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MAN364 Management Engaged Project

Assessment Details: Project Proposal

Students will write an essay that is their own original work addressing the following steps:

Use the data released by the Australian Bureau of Statistics from the 2021 Census to find information that will affect the way that businesses operate in Australia.
https://www.abs.gov.au/census/find-census-data/census-data-topic
In this assessment, you will find issues exposed by the 2021 Census and use your knowledge of business to understand how your business will be affected and to plan what your business should do.

Solution

Project Proposal

Introduction

Businesses in Australia need to change so that they can meet the demands of an increasingly diversified consumer base. According to the results of the 2021 Census, there has been an increase in the religious, linguistic, and cultural diversity of Australia’s population (Australian Bureau of Statistics, 2021). Like many other firms, ABC Clothing faces threats and possibilities due to this variety. In this article, we will examine cross-cultural marketing theories and practices that will assist ABC Clothing in efficiently managing the unique issues it will confront due to the evolving Australian culture and society. We’ll discuss how ABC Clothing can better serve its consumers using strategies like market segmentation, social media, data analytics, and the Hofstede cultural dimensions theory. ABC Clothing can adapt to the evolving cultural climate of Australia by using these frameworks, and its goods and services will continue to be well-regarded by locals and tourists alike.

Main Body

Section 1

Part A

As a marketing manager at ABC Clothing, I am qualified to make that decision. ABC Clothing is a department store that sells casual clothes, dresses, and accessories for men, women, and children. We’ve satisfied customers with stylish, reasonably-priced apparel for over ten years. In addition to our online presence, we also have storefronts in high-traffic areas of Australia.

My job description as marketing manager at ABC Clothing includes creating and executing campaigns to boost ABC’s profile, boost sales, and enhance customer loyalty. I collaborate closely with the sales team and other departments to ensure that our marketing efforts are practical and aligned with our company goals. In addition, I’m looking better at analyzing the results of Australia’s upcoming 2021 Census to understand cultural and social shifts in the country and adapt our marketing to the changing preferences of Australian consumers..

Part B

Retail is a broad category that includes ABC Clothing and many other companies that sell products directly to customers. ABC Clothing is a retailer within the clothing and apparel industry, which comprises stores like its own that focus on selling clothes, shoes, and accessories to the general public. The retail market for clothes and accessories is very competitive and dynamic since industry standards and customer tastes are continuously shifting (Papadopoulos & Martín, 2018). In addition, the business has been shaken up in recent years by the proliferation of e-commerce and the trend toward sustainable and ethically produced goods. To be competitive and fulfill the ever-evolving demands of their customers, businesses in the textile and apparel retail industry must be agile and flexible.

Part C

The 2021 Census data reveals profound social and cultural shifts in Australia, which will have far-reaching consequences for the retail sector and ABC Clothing. The rising popularity of remote work is one of the most noticeable shifts. Therefore, ABC Clothing may need help to keep up with the ever-evolving requirements of its clientele. A drop in demand for the formal dress is one particular threat that might affect ABC Clothing. Sales of dressier garments may fall if more individuals start dressing casually to work from home. Because of this shift, ABC Clothing will have to shift its resources away from its more formal lines and towards its more relaxed ones. In addition, the rising popularity of simple and practical garments like sportswear and loungewear may also pose a problem for ABC Clothing. Clothing that is comfortable and practical, rather than merely stylish, may be in more demand as people spend more time at home (Gómez-Ramírez & Olavarrieta, 2020). Therefore, ABC Clothing may need to increase its product mix to include other loungewear and athletic lines to suit the demands of its expanding consumer base.

Lastly, the growing popularity of online purchasing might need to be improved for ABC Clothing. ABC Clothing will need to strengthen its online presence, such as expanding its e-commerce platform or implementing new digital marketing techniques, to attract customers as the number of individuals who choose to buy online continues to rise. ABC Clothing may also need to rethink its in-store shopping experience to better appeal to consumers who would instead not purchase online.

