Cross-Cultural Literacy Is an Essential Factor in the Globalization of the Business' Market

Hypothesis: A correlational study of various cultures globally will show that the analyzing the culture of the targeted customers' potential market is a marketing strategy used in many organizations

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Research Question: At what percentage does cross-cultural literacy contribute to the success in cross-border investments' and trading?

Disciplines Incorporated

Economics

Economics is a field of social science that deals with the study of human behavior and the decisions they make to meet their wants with the availability of scarce resources. Economics studies the decisions made concerning consumption, production and wealth with the influence of resources scarcity. Economics will be related with the study of essentiality of cross-cultural literacy in the operation of businesses internationally as it will offer an opportunity or the research to gain in-depth information on how people from diverse culture balance their resources as well as understanding their culture.

According to, Hummel, (2012) cross-cultural literacy involves studying and understanding the way of life of a particular country and how that particular culture will influence the business. Market segmentation among other marketing strategies is among some of the factors to be studied on people behaviors' and create the targeted market volume and value under economics. Economics is among the main interdisciplinary disciplines to be included in the study.

Statistics

It is a mathematics branch that deals with the collection of data based on a particular topic (social, industrial, political or economic issue) and later organized, analyzed and interpreted to draw a conclusion based on the study topic. In this study, the field of statistics will be necessitated during the collection of data concerning specific culture through a qualitative design. For one to understand a particular culture, a correlational study has to be conducted to obtain information on how they perform their activities and their way of life and how the culture will influence the business. Most of the conventional methods of collection that are time and cost effective are an observational method and interview conducted on a sampled population. The culture of a country determines greatly the potentiality of targeted customers market for the products or services to be offered hence the essentiality of cross-cultural literacy.

Psychology

Psychology is a discipline related to the study of human behavior and mind. For a new business to be successful in an international country-specific marketing strategy' has to be put in place based on the countries culture. Two types of market segmentation related with psychology are behavioral and psychographic segmentation which is based on studying consumers' interests, lifestyles, activities, social standing, and opinions related to the industry (Bhasin, 2018). It is closely relative to behavioral segmentation. Psychology will enable the researcher to understand the customers' wants and needs and try to provide that and more to its customers. The cultural study requires psychology to determine their way of life through psychological analysis.

References

Bhasin, H. (2018). 4 Types of Market Segmentation and How to Segment with them. Retrieved from; https://www.marketing91.com/4-types-market-segmentation-segment/

Hummel, P. (2012). Understanding the Importance of Culture in Global Business. Retrieved from; http://www.oracle.com/us/corporate/profit/archives/opinion/050312-dhummel-1614961.html.