Marketing Article Review
This review is of the article entitled What Would People Do with Their Money if They Were Rich? A Search for Hofstede Dimensions across 52 Countrie by Minkov et al. (2019) in Cross Cultural & Strategic Management, 26(1), pages 93-116. The thesis of the article is that value dimensions underpin idealized consumer behavior priorities. The hypothesis of the study is that Hofstedes value-based dimensions can be replicated in the field of consumer behavior. The dimensions are masculinity-femininity and individualism-collectivism. The research design methods included probability sampling of 51,529 participants in 52 countries, who were asked in a questionnaire what they would do with their money if they were rich. The purpose of the study was to contribute to the current gap in the literature on consumer behavior regarding understanding modern cultural differences around the world and their impact on consumer behavior. By prioritizing consumer choices, the study served as the first of its kind in cross-cultural consumer behavior research.
The study concluded that there is a need for a radical revision of Hofstedes classic model of national culture, reducing it to a two-dimensional model consisting of monumentalism-flexibility and individualism-collectivism (Minkov et al., 2019, p. 107). The researchers recommend further study on this matter to better understand how different cultures socialize and how they perceive wealth...
The researchers also stated that the study does not mean that Hofstedes other values lack significance but only that they are not easily replicated, and therefore more study should be done to verify this finding.
This article relates to the course in terms of understanding vulnerable groups and how they are targeted by organizations, and what marketing approaches should be used...
…of some data sets was or why information was compiled in a certain manner. The results appeared also somewhat generalizable but as was noted above there are limitations in terms of how well represented sub-cultures are and what those sub-cultures might mean in terms of cultural dimensions and consumer behavior. An additional issue is that the questionnaire was entirely
hypothetical and not really based on actual evidence or practice.
Based on the conclusions, the value that exists in the article for a future manager in the real world is that it should remind him to look closely at the cultural values of the population or target group. This will help with marketing because it will show what the group believes in and values and how that lines up with the rest of the culture of society. There has to be ample focus on…
