Foreign Relations Of Hong Kong


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foreign relations of hong kong Marketing

A firms international marketing program must generally be
modified and adapted to foreign markets. This international
marketing program uses strategies to accomplish its
marketing goals. Within each foreign nation, the firm is
likely to find a combination of marketing environment and
target markets that are different from those of its own home
country and other foreign countries. It is important that in
international marketing, product, pricing, distribution and
promotional strategies be adapted accordingly. In order for
an international firm to function properly, cultural, social,
economic, and legal forces within the country must be
clearly understood. The task of International marketing is
more difficult and risky than expected by many firms.

One of the most controlling factors of international
marketing is management. It is very important for managers
to recognize the differences as well as similarities in buyer
behavior. Many mistakes can occur if managers fail to
realize that buyers differ from country to country. It is the
international differences in buyer behavior, rather than
similarities, which cause problems in successful international
marketing. An international marketing manager is a
manager responsible for facilitating the exchange of
products between the organization and its customers or
clients. Sometimes an international marketing manager will
find difficulties in completing the exchange of products.
Many surprises in international business are undesirable
human mistakes. An international corporation must fully
understand the foreign environment before pursuing
business matters. Problems constantly crop up and many
times have unexpected results. Sometimes these
unexpected results are unavoidable. Other times they are
avoidable. To be sure those avoidable situations do not
occur, international marketing managers must be aware of
cultural differences.

Cultural differences take place among most nations of the
world. Differences in culture are one of the most significant
factors in an international company. All nationalities posses
unique characteristics, which are unknown to many
foreigners. Many of the top international businesses are
unaware of these cultural differences. It is very important to
understand these cultures in order to market a product
successfully. As an example, different nationalities have
different beliefs on how business matters should take place.
Where some countries prefer to work with a deadline other
countries can take this as being offensive. Many countries
feel it is an insult to be asked to work under a set time
period. A country may feel that a deadline is threatening
and may feel backed into a corner. On the other hand,
other countries try to expedite matters by setting deadlines.
To be effective in a foreign market it is necessary to
understand the local customs. Knowing what to do in a
foreign country is as important as knowing what not to do.
Failure to understand local customs can lead to serious
misunderstandings between business people. The simple
rejection of a cup of coffee can lead to total confusion. The
decline of an invite is sometimes considered an affront. To
avoid making blunders, a person must be able to discern
the difference between what is acceptable behavior and
what is not acceptable behavior. Violations of a local
custom can be insulting, and can cause uncomfortable
situations. To be a successful manager of international
marketing, one must be able to discern the differences as to
what must and must not be done. It is almost impossible to
attain complete knowledge and understanding of a foreign
culture.

As established, culture plays an important role in the drama
of international marketing. Of all the cultural aspects,
communication may be the most critical. It is certain that
communication has been involved in a number of cultural
confusion. Good communication linkages must be set
between a company and its customers, suppliers, its
employees, and the governments of the countries where it
performs business activities. Poor communication can
obviously cause various difficulties. One source of difficulty
among starting companies is that of effective
communication with potential buyers. The problem is that
there are many possible communication barriers.
Sometimes messages can be translated incorrectly,
regulations overlooked, and economic differences can be
ignored. Other times when the message does arrive, its
ineffectiveness can cause it to be of no value. Every now
and then a buyer will receive the message, but to the
companies disappointment, the message was sent incorrect.
It is normal in multinational businesses to send and receive
messages on a regular basis. Many well-known people
have incapacitated public speech introductions by using
inaccurate titles and names. Not all communication
problems are verbal. Some serious problems have
occurred as a result of non-verbal communication.
Non-verbal communication exist in numerous forms.
Sometimes a persons appearance can convey a stronger
message than intended. Untidy attire, for example, can be
more offensive in some nations than in others. The local
people often are willing to overlook most of the mistakes
made by tourist. On the ... more

foreign relations of hong kong

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Asian Crisis

There are many speculations about the causes of the Asian Crisis. From my
research I found out that there is quite a number of reasons for the Asian
currency crisis. There is a book called; The East Asian Miracle, which was
published by the World Bank. This book expressed the relationship between
government, the private sector, and the market. (See Hoover Digest 1998 No.3.
William McGurn. What went wrong?) The book talks about the economic bloom in
Southeast Asia. The East Asian countries borrowed a lot of money from the IMF
and World Bank and used it to create a better economy for themselves. I found
out that the following countries due to their reoccurrence during my research
experienced the bloom. The countries are as listed: South Korea, Indonesia, Hong
Kong, Thailand, Malaysia, The Philippines, Singapore and Taiwan. These countries
experienced a lot of growth, growth that even doubled the growth in the rest of
East Asia, and almost tripled the growth in Latin America. The economic miracle
started in South Korea, Hong Kong, Taiwan and Singapore then Malaysia, Thailand,
Indonesia and the Philippines. These countries achieved very remarkable rates of
growth and development. They built high quality manufacturing industries from
clothes to computers. (What went wrong? Hoover Digest 1998 No.3 William McGurn)
In the paper written by William McGurn "What went wrong?", he
explained that the people's minds in Asia only understood the word miracle and
the banks failed to recognize the risks and credits of the bloom. The banks also
failed to realize that they were only being used as policy arms by the
government. The only word that stuck in people's minds in Asia was the word
miracle. They therefor forgot the fundamentals, which could be easily
understood. William McGurn said that the countries that suffered the most in the
Asian economic crash were the countries that were heavily engaged in the state
planning. 'This in turn lead to all manners of extravagant claims about
"Asian Values" and the idea that western concepts such as competition
really didn't apply" (William McGurn. What went wrong?) On February 19,
1998 a group of Hoover fellows and invited experts assembled in the Hoover
institution to discuss the likely causes for the crisis. The discussion pulled a
very large crowd in to the Hoover Stauffer Auditorium to hear what the
well-recognized economists, political scientists and historians had to say. The
panel came to an agreement that the crisis that started in Asia was due to
excessive short-term borrowing, risky investments by banks and flawed government
policies that permitted such investments. (See Hoover Institution Newsletter
Spring 1998) From the article; "Why did it happen?", on this web site:
www.megastories.com/seasia/why/why.htm, I found out that Asia had been
experiencing a miracle for the past 30 years, but they are now suffering a
crisis. These economies are now experiencing collapsing currencies and depleting
stock markets. The Asian countries at first borrowed a lot of money from the IMF
and the World Bank and used it to invest in certain unprofitable ordeals. "
The problem was bad in Thailand, where a succession of weak governments had
allowed money to flood into unwanted skyscrapers rather than investing in roads
and telecommunications, and education." (Directly from the article)
"The unwise spending was the worst in South Korea where the entire economic
system was based on governments encouraging banks to make cheap loans to big
conglomerates for continued expansion regardless of world demand."
(Directly from article) They borrowed the money in US dollars thinking that they
would have no problems paying the debts off, because their currency's exchange
rates were pegged to the US dollar. They borrowed money in dollars because their
own currency's interest rates were too small. In the middle of 1995, the US
dollar started to rise against most of the world's other currencies. Because the
Asian exchange rates of local currencies were pegged to the US dollar they rose
with the US dollar. The rise in value led to the Asian countries decrease in
exports. Their exports became less demanded and competitive in the worlds
market. For the economies to come out of the crisis and return to their normal
sale of exports, they had three options. They would have to let go of the dollar
value, wait for the dollar to depreciate against other currencies or buy local
currency from the moneylenders. They couldn't wait for the dollar to depreciate
because they were unsure of how long it might take. At first the Asian countries
borrowed money from the IMF and World Bank ... more

foreign relations of hong kong

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