Abstract
The goal of this study is to help a multidisciplinary audience – product designers, engineers, business managers, marketers, etc. - better understand why the culture factor plays such an important role in contemporary marketing and why a development process of every new product – tangible or intangible – has to include cultural analysis of future customers. The paper reviews extant literature, discusses various concepts of cross-cultural research and bridges them with processes of development and marketing of innovative products. Analyses and research propositions consider sources of business risks and socio-economic costs of new product development and introduction to global markets. The study focuses on the challenges presented by the multicultural global environment related to differences in business ethics; negotiation styles; power of personal networks; and diversity of consumer needs and wants. Analysis of B2B, B2G and B2C markets is illustrated by examples from high tech and consumer goods industries.
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