MN7406 International Business Assignment Sample
Module Title And Code : MN7406 International Business Assignment Sample
Introduction
In the present business strategy, social culture is the sensitive and essential factor. In the present globalized economy, Multinational companies, global marketplaces, and any other small or big companies of any country are becoming more accessible, common, and more active for small businesses. But this is not the easiest process. Nowadays if any kind of business or business wants to achieve success internationally then they have to understand the culture of the foreign market strategy. In present business criteria, culture relates to the people’s common behavior which is professionally accepted location by the location that is compared with one another.
So it is recognized that culture can affect global business trade and it should be understood how they will avoid the misunderstandings between clients and colleagues. It can easily be said that culture is the social ideas and social behavior of every person or society that affects international business. Therefore, cultural differences affect any country’s business strategy, which is compared with another country means that one country that made a product for another country, first of all, should remember that the regional and social culture of that country is what they demand.
Main Body
Culture depends on the behavior of the consumers which relate to all the markets and all the businesses. It also includes the region, traditional behavior, and languages of different persons in different countries. It makes ideas, identity sense, and structure of every people’s life every day.
Key issues
The countries should remember that when they start a business with another countries or foreign they should always remember that social cultivation must be important for maintain proper business environment among them. It means that the country should always remember the regional status of another countries and the behavioral nature of the people and obviously the social culture and behavioral changes of the people accordingly (Chiah et al., 2020).
Religion is very important for everyone in different countries. So it also should be remembered that the country who starts a business with other countries. According to religion, the customer needs a lifestyle and their behavior is changeable so it should be remembered that the country who will supply the product in other countries, the product will always relate to the people of those countries. Culture is found in every aspect of every people’s daily life like identity sense, customs, rituals and behavior, and structure. But it is very hard to define and analyze people differently.
Importance
Culture makes business ideas depending on different cultures of the society in different countries. It also shapes the idea, identity sense, customs, beliefs, practices, and so on. Culture makes the proper market strategy for any kind of business (Nam, 2018). If the market strategy is not properly done the business will be hampered and decrease the supply chain, and the business will not grow up. All these factors also relate to culture. Therefore, social culture is very important to make a business properly. What people need, demand and want is related to culture.
Social behavior or the behavior of the people is highly influenced by culture. People’s behavior is quite fluctuating because every businessman should remember the behavioral differences of the persons in daily life.
All types of social cultures will always change and adapt or fluctuate. Because the people’s lifestyle is always changeable in day by day according to the social changing, changing of market strategy and so on. Culture is often used to describe certain types of experiences, practices, and events such as food, historical facts and arts, and any educational culture.
Example
An example of a cultural difference that affects international trade is the USA. The culture of the USA people is mostly high and adaptable. It is the third-largest country in the world with a population of almost 332 million or more now. Americans are always thought to be very big. Americans often prefer luxurious and comfortable places all the time as well as big thought refers to their eating culture (Liu et al., 2020). Most restaurants always prefer large positions. It’s very common to order a suitable and proper size meal to have it. Besides, Americans always stay in their own space so it can be practical. “To Go” is an important behavior or culture of Americans.
It is found that they are always doing their work from one office to another office, going to a business, going to restaurants for having food, and so on. Americans also loved sports. They are always competing with other countries. When Americans converse among themselves they are using the short speech method which means the gist of any facts or topic. Americans are always self-independent from students to old age. The students who continue in school often choose their colleges and universities and the college students stay in their own house which is so far from their hometown.
In the above discussion, it can be said that American culture is very high and adequate, and adaptable to other countries. So in business or trade factors, the country should remember that they are doing business with the USA. So without the study of proper market strategy and culture of the people properly then it can be highly risky. Always should be found the country that the food culture daily lifestyle behavioral changes of the USA for trading with them.
Another example of this topic is the UK. British always love to apologize to themselves and others. In the UK the weather is an important part of every British life. They can experience four seasonal changes: one day of rain or heavy rain falls, hot and cold. Tea is the most loveable food of every British person. British language or English is mostly acceptable in many countries of the world because of their speech style; word spelling is perfect as well as pronunciation also. It’s easier and more suitable.
The food culture of the British is also acceptable in many countries because their national food is Curry like chicken and so on. The working culture is highly developed like a very quiet office atmosphere; everybody maintains their proper dress code and communication process with one another shortly (Liu et al., 2020). They always maintain a balance between their work and life and maintain punctuality also.
In the UK socializing is very strong and peaceful among circumstances. So for business or trading purposes, any country should remember the weather forecast of the UK. As it is changeable so the supply chain will be hampered. So it will be focused on the country that is trading with the UK.
The social culture depends on human beings and it builds up strong communication and perception among them. Different people think differently location by location. So it will be focused on how a strong perception builds up strong content among international audiences by developing the content. An online or e-commerce business that is internationally organized is maintained for different consumers’ needs and wants.
