...EGT1 Task 4 Rebecca Fertig 12/24/2012 Introduction Cross cultural marketing refers to the strategic process in which marketing is conducted among people whose culture differs from that of the marketer. The differences in culture occur in various aspects like social norms, values and language. The differences also include such aspects as the living styles and education of the people. This paper addresses the need for company A which is US based to understand cross cultural marketing in China. The paper clearly defines the different areas which the company must consider when launching into China. This results from the fact that cross-cultural marketing requires sensitivity on the marketer. Failure to understand the tactics leads to the eventual failure of the marketing. Understanding the culture of the Chinese people and incorporating it into the marketing mix of Company A will result to the success of the company. Major Cross-Cultural Issues That May Impact Company A’s Marketing Approach There are various issues that make the country of china and US tremendously different in their cultures. One is the social structure which is extremely hierarchical and formal in China. This means that people should know their place in the hierarchy and fix themselves accordingly (Dsouza, 2012). One is not supposed to cross the boundaries into other areas. This differs from the way it is in America and where the structure is informal and loose. This is based on the...
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...Sandra deMiranda EGT1 Task 4 When considering starting a business in Japan, there are several cultural differences which will have a great impact on the success of business. Communication – As Americans, male and female, we are used to freely express our opinion whether it be in a business setting or otherwise. In Japan, subtlety and body language is very much a way of life, and directness is considered rude. Americans are taught since childhood to make and maintain eye contact when in conversation. In Japan, prolonged eye contact makes the Japanese uncomfortable, and they will avert their eyes which might give Americans the impression that their Japanese counterpart is not being direct. The Japanese consider saying “no” rude and form of losing face for the other person, and they will avoid a direct negative response. They might nod, and say they will consider it when they mean “no”. Americans will not hesitate to say “No” if that is their intention. A business card is extremely important in first contact with Japanese business men. The business card is extended with both hands, while bowing and is to be treated by the American counterpart with great respect and reference. However, in American culture we tend to hardly look at the business card, and therefore this Japanese custom will take some getting used to. Collective Achievement vs Individual Achievement – Japan is a very collective society, and prides itself on the achievement of the group. Everyone will try to avoid causing...
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...Running head: EGT1 Task 4 Element A. Cross-Cultural Difference Intentions of expanding a company into an Asian country such as Thailand certain cultural difference should be considered. There are multiple areas of differences between Western and Eastern cultures that should be researched such as: language, communication, religion, political structures, social structures, aesthetics, material culture, attitudes, and beliefs. Most of these areas overlap and can impact cultural interactions. The primary spoken and written language in Thailand is Thai. Consideration of the language written and spoken would require a translator to ensure what is said or written is understood appropriately. Simple United States terminology could be translated incorrectly causing major misunderstanding causing conflict with expansion. In addition, Thailand natives are personable desiring established relationships other than “business” relationships as in the United States. Another aspect of language and communication is body language. Understanding the unspoken language and how it is received in Thailand can greatly impact relations and businesses. In Thailand a simple smile can have one or more meaning as well as the action of not smiling. The United States has a tendency to not socially interact with strangers much less smile back. Other unspoken gestures regarding parts of the body such as the head and feet have symbolic meaning in Thailand and no value in the United States...
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...A. SJ Corporation would like to expand its ladies shoes division to Japan. Understanding that the Japanese culture if different from the United States the employees have been given sensitivity training on how to relate tour Japanese counterparts. In any negotiation conflict is inevitable it is important for us to understand how our response to conflict differs from the way the Japanese respond to conflict. The Japanese believe that the best method to resolving conflict is to avoid it at all cost. They believe harmony should exist at all times and people’s feeling should be spared. The principle of the conflict is secondary to the relationship and feelings of the people involved. Our US culture believes that conflict should be dealt with head on. We believe in verbal communication the conflict to increase the understanding of all thoughts of the disagreement to remove road blocks. One way to deal with conflict is to remove calm and positive and address the conflict in an indirect way. Try speaking with the group leader in private to resolve one and one and let him relay the resolution back to his group. This will avoid perceived lack of harmony between the groups. Verbal communication is our primary mode of communication, body language is secondary. We believe that speaking clearly and directly with remove any possibility of a misunderstanding with the persons involved. The Japanese view that as impolite In contrast, their culture relies primarily on non-verbal body language...
