Media has very few layers of management, keeping unwanted bureaucracy to a minimum. Globally, the company has had problems in the past with foreign exchange rates changing. For instance, while touring in Germany, the Germany monetary system between East and West was combined which led to a monetary loss for KnitMedia. Michael has mentioned that at times, as far as marketing is concerned, he has had to go with his gut instincts and go over the budget to achieve goals.Socioculturally, The Knitting Factory’s music itself crosses such boundaries wherein acts are obtained from a region’s local talent. The music itself caters to “different” venues and therefore different sociocultural tastes.What “international management” challenges has Michael had to face to date in planning, organizing, leading, and controlling the company’s expansion abroad, and what challenges do you anticipate as he opens new Knitting Factory clubs overseas?The challenges Michael has had to face include problems with differences in foreign currency exchange rates as aforementioned in Germany, a greater need for cash flow in marketing The Knitting Factory and its music, as well as situations in booking Tours. For instance, one time, while several Knitting Factory bands were on tour in Europe, a booking problem occurred in a pub in Sweden. The pub could only host 30 people, and as it were, the place could only hold enough people to cover The Knitting Factory’s musicians, let alone, local patrons.Future problems include diverse needs and fragmentation as well as situations in researching foreign markets whereby information may be inaccurate. There may even exist legal issues such as in Africa. In some places in Africa, it is against the law for local hiring of individuals by a foreign investor or company. That means that problems may arise for hiring locally even for local talent.What competition do you see Michael and his co...