Therefore, it can be easily said that culture is a very important matter for business in any country. If it does not maintain properly any kind of business will be hampered and it can also decrease the future economic growth of that business industry as well as the GDP of the country.
Conclusion
In the above discussion, it can be found that different cultural activities affect any kind of business. Cultural activities are different locality by locality. Different people’s cultures are different in different societies across the world. A business depends on social cultures like people’s behavior, institutional change, daily lifestyle, different language, and laws. So a country should always remember those things when they will trade with other countries. Without the study of the social culture and market condition of that country, the trading will be problematic and the supply chain of the product would be hampered because of decreasing the demand for the product to the public of that country.
The importance of social culture is related to business strategy locally or internationally. Social behavior is an important culture that relates to any business internationally. Culture is an important part of group discussion which influences communication socially as well as internationally. In a particular region, cultural diversity is the mixed process of societies. This is also valuable in different workplaces. Diversity in the workplace refers to the part by part into a different system and categorization.
it is based on the social identities which should be maintained and valued. In different countries culture is also different like in the USA where social culture is mostly high across the world, so any country that is trading with them would be focused on their market strategies. In the UK food culture and weather forecasts are highly focused on other countries at the time of trading. However, this is the different considerable part that influences different cultural values like nationality, rural and urban values of culture, etc. There are some different notes like behavior and thoughts which relate to the social situation based on the culture.
Introduction
Demography is the science of human population and statistical study of human population and its density. It helps to understand the population density by searching three main demographic systems that are birth, migration and aging involving death. This process helps to maintain and change the population density and its demographic structure.
This helps to know that how peoples are living in the earth, making the nation in the neighborhood and developing social culture also. It is also concerned with the structure of population and their trends which is changeable day by day over time. These demographic changes affect on the opportunities and risks of international businesses.
Demography helps to understand the problems of huge populations in the less developed areas of the world. It also helps to develop and generate this population density of the countries which are underdeveloped (Ballieste et al., 2018). It is published by census report during time to time because it relates to the production growth, business development, market strategy of the country. Predicting population is related to changing demographic impacts and trends which is maintained by economically and socially and it depends on environmental system. Transition of demographic procedure also helps to increase the country’s future economic growth.
Main Body
Demographic changes impact on the risk and opportunities of the business globally. But there are some important issues which relate to the business and market statistically and yearly economic growth of the countries. It is concerned with the population density and the implications involved in their maintenance and decline.
Key issues related to demographic changes in business or risk factors
Demographic trend is the important issue in any kind of business. Last few years the population density of the world is continuously growing higher than mortality rate because of technical development and medical science which is increasing day by day (Davidsson et al., 2020). Demographic changes helps to understand the international trade to find out the gender category like male and female and their needs and wants accordingly that also helps to the trade to make the perfect productivity.
In labor markets demographics suggestions are affecting the supply of labor which helps the present market strategy to maintain a proper supply chain that is associated to maintaining the labor demand in international trade. Otherwise the business will not be related to the public life.
A country’s economic growth depends on demographic suggestions. The downward population growth indicates that the region is already underdeveloped. As a result of this the key component or issue facts the long run economic growth and structural productivity growth combine the labor issues and capital inputs to form outputs. If it will not be done properly then the growth of the business will be decrease and it impacts the public life as well as it will be at risk for the business (Wen et al., 2020).
Financially monetary policy of the countries depends on demographic suggestions. Maximum countries of the world follow the monetary policy for their financial calculation. This policy does not affect the powerful output on the basis of input and rate of unemployment. In an economical environment the pressure of demographics are downward and it’s put on their levels.
But the changes of demographics can also affect the transferable procedure of monetary policy in the economy rate of the country which affects the income of the people of the countries. In monetary policy demographic changes also affects the long run growth rate of consuming rate and per capita income that can assist in targeting potential audience based on different incomer group which is a key component of demographic changes in international business (Hall et al., 2020).
Other economic policies like Fiscal or any other government policies are also affected by demographic changes. If the proper demographic changes will not be done for these policies then it will also affect the income of every people of the countries.
So, the above discussions it can be easily said that all of these key components are risk factors for a business internationally impacted on demographic changes. If those factors will not be done properly then it will be impact on people’s income rate as well as business development, its growth and profitability, productivity and capital expenditure.
On the above key components it can be said that the result of demographic changes mentioned slower growing and older population rate. The transformation procedure of financial policy of the economy rate of the country is affected the income of the people and strategically the dynamic structure of the business will automatically slower down on the country.
Opportunities
There are mainly two types of demography. These are structure which relates to the point of time and other is dynamism which relates to the period of time. Structure refers to the number and status of population as well as dynamism refers to the characteristics change of the population like place etc. Demographic changes have some opportunities also. Those are,
Age factor is impacted by demographic changes like a particular region where people live maximum 18 to 40 years. The capability of business standards is obviously much better and developed and the rules and regulation of the business followed by present market statistics (Kwilinski et al., 2020).The age factor also helps to understand the international trade to find out the age criteria of the people and their mentality related to purchasing factor.
