You will focus on the social-cultural dimension of the analysis of international opportunities. Understanding a new culture and all idiosyncrasies and differences between the company’s original culture and that of the new market being considered as a new target is fundamental for achieving success. Your company should never assume that values, ethics, needs, and expectations are the same in all markets. Ethnocentrism can be a major problem when a company looks at new markets.
Using the University online library resources and the Internet, research the topic of ethnocentrism in business and answer the following:
- What is the impact of ethnocentrism on companies that want to expand their operations to new markets? Illustrate your answer with real-world examples.
- How can a company mitigate the impact of ethnocentrism? Provide suggestions and give examples to illustrate your points.
- If you were the person in charge of growth strategies for a retail company, what market(s) would be your primary targets for an expansion? Explain your reasoning.
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