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...Krishelle Cruz EGT1 – Task 4 Student ID: 000265638 Expanding a business from the United States to an Asian country can have many advantages. In considering an expansion, one must evaluate the possible cross-cultural differences and what changes need to be made on practices that are currently in place for its business in the United States when entering the Asian market. Sensitivity to the culture is imperative, as commonalities in the United States may not be received well by those in the Asian country. For purposes of this essay, we will compare the cross-cultural differences between the United States and Japan. Three major challenges in entering into their market are language barriers, procedures on decision-making, and regulatory hurdles....
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...EGT1 – TASK GUIDE INTRODUCTION: As you work on each of the Tasks please make use of the various resources posted and updated within the Business Undergraduate Economics Learning Community Task 1 Recorded Webinar TASK 1: MARGINAL ANALYSIS This Task centers on the competency of marginal analysis with two structured objectives. First is the requirement to describe the relationship between marginal revenue (MR) and marginal cost (MC) at the point of profit maximization. Second is the requirement to explain the concept of profit maximization. ACTIONS OF APPROACH: 1- Prior to turning in the Task, consider attending a Live Webinar on the Task. Students that attend are much more likely to pass the Task. You can always find an updated schedule of Live Webinars in the Community Pages (link at the top of this document). 2- This essay should be relatively short (1-3 pages) and can be written entirely from the concepts discussed within the McConnell e-text. In preparing for this Task you should read Chapters 7-11 of the McConnell e-text, with specific concentration on the information in Chapters 7 & 8. *Chapter 7 "Business and the Costs of Production" *Chapter 8 "Pure Competition in the Short Run" Chapter 9 "Pure Competition in the Long Run" Chapter 10 "Pure Monopoly" Chapter 11 "Monopolistic Competition and Oligopoly" 3- Formulate your responses to this Task in accordance with an “outline” format. More specifically, when writing your paper – list the Task Element and structure your...
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...SUBDOMAIN: 309.1 -‐ ECONOMICS Competency 309.1.3: Competition The graduate analyzes a firm’s competitive environment to determine whether the market exhibits characteristics of perfect competition, monopoly, oligopoly, and monopolistic competition. Objective 309.1.3-‐06: Describe how the need for governmental price regulation differs for firms in different competitive environments. Date: February 9, 2015 A) The Anti-‐Trust Laws Sherman Act (1890) The Sherman Act came about due to a growing public resentment of trusts. The antitrust legislation is broken down into two parts: • Section 1 “Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations is declared to be illegal.” Section 2 “Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any person or persons, to monopolize any part of the trade or commerce among the several states, or with foreign nations, shall be deemed guilty of a felony” (Brue, Flynn, & McConnell, 2012) ...
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...EGT1 – TASK 1 Western Governors University EGT1 Economics and Global Business Applications Element A1 & A2 A1. Total revenue (TR) to total cost (TC) is cost, which is calculated using total revenue minus the total cost, (TR-TC). As each unit is produced, the total cost increases in addition to the total revenue. Yet, at some point in the production of the additional units, the total revenue will exceed the total cost. When it reaches that point, it becomes a loss. The point when profit maximization is the largest is bolded in the table below. |QTY |TR |TC |TR-TC | |0 |$0.00 |$100.00 |-$100.00 | |1 |$131.00 |$190.00 |-$59.00 | |2 |$262.00 |$270.00 |-$8.00 | |3 |$393.00 |$340.00 |$53.00 | |4 |$524.00 |$400.00 |$124.00 | |5 |$655.00 |$470.00 |$185.00 | |6 |$786.00 |$550.00 |$236.00 | |7 |$917.00 |$640.00 |$277.00 | |8 |$1,048.00 |$750.00 |$298.00 | |9 |$1,179.00 |$880.00 |$299.00 | |10 |$1,310.00 |$1,030.00 |$280.00 | A2. Marginal revenue...
