Effective Understanding of Cultural Differences Will Be Key to Successful Business Operations in the 21st Century. Discuss This Statement Using Examples from Two Sectors.

Effective understanding of cultural differences will be key to successful business operations in the 21st century. Discuss this statement using examples from two sectors.
Abstract
Purpose – The purpose of this paper is to demonstrate why it is essential to understand cultural differences to achieve success in the 21st century. The paper focuses on the adaptations that different industries are incorporating into their business practices to meet the needs of the global consumer. In particular, the paper attempts to address the adaptations that industries are undergoing to cater to ethical and migration related requirements of the consumers.
Design and Approach – The paper identifies trends, transformations and practises that are followed in two industries the Food Industry and the Financial Industry. Data and ideas from leading journals and papers are cited to substantiate the drivers behind these transformations and to link how these transformations have come about as a result of the opportunities brought about by cultural differences in the 21st century.
Findings – On one hand customers are better equipped with knowledge about where and how to source their products and on the other businesses today are not confined to local markets or to geographical areas. At the forefront of a global business is the challenge of understanding the needs of its global customer. As important as it is for businesses to understand and cater to the needs of the global customer, so is the need to understand demographic and cultural variations amongst customers if an organisation aims to gain competitive advantage in the global market-space. Businesses today are making effective use of opportunities identified as a result of globalisation, understanding customer concerns and marketing their products in a way that addresses the customer 's concerns.
Value – The paper addresses some of the important challenges that The Food Industry and The Financial Services Industry face on the

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