ABC Clothing may also encounter difficulties due to changes in Australian culture and society due to a growing concern for environmental impact. The results of the 2021 Census revealed that Australians are becoming more aware of the need to decrease their waste and its influence on the environment. This priority change may indicate that ABC Clothing’s clientele seeks more environmentally friendly products. ABC Clothing may promote its already sustainable practices or provide new eco-friendly items to win over this demographic. ABC Clothing may also need help due to Australia’s changing demographic profile. The 2021 Census revealed a significant rise in persons of different ethnic origins and an aging population in Australia (Chung & Abratt, 2019). ABC Clothing may need to consider how to appeal to these distinct client groups by, for example, expanding their product offerings to include more alternatives for customers of various ages and backgrounds or providing more individualized service based on their buying habits and preferences.

As a marketing manager, I must coordinate closely with the product and supply chain groups to track client preferences and adjust production accordingly. In addition, I will have to work with our e-commerce and logistics departments to improve our online store and satisfy customers’ high expectations. Ultimately, ABC Apparel may remain a successful and relevant business in Australia’s retail apparel market by responding to these societal and cultural shifts.

Part D

Managerial Accounting

Providing financial data to company executives for use in decision-making is the focus of managerial accounting. Managerial accounting provides information often kept confidential and utilized internally for business decisions. Budgeting, cost analysis, measuring performance, and making projections are only some of the approaches and instruments used in managerial accounting. The purpose of management accounting is to provide helpful information for managerial decision-making that contributes to the growth and prosperity of an organization. 

Financial Accounting and Reporting

Financial accounting and reporting target audiences outside an organization, including potential investors, creditors, and government regulators. Organizational financial health and performance may be evaluated using the data offered by financial accounting. Financial accounting documents, including balance sheets, income statements, and cash flow statements, are compiled. The results, standing, and cash flow of a company may be gleaned from these statements.

Section 2

Part A

According to the results of the 2021 Census, there has been an increase in the religious, linguistic, and cultural diversity of Australia’s population. Over 300 languages are spoken in Australian households, and the percentage of people born abroad has risen to 36%. Christianity is still the most widely stated religion in Australia (64%), followed by Islam, Buddhism, and Hinduism, according to the Census (Australian Bureau of Statistics, 2021). My business, ABC Clothing, will be impacted in numerous ways by the growing diversity in the world. First, we may have to meet the needs of consumers with strict dress codes due to their cultural or religious beliefs. Customers from certain cultures, for instance, may have definite sartorial preferences for weddings and other religious celebrations. ABC Clothing may need a wider variety of styles to accommodate these customers. We should also think about clients who do not understand English and make sure our marketing materials are translated into their language. To make our international clientele feel more at home, we may need to translate our website or promotional materials into their native tongue.

Furthermore, ABC Clothing may need to consider the effects of ethnic diversity on recruiting and training procedures. In addition to fostering an inclusive work environment, a culturally varied staff may give invaluable insight into the preferences and wants of consumers from various cultural backgrounds. In addition, teaching staff members how to be sensitive to other cultures may improve customer service for everyone. ABC Clothing can better serve the needs and preferences of an increasingly diverse clientele and workforce by developing policies and procedures that reflect this knowledge and strive to be inclusive of all people.

Part B

Like many other Australian companies, ABC Clothing must adapt to meet the needs of an increasingly diverse customer base. ABC Clothing may use several cross-cultural marketing strategies to help it deal with the consequences of its employees’ varied cultural backgrounds. Theories of cross-cultural marketing describe the methods used to reach out to and serve clients from diverse cultural backgrounds. Creating advertising campaigns that include traditional clothes from many countries or using models from various backgrounds are two examples of how ABC Clothes may produce marketing messages that are culturally relevant to different groups of clients. Market segmentation is a strategy that divides consumers into subsets based on demographic, geographic, psychological, and behavioral criteria (Papadopoulos & Martín, 2018). ABC Clothing may better reach its target demographic by using market segmentation to categorize its clients into several groups based on their cultural and religious inclinations. Cultural branding is another option, linking the product or service to universally-appealing aspects of a particular culture (Kang et al., 2021). ABC Clothing may strengthen its relationships with its clients and win their loyalty if it does this. ABC Clothing may benefit from the framework provided by Hofstede’s cultural aspects theory to understand its clients’ cultural preferences better. Power distance, individualism vs. collectivism, masculinity vs. femininity, uncertainty avoidance vs. short-term orientation, indulgence vs. restraint, and long-term vs. short-term orientation are just some of the cultural dimensions identified by this theory that can affect the behavior and preferences of people from different cultures. ABC Clothing may better cater its marketing to its target demographic by using the cultural dimensions theory developed by Hofstede (Hofstede, 2018). For example, customers from cultures with a large power gap may choose garments that convey authority and respect. At the same time, those from more individualistic societies may emphasize the ability to express one’s unique personality via one’s attire.

