International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 7, Issue 2, pp: (980-985), Month: October 2019 - March 2020, Available at: www.researchpublish.com
EFFECT OF CULTURE ON MARKETING STRATEGIES Kavya Gorti1, Sijo S. George2 Christ University, Bannerghatta Campus, Bengaluru, India
Abstract: Most of the people are aware about the issues faced by multinational companies when they expand their business into new countries. International business requires people from different culture to communicate with each other across national boundaries in order to improvise and better understand different cultures. The popular failures include the conversion of company tag lines into the subsidiary country’s language causing huge mistake in the translation. This simple, yet important example shows how different element of cultures of different places plays a significant role in planning out the marketing strategy for that place. The success or failure of the business depends on the customers. Customers make their judgement based on their sense of values imbibed in them since ages. If a company can succeed in convincing the customer that their product is the one, then the company can sustain in the market for a long time. This conceptual paper talks about various aspects of cultures like language, religion, technology, politics, values, attitude, business norms, customs and taboos affect marketing strategies. Keywords: Marketing Strategies, Culture, Cross culture, international marketing strategies.
1. INTRODUCTION Once upon a time, business market performance was dependent on how much domestic-currency revenue was received. With the passing of time; the most successful companies started expanding their brands beyond their home countries and becoming known in global markets (Ricks, 1993). Today, this is the standard, since many of the most productive and profitable businesses in the world operate in multiple countries. Marketing exists in a culturally shaped environment. Organizations planning to market products in different countries have to be alert to the cultural factors in their target markets at work. Culture is complex and it requires significant time, energy, and experience to fully appreciate its impact. (Usunire and Lee, 2005). Different traits of a culture may create an illusion of similarity, yet marketers need to dig deeper to ensure that they really understand the people and cultures they work in. As the global business evolves, foreign marketers continue to enter new markets, new culture that inevitably brings new opportunities and challenges (Karim, 2015). Culture impacts heavily on consumer preferences. Consumers can only be drawn when the product suits their practices, beliefs, norms and cultural criteria. Cultural effects on the marketing of goods must be studied in depth for a foreign marketer. Because of the globalization of the business environment, businesses are faced with rising competitors' speed, presence and magnitude (Kaur and Chawla; 2016). Culture has a profound influence on consumers ' choice of product, inspiration and life style. Cultures are simply different, not good or bad, better or worse (Cateora and Graham; 2002). Thus, for any firm who wants to venture out in the international waters to grow their brand, should keep in mind the different elements of culture of those countries where they are planning to expand. Giving importance and respect to each and everyone’s culture is a major step towards globalisation and all firms should cater to that.
2. LITERATURE REVIEW Any firm before venturing out in the international markets gains a strong foothold in their domestic or national markets (Jeannet & Hennessey, 2004). Some firms work internationally right from the time of inception and some take time to venture out in the new arena. The researchers found out that the most important strategic decision to be made by the management of any organization is how the company can improve the international process in terms of time, scope and size. They found a new phenomenon called International New Ventures (INV). INVs have at least two inherent
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