Running Head: PRODUCT SUCCESS POTENTIALITY IN A COUNTRY Product Success Potentiality in a Country Student’s Name Institution Affiliation 1 PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 2 Question one The country is the United Kingdom. The product is personal care product which will be of various kinds such as skin care products, toiletries and so on. A product’s success in the UK will greatly depend on how well it will harmonize and fit into the British culture. The British culture can be analyzed in various perspectives, the first to look into is the individualism dimension. This can be defined as the extent of interdependence in a certain society amongst its members. Is the self-image of the people defined in “I” or “we”? Individualist societies it is found that members of the society look after their direct family or themselves only. On the hand, in a collectivist society, members of the society belong to ‘in groups’ that look after them in exchange for loyalty. The UK is more of an individualist society. At a young age, children are taught to think of themselves as well as to discover their special purpose in life Secondly, in the masculinity dimension, the UK is a masculine society whereby people work and have a vivid ambition for performance. The British society is completion, success, and achievement driven. Success is defined by the best in the context of the value system starting from school and ultimately all through the organizational life. On the other hand, a feminine society would be that whereby the dominant values in society are caring for other members of society and the quality of life. Here, success is defined by the quality of life (Nathan & Mathi, 2013). In the dimension of uncertainty avoidance or degree of taking risks, the UK has a low score on uncertainty avoidance meaning that people here are just comfortable waking up with no clue of what the day may bring. And they do not mind ‘making it up as they move along,’ PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 3 making changes to the plan with the gaining of knowledge to new information. ‘Muddling through’ is a British expression that shows how people here are comfortable in ambiguous circumstances. This means that UK citizens are always ready to take risks since they do not feel so threatened by unknown situations which have led to only a few creations of beliefs and institutions trying to avoid the ambiguous situations. In the long-term orientation dimension, usually, there are normative and pragmatic societies. This dimension shows how society has to sustain links with its past while addressing the challenges of the future and the present. Normally, different countries will prioritize these two goals differently. Normative societies choose to sustain time-honored norms and traditions while having suspicions of the societal change. On the other hand, pragmatic societies encourage the efforts and thrift in education as a means of getting prepared for the future. Here, UK cannot be determined where it falls due to its intermediate score of 51 (Minkov & Hofstede, 2014). In the indulgence dimension, UK can be classified as indulgent. Indulgence is the degree to which members of the society attempt to control their impulses or desires. The UK being indulgent, it means that people have a weak control. Restrained societies, on the other hand, will have people with a relatively strong control. Therefore, in the UK people display a will of realizing their desires and impulses in respect to having fun and enjoying life. This means that they value leisure time and spend money as they wish. Question two Considering the British culture discussed above, the product to be introduced in the UK must be engaged differently in various perspectives so that it becomes acceptable in the country. For example, members of the UK society do not mind a lot about how they spend their money as PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 4 long as they enjoy life in ways that they desire. As such, the product should provide more comfort, make life easier, create a feeling of happiness and seem to be bringing the realization of the dreams for many and people will make all their efforts to get the product with only a few minding about its cost. Also, this will rhyme well with the fact that the people in the UK are good risk takers in that, they are comfortable with just waking up without having a clue of what the day may bring. Since people in the UK change their plans with the gaining of knowledge to new information, there must be consistent sales marketing strategies such as advertisements to provide information about the existence of the product or new developmental changes in the product. The product also should be of personal use as much as possible since the UK society is individualistic. A product that will bring collective benefit to a large mass of people will not have a wider market in the UK, since people here only care about themselves and their direct families, compared to a product that is used by people individually. Personal fulfillment is the major way of finding happiness, and hence the product should accomplish this through ways such as creating more self-esteem among individuals. Question three The personal care products have a high potential of succeeding in the UK and have only a few setbacks. Personal care products such as skin care lotions will take care of the people at an individual level, and hence high sales should be expected other factors such as marketing are