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...EGT1 Task Two A-Elasticity of Demand can be defined as the varying degree of demand of a service or good, with respect to its price fluctuation. In most scenarios, a drop in price can result in an increase and demand, and vice versa. Most secondary and tertiary needs will be subject to increased elasticity, however primary needs remain unchanged in most scenarios. High price elasticity indicates heavy dependency on price in determining demand. High price inelasticity is the precise opposite—when demand remains the same throughout price fluctuation, it’s demonstrative of inelasticity. Unit elasticity of demand occurs when proportionate shifts in price and demand are noted. B-Cross-price elasticity can be defined as the varying degree of demand in complementary or supplementary items as driven by price. When the price of one item is reduced, demand for a supplementary product increases. The increase in price in one product or service can impact complementary products or services accordingly as well. This makes sense, as the demand for a supplementary/complementary item is directly affected by the demand for the primary item. As an example, snowboards and snowboarding boots are complementary to each other. If snowboard prices dramatically dropped, demand for boots will increase. When substitute products are considered, this changes things. If milk prices soared, consumers may opt to purchase toaster pastries in lieu of cereal, opting for a lower...
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...EGT1 – Task 1 A. 1. The profit maximization is where there is the largest difference between total revenue and total cost. Total revenue, is what the widget(s) sells for. Total cost, is what costs to produce the widget(s).The profit maximization is where marginal revenue equals marginal cost. B. Marginal revenue is the additional revenue that will be made by Company A when it sells one additional unit of a product. C. Marginal cost is what it will cost Company A to produce one additional unit of product. D. The profit maximization occurs for company A at Q-8, both the Marginal Revenue, and Marginal Cost are both equal. Q TR TC TR/TC MR MC 0 0 10 -10 1 150 30 120 150 20.0 2 290 50 240 140 20.0 3 420 80 340 130 30.0 4 540 120 420 120 40.0 5 650 170 480 110 50.0 6 750 230 520 100 60.0 7 840 300 540 90 70.0 8 920 380 540 80 80.0 9 990 470 520 70 90.0 10 1050 570 480 60 100.0 11 1100 680 420 50 110.0 12 1140 800 340 40 120.0 13 1170 930 240 30 130.0 14 1190 1070 120 20 140.0 15 1200 1220 -20 10 150.0 E. If marginal revenue is higher than marginal cost, Company A should look into producing one or more products. F. If Marginal cost is higher than marginal revenue, the company is losing money every additional widget made. They need to look into producing a lower amount of widgets, where the marginal cost and revenue are...
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...4 Cross Cultural Issues in Business" from Anti Essays, your source for free research papers, essays, and term paper examples. Japan There are many advantages in a company seeking to expand into the Japanese Market, it is one of the world’s large economies. There are also cross cultural issues in an American Company marketing to Japanese Society. A company can very easily “make it” or “break it” if not sensitive to the culture and etiquette in their marketing strategies. The Japanese Culture is ancient and full of traditions that make up why someone of this descent may act or carry themselves in a certain way. This would also affect the decisions an individual makes regarding product selection. A commercial that is attractive to an American housewife may not be attractive to a Japanese housewife. A few of the differences in American and Japanese culture are importance of hierarchy, group harmony, using certain numbers in advertising and language barriers. Cross Cultural Issues Hierarchy is highly respected in Japan personally and professionally, yet in America hierarchy exists but is not held to as high of standards or tradition. This is so engrained in the Japanese Culture that children even refer to their senior and junior classmates with specific names. Personally this hierarchy is based on age, the eldest would be seated at a place of honor at the dinner table and be the first person to start eating. The significance placed on hierarchy can cause issues...
