Why Is Cultural Diversity a Concept Diversity That Businesses Today Term Paper

Why Is Cultural Diversity a Concept Diversity That Businesses Today Should Value - Term Paper Example Cultural diversity can be defined as the cultural differences and cultural variety that exist around the world, society, nation, or an institution. It is important for business organizations to understand the role and challenges that cultural diversity plays in influencing economic success. In a World Report titled, investing in Cultural Diversity and Intercultural Dialogue, the UN Educational Scientific and Cultural Organization (UNESCO) explains the importance of diversity; in a highly globalized marketplace, the ability of organizations to diversify their products according to various consumers adds significant value to the brand image, and product value of the business. This paper, therefore, seeks to outline the benefits of cultural diversity to a business. Analysis Today, Cultural diversity plays a major role in the marketing strategies, brand image, and conceptions of products that successfully hit the global market. Multinational organizations that make it in the global marke t customize and diversify their products to meet the expectations of the various international markets they intend to capture. Cultural diversification is the answer to cultural isolationism, the development of intercultural skills in organizations, and the means to reducing imbalances in world differences. Business corporations need to understand the concept of cultural diversity and incorporate this concept into business operations due to its various benefits (Laroche, 2003). Advantages of Cultural Diversity in Business Business Communication Cultural diversity enables the organization to understand the cultural norms, taboos, biases in political, social and spiritual issues of other people, regions, countries, or continents. Business organizations must understand the cultural eccentricities of their competitors before making contact with foreign clients of other subcultures. Cultural diversity also enables businesses to understand verbal and non-verbal cues appropriate to various international business dealings; this is on the basis of subcultures relevant to the foreign countries (Ingram, 2013). Access to Domestic and International Markets Human beings are of various ancestries and languages. Cultural diversity, therefore; Opens up new market networks at a local, regional and international level Enables businesses to serve and understand an increasingly dynamic clientele. Provides the business with crucial language skills, cultural understanding and knowledge. Provides the business with vital information regarding protocols, and practices in overseas markets. Provides business with low cost intimate details regarding consumer tastes and preferences in overseas markets (Diversity Council Australia, 2013, 1). Productivity and Innovation A business can maximize the efficiency and productivity of its personnel through; Improving cross-cultural communication and understanding thus fostering cohesive efforts at work. Identifying and embracing the full range skil ls of employees, eliminating obstacles in the working processes, and capitalizing on the skills of the workforce. Research shows that, businesses that encourage innovative ideas from a cross-cultural workforce, meet their product launch dates 47% more often, and revenue targets 46% more often than their competitors (Diversity Council Australia, 2013, 1). People from India and China benefit companies in the United States with their stellar quantitative skills while European workers do very well in high-level jobs (Laroche 2003). Valuing Cultural Diversity Enables the Business to Capture the Best Talent Cultural diversit

Simventure business report Essay Example | Topics and Well Written Essays - 1500 words - 1

Simventure business report - Essay Example In the process of using the process of using this application the user will have the chance of viewing business from a wider perspective and in the process acquire strategic mindset which is a prerequisite to modern day business. Under SimVenture simulation, people who think innovatively and laterally beyond their area of specialization are greatly valued. Life long learners who are adaptive are able to fast thinking through the learning process. Increasingly, organizations seek critical thinkers with insight and the ability to reflect. In today’s business team players with the ability to discern social cues and respond accordingly to those cues are in great demand, this simulation helps in inculcating this skills. This learning experience encourages proper financial management and efficient time utilization; this eventually leads to robust financial gains. There should be an organized effort to gather information about customers and the prevailing markets. Marketing activities within the simulation have different levels of effectiveness, depending upon which target segment is selected. Information on how effective the activity will be in reaching the different segments is available in some cases, such as Advertising, giving percentages to guide the user in selecting an appropriate method to reach their chosen market segment. Generally a broad approach will help to reach a greater percentage of the chosen market segment and will result in a high number of enquiries being generated. (Thatcher 1990) This is a crucial business activity for any business entrepreneur. Analysis of the competitors is an ongoing process which will give a clear understanding of the weakness and the strengths of the competitor. Some of the benefits of conducting a competitive research include better targeting of customers, better understanding of the markets, proper forecasting of the potentials of the market and