Question
Discussion Questions (2) - Marketing
Discussion
Questions:
Discussion Questions: (1) has sufficient depth to answer the question (more than 250 words for each question) (2) refers to marketing concepts to support the response - Video (3) uses marketing examples to support the response (4) Reference - Use at least two reliable citation
Question 1
Video - https://youtu.be/GOHvMz7dl2A
Self-Reference Criterion (SRC) is an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. Closely connected to SRC is ethnocentrism – the notion that people in one’s own company, culture, or country know how to do things best. HSBC, one of the world’s largest multinational banks, is known for their humorous advertisements on some of the differences between Western and Asian cultures (three are included in the video clip). The risks of SRC and ethnocentrism, underlying phenomena in HSBC’s advertisements, are apparent.Can SRC and ethnocentrism ever be a good thing for a global company or an aspiring multinational? Be specific and support your position.
Question 2
Video - https://youtu.be/zk3ruapRQZk
Protectionism is an economic policy that inhibits the entry of products and services from foreign companies by imposing trade barriers. There are several arguments for protectionism including protection of infant industry, maintenance of employment/reduction of unemployment, conservation of natural resources, and national defense.Milton Friedman, the late American Economist, was a staunch proponent of free trade policy (evident in this video clip and many others). What is your stance? Protectionism or Free Trade? Defend your position with practical examples.
Expert Solution
Question 1;Ethnocentrism and Self-Reference
Criterion (SRC) can benefit a global company or aspiring multinational when
properly employed with caution. SRC can benefit businesses by analyzing the
global client base and potential markets. An organization can better tailor its
offerings to the local market by being aware of the local culture and consumer
preferences. This gives multinational companies a competitive edge in reaching
potential clients and successfully promoting their goods or services (Paul, 2019). Ethnocentrism can also be advantageous in that it can be
especially advantageous to international corporations to draw on domestic
expertise. For instance, when predicting changes in a nation's economy or
creating items for a specific culture. By using amusing advertising that
lightheartedly represents the traditions and cultures of Western and Eastern
nations, HSBC can bridge the cultural gap. This demonstrates the bank's
awareness of both cultures (Jain &
Pareek, 2019). As a result, HSBC can better relate to clients from both
cultural backgrounds and provide them with information about the company's
initiatives based on their knowledge of those cultures.
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