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...EGT1 Task 1 – Marginal Analysis The profit calculation of total revenue and total costs is Profit (P) equals total revenue (TR) minus total costs (TC) and focuses on maximizing this difference. Profit will be maximized when the total revenue, or the amount they would receive by selling that particular widget exceeds the total cost, or the costs associated with making this widget by the greatest amount. The greatest difference between these two is considered the profit.The profit calculation of marginal revenue to marginal costs is different where the company will compare the marginal revenue (MR) they would receive from selling one more widget to the marginal cost (MC) of producing that additional widget, and how much cost it would add to the total revenue and total costs. Profit maximization occurs when the marginal revenue received from the widget is the same as the marginal cost of producing the widget.Marginal revenue is calculated by dividing the change in total revenue (TR) by the change in quantity (Q) sold, which is calculated as ΔTR/ΔQ (MR = ΔTR/ΔQ) (Gish). Another way to figure marginal revenue is to take the total revenue of a particular quantity of widgets and subtracting the total revenue of one less widget. Quantity | TR | MR | 0 | $0.00 | $0.00 | 1 | $150.00 | $150.00 | 2 | $290.00 | $140.00 | 3 | $420.00 | $130.00 | 4 | $540.00 | $120.00 | 5 | $650.00 | $110.00 | 6 | $750.00 | $100.00 | 7 | $840.00 | $90.00 | 8 | $920.00 ...
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...EGT1 Task 1 Essay In this Essay I am going to explain the relationship between marginal revenue and marginal cost, and the importance of these concepts for profit maximization. One approach for profit maximization is by looking at the total revenue (TR) to total cost (TC). This is where the quantity being generated is yielding the greatest difference between the TR and the total TC. Another approach is using marginal revenue (MR) to marginal cost (MC). MR is the increase in revenue that results from the sale of one additional unit of output, and is calculated by the change in total revenue by the change in output quantity. Similarly, The change in total cost that comes from making or producing one additional item. You can figure out the profit-maximizing quantity of output by setting these two changes equal to one another. The process to determine MR You must first calculate TR. TR = Q * P the quantity multiplied by the price. So as your quantity goes up you need to look at the difference in price then divide by the quantity. Example below, Q P TR MR 0 80 0 1 76 76 76 2 72 144 68 3 68 204 60 4 64 256 52 5 60 300 44 6 56 336 36 7 52 364 28 8 48 384 20 Since this example is increasing by a factor of 1 we only need to worry about the difference in TR but if it increase but a factor higher than 1 we would need to take the difference in TR and divide by the increase in quantity. In our given example, below the MR starts...
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...EGT1 Task 1: March 15, 2013 A. Explain profit maximization from the following approaches: 1. Total revenue to total cost: Profit maximization occurs when total cost is subtracted from total revenue. The area where the largest gap occurs is where the greatest profit maximization occurs. 2. Marginal revenue to marginal cost: Profit maximization occurs when marginal revenue is equal to marginal cost. B. Explain the calculation used to determine marginal revenue. The calculation for marginal revenue is MR = ∆TR/∆Q (marginal revenue is equal to the change in total revenue divided by the change in quantity) 1. Discuss how marginal revenue increases, decreases, or remains constant in the given scenario. The marginal revenue decreases with each unit produced because at some point the marginal cost will be greater than the marginal revenue and at that point the company should halt production in order to avoid cutting into the profit margin. | | | | | |Quantity |TR |TC |MR | | | | | | |0 |$0.00 |$10 | | | | | | | |1 |$150 |$30 |$150 | | | | | | |2 |$290 |$50 |$140 | | | | | | |3 |$420 |$80 |$130...
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...EGT1 Task 2 A Define the following three terms A1. Elasticity of Demand is the consumers response or sensitivity to a change in price. It is classified as elastic, inelastic, or unit elasticity. Elastic demand is when a specific percentage change in price results in a larger percentage change in quantity demand. Inelastic demand is when a specific change in price produces a smaller percentage change in quantity demand, Unit elasticity is when the percentage in change in price is the same as the percentage change in demand. A2. Cross Elasticity of Demand is the ratio of percentage change in quantity demand of one good to the percentage in the price of some other good. A positive coefficient indicates the tho products are substitutes a negative coefficient indicates the two products are complementary. A zero or near zero cross elasticity means the products are considered independent. A3.Income Elasticity of Demand is the ratio of the percentage change in the quantity demand of a good to a percentage change in consumer income; it measures the responsiveness of consumer purchases to income changes. A positive coefficient means more of the product is in demand as income rises, they are known as normal goods. A negative coefficient mean purchasing of a product decreases as income rises means the product is an inferior good. B. Explain the elasticity coefficients for each of the three terms defined in part A. B1. Elasticity of Demand. If the coefficient is greater...
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