United States and Sri Lanka

DEVON EHLERSTHILINI DISSANAYAKABUSINESS CULTURE IN UNITED STATES AND SRI LANKA

UNITED STATES

UNITED STATES -BACKGROUND238 year old country

Formerly owned by Europe before the Revolutionary War

A Country founded on immigration and composed of various cultures.

Triple branched democratic government, with a constitution to protect citizens rights

Bordered by Canada and Mexico

SRI LANKA

SRI LANKA-BACKGROUNDFormerly known as Ceylon

Island located in Indian Ocean and has maritime boarders with India to the northwest and Maldives to the southwest

Documented history spans for about 3000 years

Its a diverse multi cultural country majority representing the Sinhalese

ProductHANDICRAFT

HISTORY OF HANDICRAFT INDUSTRY IN SRI LANKAHas been practiced since the ancient times of Royal Dynasties

Originating as a part of Buddhist culture and local traditions

Usage of various tools, mechanics and materials

VARIETIES OF HANDICRAFTSThe most famous local handicrafts include;Coir productsPotteryLacquer wareMasksLaceBatiksHandloomWoodcarvings

MANUFACTURING VIDEO ATTACHED

Market Analysis of USA

SWOT ANALYSISStrengthsWeaknessesopportunitiesThreatsProducts bought at a lower costInterest of foreigners in Sri Lankan HandicraftsMarket availability for Sri Lankan productsChance for a higher market shareUnaware about the productsPresence of rivalry products from countries like India and ChinaNew variations of product

MARKET SEGMENTATIONGeographicCountry : USARegion : varied statesDemographicAge, Gender, Income levels, Marital status, Family life stage, house ownership, Ethnicity (religion)Behavioral PsychographicPurchase/usage occasionsBuyer readinessAttitude to product or servicesValues and Lifestyle

TARGET MARKETBased on the segmentation the target market would be the US citizens who are willing to explore artifacts from Sri Lanka especially in interior designing houses and hotels using varied themes.

POSITIONING There are already existing rivalries selling similar types of products from India and China and Sri Lankan handicraft needs to be differentiated among them which can be done through the use of varying marketing strategies. High PriceLow priceHigh QualityLow Quality

High quality & affordable price

MICRO ENVIRONMENTSCompetitorsCustomersSuppliersPublicMarketing intermediariesWorkers and their union!

MACRO ENVIRONMENTSPoliticalEconomicalSocialTechnologicalLegal

Price

PRICING STRATEGYPenetration strategy can be used to make the market more aware about the products together with the heritage in making the market more aware about the products and the people who are really interested would come up with the support.

Place

DISTRIBUTION CHANNELSDealer Network used; Wider networkMore possibilitiesFamiliar market for the dealers

Promotion

PROMOTIONAL STRATEGIES USEDAdvertisingCommunication through mass media (ex: TV such as Ovation Network, Magazines such as ArtAsiaPacific, The Arts Fuse)Internet MarketingPublicizing on Social Media (ex: Facebook, YouTube,, twitter) Other online marketing through the use of software's like Google AdWordsSponsorshipSponsoring events related to art and crafts; hotels and events in related to interior designing and architectural (ex: Commercial Interior Architecture & Design Conference & Expo, Home improvement Showcase)

CONCLUSIONSri Lanka is a country based on exports. With such a deep culture rooted in its handicraft industry most business is conducted through trade with other nations.The United States is more of an import based country. With a higher cost of labor most products are outsourced. Because of the diversity in the country there isnt a market that defines the countries culture as a whole.As per the marketing strategies and product introductory to a new market it seems to be a viable business thus collaborating two cultures leading the way to a good blend.

THANK YOU!

Referenceshttp://www.trulysrilanka.com/culture-and-history/arts-crafts-sri-lanka.htmlhttps://www.lanka.com/about/interests/handicrafts/https://www.thebusinessplanshop.com/blog/en/entry/market_analysis_for_business_plan#market-needhttp://www.manta.com/mb_35_B63E7EI8_000/craft_galleries_and_dealers