Written Country Study

Multiculturalism and Diversity at TechVantage Student Full Name Institution Course Full Title Instructor Full Name Due date Multiculturalism and Diversity at TechVantage TechVantage is an American company that sells electronics and phone accessories online. Despite being based in the United States, the company wants to expand to South Korea, where local pickup locations will be set up with kiosks to place additional orders and a few on-the-shelf items. For TechVantage, South Korea is a potential market for an American company specializing in online phone and electronic accessories sales. Considering the economic, cultural, political, and social aspects of business in the South Korean market, TechVantage needs to increase awareness of multicultural elements in the country to excel. The company can increase its chances of success in the electronic accessories market in South Korea and an opportunity to enter this profitable market for its expansion. Understanding the cultural landscape of a market can prepare the company to consider diversity that could promote its success in the new market. International Management Factors International and Global Strategy The international strategy of TechVantage is combining multicultural, transitional, and global methods to expand to foreign markets such as South Korea, focusing on taking advantage of opportunities and exploiting the current possibilities in the new markets. TechVantage also uses a global strategy an approach that include application of important corporate competencies that help it create effective foreign markets and negotiate with established firm on the ways of eliminating complexities in new markets abroad (Shams et al. 2021). The global strategy also involves streamlining the activities of the company to fit and adapt to dynamics of foreign markets. The strategy help TechVantage to take advantage of the possibility of quick market penetration and economies of scale in new markets. Furthermore, the global strategy involves helping the company understand the preferences of new customers and means of balancing localization and standardization of products (Shams et al., 2021). As a result, the company can clearly understand and impact the electronics market in South Korea, fit to regional demands, and offer needed support to the customers. Multicultural strategy and rationale Furthermore, TechVantage uses a multicultural strategy to get into the market. The approach involves employing staff from diverse backgrounds, appreciating variety of culture, and incorporating diverse viewpoints that help get customers and enhance success and growth. The reason of using this strategy is to enhance the credibility and public reputation of the company among South Korean customers and as a commitment to include diversity to the fold (Kumar et al., 2022). Using these strategies help TechVantage to understand the potential of the South Korean market and the need of appreciating multicultural landscapes in international business. Application of the global, transitional, and multicultural strategies by TechVantage gives it a platform to effectively expand in South Korea and attain a competitive edge in the country (Kumar et al., 2022). Alignment of these strategies to expansion goals of the company allows to create string relationship with customers, partners, and stakeholders, hence attaining competitiveness in the foreign markets. Additionally, understanding and respecting cultural vices of the people in the country will allow TechVantage show to the customers and stakeholders that they are committed to the cultural and people of the country (Stahl & Maznevski, 2021). As a result, TechVantage will be able to adapt to the new market easily hence setting a foundation for long-term success abroad. Entry Strategy Exports and joint ventures will be leveraged as entry strategy to the South Korean market. The selection of this entry strategy was done carefully with aim of reducing...