Individual Project Essay Example | Topics and Well Written Essays - 3000 words

Individual Project - Essay Example It is due to the reason that the values and choices of different cultures are extensively unparallel and a single product or service with it common features are somewhat inefficient to satisfy the needs of these ethnic groups. For instance, the failure of Walt Disney’s marketing strategy adapted especially focussing on the Eastern Region comprising of Mainland China and Hong Kong was due to the company’s misinterpretations of the cultural diversities of these two economies. To be included, both the cultures enjoy vacations for two-three days during the Lunar New Year which was categorised as the special days by the company. In this case, the company issued large number of discount tickets to both the ethnic groups in 2006. This incidentally increased the number of eligible customers to an amount which was uncontrollable by the company and therefore headed to a dramatic failure of the company’s marketing scheme (Bradsher, 2006). Apart from Walt-Disney, there are n umerous companies operating in the multicultural market which have faced various issue related to the concept of multicultural marketing. ... Critical Issues Faced by Managers Evidences reveal that marketing is not the same as it was according to the traditional notions. Today, marketing has grown to be much wider and complex in its realistic practices accumulating numerous variables ranging from the customers’ income level to their needs and their cultures as well. It is due to the fact, that marketing at present is all about serving the customers according to their needs and choices in order to gain a certain amount of profit and achieve the optimum organisational goal. Therefore, it is quite essential for a marketer to know the targeted market, i.e. its cultural perceptions along with the economic values. It is in this context that managers, as marketers and leaders of an organisation face certain major issues while executing their marketing strategies focussing on a multicultural paradigm (Trompenaars & Woolliams, 2004). Ethical Issues Ethical challenges are one of the major issues faced by the managers in order to serve their ultimate customer group in a multicultural market. There are various influencing factors affecting the strategic philanthropy of multicultural marketing active in the given business environment of an organisation. Notably, globalisation is one such factor influencing the strategic decisions of marketers in virtue of multicultural dimensions. For instance, the total amount of world trade was recorded to grow more than six times from 1950 to 2000. As a result, the annual outflow of FDI increased to a record height of $1.3 trillion in the year 2000. This certain fact depicts the expansion of business in global terms and its long-lasting affect on the