Therefore, ABC Clothing can successfully manage the effects of increasing diversity on the company and meet its customers’ varying needs and preferences by employing cross-cultural marketing theories and techniques such as market segmentation, social media, data analytics, and the Hofstede cultural dimensions theory.

The capacity to grasp and adjust to different cultural settings is what is meant by “cultural intelligence.” ABC Clothing may increase its cultural intelligence by recruiting and educating workers from various cultural backgrounds to understand better and meet the demands of the company’s global clientele. This may help the business better interact with clients of various ethnic backgrounds and avoid offending them. Businesses in Australia need to take linguistic obstacles into account as the country’s population diversifies. ABC Clothing can provide linguistic assistance through bilingual customer service and translated product descriptions (Shu & Park, 2018). This may assist the business in reaching out to clients who do not speak English and make them feel more at home. The capacity to interact well with persons of various cultural backgrounds is what is meant by “cultural competence.” ABC Clothing may help its workers become more culturally competent by fostering a welcoming and accepting work environment where they can express and learn from their unique cultural perspectives and experiences and with cultural sensitivity training. This may assist the organization in avoiding offending clients of different cultures and fostering lasting ties with them. ABC Clothing can better serve clients of all backgrounds by doing cultural research to learn about the wants, needs, and shopping habits of various ethnic and racial communities (Ying & Deng, 2019). Information on customers’ cultural beliefs, habits, and traditions may be gathered via surveys, focus groups, and ethnographic research.

Conclusion

The results of the upcoming 2021 Census, just published by the Australian Bureau of Statistics, highlight several noteworthy shifts in Australian society and culture that may have implications for local companies. The growing ethnic and cultural variety of the Australian population is a notable shift. Companies like ABC Clothing have to change to meet their clients’ varied demands. Market segmentation, social media, data analytics, and the Hofstede cultural dimensions theory are just a few cross-cultural marketing ideas and methods that may help organizations overcome these obstacles. Businesses may boost customer loyalty and satisfaction by catering to the tastes of a broader range of ethnic groups using these methods. The 2021 Census data provide insights into Australia’s shifting demographics and cultural landscape. Companies may survive and prosper in a wide range of markets by keeping up with and adapting to these changes.

 References

Australian Bureau of Statistics. (2021). Census of Population and Housing: Reflecting Australia – Stories from the Census, 2021. Retrieved from https://www.abs.gov.au/census/find-census-data/census-data-topic

Chung, J. E., & Abratt, R. (2019). The impact of culture and language on international branding: A South African case study. Journal of Global Marketing, 32(2), 65-75.

Gómez-Ramírez, J., & Olavarrieta, S. (2020). A cross-cultural study of consumer behavior in electronic and traditional markets. Journal of Business Research, 118, 64-73.

Hofstede, G. (2018). What are the dimensions of culture? A brief analysis of Hofstede’s dimensions of culture. Journal of business and psychology, 33(5), 593-603.

Kang, M., & Tasci, A. D. A. (2021). Culture, intercultural communication competence, and job satisfaction among hospitality employees. International Journal of Hospitality Management, 92, 102719.

Papadopoulos, N., & Martín Martín, O. (2018). The role of culture in international marketing: A review of the literature. Journal of Business Research, 86, 442-453.

Shu, S. L., & Park, S. Y. (2018). Understanding cultural influences on perceived value of smartphone brands: A comparative study of US and Korean consumers. International Journal of Mobile Communications, 16(5), 583-601.

Ying, L., & Deng, Y. (2019). Does culture matter? An empirical investigation of effect of cross-cultural differences on purchase intention in the context of cross-border e-commerce. Journal of Global Marketing, 32(3), 159-171.

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