4. LOCAL CULTURE
ADAPTING PRODUCTS AND PROCESSESS
» The Gods of Wealth
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THE SECRET OF MAGIC GOURD
LOCAL EMPLOYEES
CULTURAL KNOWLEDGE
» Culture general
» Culture specific
5. EMBRACE LOCAL CULTURE
Corporate credos – company’s mission
statement
Wreathed in – surrounded by
Pays homage – a public show of respect
or honor towards someone or something
inadvertently – without intention
or accidentally
6. Sam Walton, the founder of
Wal-Mart established the
“Three Basic Beliefs” as his
company’s credo:
-Respect for the individual
-Service to our customers
-Strive for excellence
7. 3M’s plant near Bangkok,
Thailand, a Buddhists shrine,
wreathed in flowers, pays
homage to the spirits that Thais
believe took care of the land
prior to the Plant’s arrival.
8. BUILD RELATIONSHIPS
Set of constituents – a group of people or
something
Local ties – ex: Ecotourism
Emerging market – is a country making an effort
to change and improve its economy with the goal
of raising its performance to that of the
world’s more advanced nations.
9. *Employ locals to gain cultural
knowledge.
*Help employees understand
you.
-acculturation
Ex. Corporatization
10. Adapt products and processes to local
markets
Global products
Regional products
Purely local products
Market-by-market basis