MKTG 207 Lecture Notes - Lecture 10: Guanxi
Document Summary
Culture is the complex whole that includes knowledge, belief, art, law, morals, customs, and any other capabilities and habits acquired by humans as members of society. Guanxi is a set of personal connections/relationships on which an individual can draw to secure resources or advantages when doing business as well as in the course of social life. It includes characteristics such as; continuing reciprocal relationship, favors, including other parties in within a social network, a network built among individuals not organizations, and importance of status. Globalization is an increase of shared information, culture, goods, and services around the world, which is increasing in speed. As a result, there is a global culture of shared consumption-related symbols with common meaning and desirability. When adapting to local consideration companies need to consider age groups of the population, their cultural values, their purchasing power parity or median income, education, and occupation.
