A multicultural community is vital to the general economy of a nation. It such communities exists due to new interactions of individuals that have been as a result of technological advancement. Australia is a good example where there is a multicultural community. In Australia, there is the presence of people from different races like the European, the Asians and people of African descendant. The purpose of the paper seems to illustrate the reasons as to why multicultural nature of the nation is crucial to improving the profitability of companies. However, the scope of discussion in the paper is fixed in the marketing nature of sales of the Masterfoods Company within the multicultural Australia. Moreover, the article discusses the possibility for profitability in case the business adopts the Korean sauce within its products.
The Kpop sauce is a famous Korean made sauce mainly standard for its sweet taste when incorporated in a plate of noodles, eggs or pizza. With the need of expansion and acquire more sales, the product might require a massive market force. Australia is amongst such markets that the sauce can gain market, (Walsh, J., 2014, p 280-301). However, the market can be attained if the sauce can have an entry owner. Thus the reason why the Masterfoods is a good idea. The company has been around for some time and has been offering the Australian market quality sauce as such, has an excellent reputation within the Australian market. The addition of the Korean produce as a product of the company will make it easy for the sauce to reach the market with ease since the Masterfoods Company has an already established market.
In marketing, multicultural communities are as profitable as the heterogeneous communities. With multicultural communities, there is that appreciation of the native cultures, (Demangeot, C., et al., 2013, p 156-164). Interactions between individuals from different cultures have been useful in the promotion of cultural intelligence; as a result, people tend to appreciate cultures that are not their own. For instance, within the context of a multicultural Australia, people of the Asian origin living next to a person from the African descent will have to understand and appreciate one another so as to live in a particular area. Thus it promotes appreciation of cultures with which comes peace and stability, (Minton, E., 2013). Such security and peace give ample environment to conduct proper marketing strategies and ensure profitability of the Masterfoods Company.
Moreover, the availability of the multicultural community is useful for the improved quality of goods and services. When cultures come together, they give space for the formation of a more superior product. In the case of the Masterfoods, the Kpop sauce is an example of the improved quality of the commodities to the market in Australia. As compared to other products the company has been producing, the sauce is acting as a set standard of the quality of goods set, (Castles, S., and Vasta, E., 2013, p 115-121). The sauce brings a different Korean taste from the traditionally known. Thus, setting the bar high regarding the quality of the good. Such quality will go through to the productions even from the major competitors of the company. Additionally, by the Masterfoods Company acquiring the Korean sauce, they will increase the range of products they sell, (Demangeot, C., et al., 2015, p 118-140). Increased range of goods is very useful in ensuring that the company maintains its customers and maintaining their loyalty. Such commitment is vital in ensuring that the firm continues its profitability status.
Similarly, the multicultural state of the country will enable the Kpop sauce to achieve that international status. A multicultural community fosters stronger international connections with the rest of the world, (Petersen, J., et al., 2015, p 44-63). Australia has many people who come from different corners of the world, some of which are tourists who are attracted with the composition of its inhabitants. As such, promote the positive traits of the product to different spheres where the product is available for sale. Therefore, helping the product being much more profitable not only in Australia but also to the rest of the world.
To summarize, a multicultural community is a very useful agent to the marketing of business. However, proper management is to be taken when conducting business marketing in such areas so as not to frustrate other cultures. The paper is a clear demonstration as to why a multicultural community as the Australia is critical to the profitability of the Masterfoods Company amongst other companies. Moreover, the idea of a multicultural setting is also meant to increase the quality of produce. Thus the reason as to why a multicultural environment is essential to the marketing of produce hence increase the profitability of a company.
Castles, S., Hugo, G. and Vasta, E., 2013. Rethinking migration and diversity in Australia: introduction. Journal of Intercultural Studies, 34(2), pp.115-121.
Demangeot, C., Adkins, N.R., Mueller, R.D., Henderson, G.R., Ferguson, N.S., Mandiberg, J.M., Roy, A., Johnson, G.D., Kipnis, E., Pullig, C. and Broderick, A.J., 2013. Toward intercultural competency in multicultural marketplaces. Journal of Public Policy & Marketing, 32(special issue), pp.156-164.
Demangeot, C., Broderick, A.J. and Craig, C.S., 2015. Multicultural marketplaces: new territory for international marketing and consumer research. International Marketing Review, 32(2), pp.118-140.
Minton, E.A., 2013. Belief systems, religion, and behavioral economics: Marketing in multicultural environments. Business Expert Press.
Petersen, J.A., Kushwaha, T. and Kumar, V., 2015. Marketing communication strategies and consumer financial decision making: The role of national culture. Journal of Marketing, 79(1), pp.44-63.
Walsh, J.P., 2014. The marketization of multiculturalism: Neoliberal restructuring and cultural difference in Australia. Ethnic and Racial Studies, 37(2), pp.280-301.