made to work right. This is also with the consideration of the ever-increasing consumer demand for more advanced personal care products which means that the British market has not PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 5 had enough satisfaction. There is a pressing need for bigger product development across the UK market, and hence innovative new products are needed. Demographic trends, as well as changing consumer demands, are two main areas stimulating UK personal care products market activity. The increasing aging population associated with a rise in the demand for products that are age-related such as hair rinses and antiwrinkle creams. As a result of the British culture, consumers will likely become increasingly aware of the effects of the personal care products and hence demand goods that are milder, biodegradable as well as natural in their make-up. The process should begin with presenting a somehow shocking fact or a statistic that identifies a concerning problem. This would perhaps include; how the air pollution with harmful gasses is damaging the skin and hair, which can be easily solved by some of the Personal Care products. This will create attention and explain to the target market how the identified problem adversely affects their lives, like how harmful gasses are aging the skin quickly and this will create interest as people will want to aggressively seek the possible solutions regardless of the cost (Kupper et al., 2013). This is because of the British culture of getting what they want, have a relatively weak in controlling their impulses and desires. Since personal care is suitable for fulfilling various needs such as enhancing beauty which ultimately increases one’s self-esteem and confidence, UK will be a good market since many people only mind about themselves and how to improve themselves their direct families. Usually, personal care products may be used individually or a by a whole family, and this rhymes with the British culture of individualism. Also, the product can well be complemented by the masculinity culture whereby in this case people will compete in looking good, and the winner will be defined by that person that uses the most efficient skin care products.And since people PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 6 here have clear objectives, they will easily be loyal to one brand that they believe will help them accomplish what they want even if its new to them since they are good risk takers. PRODUCT SUCCESS POTENTIALITY IN A COUNTRY 7 References Kupper, N., Pedersen, S. S., Höfer, S., Saner, H., Oldridge, N., & Denollet, J. (2013). Crosscultural analysis of Type D (distressed) personality in 6222 patients with ischemic heart disease: A study from the International HeartQoL Project. Minkov, M., & Hofstede, G. (2014). A replication of Hofstede’s uncertainty avoidance dimension across nationally representative samples from Europe. International Journal of Cross Cultural Management, 14(2), 161-171. Nathan, C. S., & Mathi, K. (2013). A study on preference of natural personal and home care products by consumers for green marketing opputunity in trichy market. South Asian Journal of Marketing & Management Research, 3(2), 31-56. 0 х Ask a new question - Stu X Х Bb Week 3 Assessments - 2 X ☆ : Secure https://blackboard.csp.edu/webapps/blackboard/content/listContent.jsp?course_id=_24495_1&content_id=_860953_1 G Google Bb Blackboard YouTube f Facebook 9 WhatsApp Web CLICneto Paraphrasing Citation Machine up Subltup: Employee D Telegram Web Other bookmarks CSP Concordia UNIVERSITY SAINT PAUL My Blackboard Courses Academic Resources Student Services Internships Course Outline > Week 3: International Trade Theory and Policy > Week 3 Assessments Week 3 Assessments 20172021395 (714 MBA 505 Global Economics) Welcome Week 3 Assignment Assignment: Political and Business Climate (2000 words) Announcements The political climate and business climate are closely intertwined. Some nations make it easy for business people to open businesses. Some we Foreign Direct Investment (FDI) while other nations make it difficult for foreign businesses. Corruption may be an issue in some countries. For this assignment, you need to analyze the political and business climate of your selected country. Following are some questions that you may want to consider: Syllabus Course Resources Course Outline Brainfuse Writing Feedback • What type of government does the nation have? • Is corruption an issue? • Is it easy or difficult to start a new business? • Are there domestic entanglements that must be considered such as domestic content rules? • How free is the economy? • Does the "rule of law" prevail? DB - Instructor Only Here is what you need to do for this assignment: Provide key details about the country's political system and current political leadership. Provide a summary table and explanation from the Doing Business link documenting how easy or difficulty it is to do business in that country. Provide a summary table and explanation from the World Governance link to summarize the level of political stability in that country. Provide a summary table and explanation of the country's overall risk from Euromoney's Country Risk link. Provide an overall summary of your estimate of political and market risk. Suggested Resources: http://www.doingbusiness.org/EconomyRankings/ • http://info.worldbank.org/governance/wgi/index.aspx#home • http://www.euromoneycountryrisk.com/ o . 1 3:27 PM 3/25/2017
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