industry peers. The gains of multi cultural identities and diverse teams have been measured in terms of profitability and the results are positive. Suarez-Orozco, 2004 argues that diverse marketing teams have more capabilities of solving corporate issues, exhibit a higher standard of creativity, and have a complex thought process. These advantages are measurable in terms of what the companies get in return; diverse working teams who are properly trained and managed produce results seven times higher than homogenous teams. Such characteristics of a workforce are what cultivates ...Show more
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Summary

Cultural Diversity Name Institution CULTURAL DIVERSITY INTRODUCTION Cultural diversity is all about respect and acceptance of people’s backgrounds. It means understanding that every person is unique in his or her own way and recognizing the individual differences…
International Marketing Project 2/5 final
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