The demographic characteristics refer to the dynamism factor like place, gender, marital status, familiar income, educational structure etc. that relates to the quantitative components which describe the above factors. Demographic changes relates to the place like in faster growing up region where the no. of population and its density is limited and developed their business culture is automatically developed as per public demand. But in a lower growing up region where maximum older people live, there business strategy will be according to those people needs and wants.
Demographic changes indicate the target market audience as per their familiar income, employment status, educational structure and other behavioral changes in their characteristics. Any business industry first focuses on target market audiences and their needs and also their behavioral changes. They will launch their product only for that target basis audience. But other business industries do not follow the same rules. They target the loyal customers whose needs and wants do not changeable like switcher. As example older people, loyal customers etc.
Demographic changes also relate to the income strategy or familiar income and employment status of the particular region ((Donthu et al., 2020). On the basis of income business strategy would be changed because income level of the people are not same in different region where the income level of the people are high business will be continuously developed but where the income level of the people are poor quality there business statistics obviously generate with them. Income strategy depends on different employment status.
Demographic
Example
In the USA, business statistics are always highly adapted as per their demographic changes in characteristics. In this country financial structure is perfectly done by specialist and the financial department of this country always follows that rules and regulations. Otherwise it will be failure that affects the country’s economic growth and business or any kind of industry. In this country the dynamism and structure base is highly developed as per Americans lifestyle. So in this country the business industries always should be developed and they want to make always much better position in the market.
In Japan, their business statistics are fully dependent on technical purposes which are very interesting to relate with demographic changes in characteristics of the people. Their business strategy mainly focused on technical customers and their nature of using technical products which is related to demographic changes with their characteristics (Kniffin et al., 2021).
Conclusion
On the above discussion it can be said that demographic changes on the basis of characteristics of the people is not practical basis. It’s actually needs some theoretical findings such as objectives in itself as well as it’s need to find some general theories to make the statistics of human population rate which form some disciplinary tasks to describe the changing of population, no. of population and population density (Donthu et al., 2020)..
Demographics actually maintain social and economical characteristics of the population which is related to a business strategy to search the product efficiency and buying the behaviors of the customers. On the basis of target market audiences industries can build up customers based profile. They always target their loyal customers for target market.
In this topic, demographic changes are shown in educational culture which is formed by different demographic characteristics. Besides it can be shown that it is actually the population based study depending on age, immigration and so on. In different countries demographic changes of the characteristics of human beings are related to the risk and opportunities of international businesses. However different kinds of demographic transition shown that family planning for buying new products depends on income level as well as their employment. It depends on age criteria of people because different ages of people needs and wants are different.
It also affects the purchasing power of any product of the businesses. Purchasing power of any product also depends on income level of the people. If the income level of the people in a particular region is high then the business will developed and productivity will increase automatically. Otherwise development of the business stayed up equally without up gradation or it will fall.
References
Nam, T., 2018. Examining the anti-corruption effect of e-government and the moderating effect of national culture: A cross-country study. Government information quarterly, 35(2), pp.273-282.
Liu, A., Lu, C. and Wang, Z., 2020. The roles of cultural and institutional distance in international trade: Evidence from China’s trade with the Belt and Road countries. China Economic Review, 61, p.101234.
Nikolaev, B.N., Boudreaux, C.J. and Palich, L., 2018. Cross‐country determinants of early‐stage necessity and opportunity‐motivated entrepreneurship: accounting for model uncertainty. Journal of Small Business Management, 56, pp.243-280.
References
Davidsson, P., Recker, J. and von Briel, F., 2020. External enablement of new venture creation: A framework. Academy of Management Perspectives, 34(3), pp.311-332.
Wen, J., Kozak, M., Yang, S. and Liu, F., 2020. COVID-19: potential effects on Chinese citizens’ lifestyle and travel. Tourism Review.
Hall, C.M., Scott, D. and Gössling, S., 2020. Pandemics, transformations and tourism: be careful what you wish for. Tourism geographies, 22(3), pp.577-598.
Kwilinski, A., Vyshnevskyi, O. and Dzwigol, H., 2020. Digitalization of the EU economies and people at risk of poverty or social exclusion. Journal of Risk and Financial Management, 13(7), p.142.
Donthu, N. and Gustafsson, A., 2020. Effects of COVID-19 on business and research. Journal of business research, 117, pp.284-289.
Kniffin, K.M., Narayanan, J., Anseel, F., Antonakis, J., Ashford, S.P., Bakker, A.B., Bamberger, P., Bapuji, H., Bhave, D.P., Choi, V.K. and Creary, S.J., 2021. COVID-19 and the workplace: Implications, issues, and insights for future research and action. American Psychologist, 76(1), p.63.
Mancini, L. and Sala, S., 2018. Social impact assessment in the mining sector: Review and comparison of indicators frameworks. Resources Policy, 57, pp.98-111.
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