Gain Open Minded Approach on Global Business in Just Five Steps by mayura.wadhwani


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Gain Open Minded Approach on Global
Business in Just Five Steps

Similar to ones personality, culture also affects various important decisions of life. Culture is the
biggest factor that differentiates businesses, especially on international level. It is the same
case with business culture, which is evolving with each passing moment. Understanding this
difference while strategizing and planning for a business venture is the key to extended reach
to the targeted customers and marketplaces. Global marketplace is motley of cultures looking
for products and services serving their individual goals. Hence, their speed and direction of
growth is different altogether. The best way that business owners have to figure out these
factors is of marketing research.

Analyzing and comparing the existing factors of a marketplace is essential if one is aiming at
global success out of a local product or service. Any successful business owner who has
established himself in the local market aims at bigger goals and better opportunities on
international platforms. In such case, understanding the target marketplace and potential
clientele one would be serving becomes equally necessary. However, considering culture as a
barrier can always be a grave mistake on the part of both owners and market research experts.
One needs to accept this fact with open mind and concentrate on the positive aspects to get
the desired results.

Steps to Gain International Attention in Business

   1. Industry research aiming at global market should start from recognizing own abilities,
      strengths and weaknesses. While interacting with other people, you need to accept
      their expectations and suggestions about your products and stay ready to make the
      necessary changes, if you have to.
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   2. There should not be any preoccupations and biased cultural views while conducting
      industry analysis. Cross-cultural friction results into assumptions and misconceptions
      about ones culture and products. Avoiding such friction depends on how ready you are
      to accept the changes.
   3. Communication is the key that opens up the mindset further. You need to interact with
      the people belonging to your potential marketplace with help of various methods.
      Collecting primary and secondary data also opens communication gateways.
   4. Cultivating interaction and accepting attitude attracts potential customers and factors
      that make up a marketplace. You will also find it easy to understand the prevailing
      market trends and position of your competitors, which helps in strategizing and
   5. While doing market research for global expansions, stay away from negative judgment
      or outlook. You might have some personal preoccupations of your own but it is
      important to avoid them conflicting with your professional approach. These basic yet
      highly essential factors are often overlooked.

Self-examination in terms of one’s industry and limitations helps you grab the better things
from various cultures. It is always a learning process as long as one is ready to learn.

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