Review six recent issues of a business periodical (such as Business Week, Fortune, Forbes, Fast Company, or Wall Street Journal) Find two articles on international business and evaluate them by asking:
• What types of cross-cultural differences might arise in these situations?
• How might managers deal with those cross-cultural differences?
Sample Solution
This article discusses how a business can expand into international markets and still maintain its culture. It looks at the experiences of several companies that have successfully navigated these waters. The article notes that in order for businesses to succeed in international markets, they must be aware of potential cross-cultural differences and adjust their approach where necessary. For example, some cultures may expect customers to haggle over prices whereas others may not like this type of negotiation; understanding these differences is key to gaining market acceptance. Furthermore, it is important for managers to be mindful of cultural norms when recruiting workers from different countries. Also, local labour laws should be taken into account when considering compensation packages and other benefits for employees abroad. Finally, the article suggests that managers should strive to build relationships with local stakeholders such as government officials and industry associations in order to gain better insight into the workings of foreign markets.
Sample Solution
This article discusses how a business can expand into international markets and still maintain its culture. It looks at the experiences of several companies that have successfully navigated these waters. The article notes that in order for businesses to succeed in international markets, they must be aware of potential cross-cultural differences and adjust their approach where necessary. For example, some cultures may expect customers to haggle over prices whereas others may not like this type of negotiation; understanding these differences is key to gaining market acceptance. Furthermore, it is important for managers to be mindful of cultural norms when recruiting workers from different countries. Also, local labour laws should be taken into account when considering compensation packages and other benefits for employees abroad. Finally, the article suggests that managers should strive to build relationships with local stakeholders such as government officials and industry associations in order to gain better insight into the workings of foreign markets.