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Assignment Guidelines
This topic is in the news every day, you can use sources f
Assignment Guidelines
This topic is in the news every day, you can use sources from above, but you need to find at least one source on your own. If you have questions about the assignment, let me know, and I will give you more guidance.
Write a paper:
The paper should be double-spaced in APA (7th edition format).
You are required to use three sources.
(3 sample references included, can use more though)
Paper: Why does culture matter in business?
Because international businesses span geographic and cultural boundaries, culture plays a critical role in determining the appropriate approach for business leaders in foreign markets. Cultural factors, such as.
Social stratification
Work motivation
Relationship preferences
Risk-taking behavior
Information and task processing
Culture has enormous implications for the ways employees and consumers interact with their environments. Ignorance or disregard of these factors can easily lead to business failure.
Importance of cultural Intelligence in global business
Paraphrase this:
Banking and finance is a global industry. It follows, therefore, that anybody working in this sector should be able to communicate effectively across cultures. Cultural intelligence skills in finance are as important as one’s IQ or emotional intelligence. Technology means different markets communicate and work together without ever having to meet – but this does not take away the need to know why decisions are made, and why people react to situations the way they do.
Cultural intelligence skills in finance don’t just apply to working with offices and clients in other countries. There are different cultures within a company – sales, technical, R&D, compliance, marketing – and usually, within any given team, given the multicultural nature of banking and finance today. Customers, too, whether corporate or individual, are multicultural – and the company that can talk to these customers in their own language and style should have an advantage over competitors with a one-size-fits-all approach.
TMA World. (2022, June 24). 12 reasons why more cultural intelligence is needed in the finance industry. https://www.tmaworld.com/2020/07/17/12-reasons-why-more-cultural-intelligence-needed-finance-industry/
Cultural Discrimination
Culture and Law
Freedom of speech and assembly are not the norm in every country and that can affect business decisions abroad. While in the U.S. you might lobby customers to contact their representatives about legislation affecting your business, that might not be a good idea elsewhere. In fact, it may be illegal. Keep in mind that local culture affects not only the law itself but the way it’s enforced. Read up on local regulations and how to comply with them. Your embassy or consulate can recommend local attorneys and professionals who can provide legal guidance. Your branch office may also have a list of guidelines.
Values and Attitudes
While we tend to treat our own values and attitudes as the norm, they’re often the result of cultural identity. In some societies a customer’s duties to her family are her most sacred calling. Consequently, asking about her family life or sending presents to her children may be appropriate, even expected. Some people prefer a strict separation between personal and business activities, so asking a client about his wife or family could be considered impolite or intrusive. Consider hiring a guide or tutor to educate you about local values, consulting with co-workers before your visit, or both. Over-educating yourself is probably better than the alternative.
Communication Preferences
You’ll probably have to adapt your communication style according to the culture of the place you’re visiting. Providing plenty of personal space might be better in one place, while in another people may stand close to you or touch you when speaking as a matter of course. Observe those around you to see how they communicate and take note of how much personal information they convey. Notice whether they’re up-close and personal or distant and businesslike. Ask if you’re not certain. It’s better than making a costly mistake.
Professionalism and Attire
The way you dress can affect how people perceive you in any situation. However, different cultures have different opinions on what constitutes professional attire. In some countries, women are expected to cover their heads and most of their bodies. Some societies consider wearing bold colors disrespectful. Take note of how your clients and partners dress and model your clothing after theirs. You can also ask your guide if your attire is appropriate. Make sure you’re not co-opting attire that has religious symbolism to avoid giving offense accidentally.
Timing and Appointments
Every culture has its own concept of time. Appointments happen right on schedule in some places. A set meeting time is a mere suggestion elsewhere. If you get frustrated when a business partner is late, he may consider you unprofessional or rude. Similarly, the way business professionals use their time can change across cultures. Short, succinct meetings may be the norm as opposed to leisurely lunches that extend into the evening.
Thompson, V. (2016, October 26). Handling cultural differences in a global business. Small Business – Chron.com. https://smallbusiness.chron.com/handling-cultural-differences-global-business-75485.html
Cultural Misunderstandings
Globalisation has outpaced the ability of many organisations to manage the accompanying cultural shifts. The focus has been on overcoming legal, political, technological, and economic barriers, while cultural barriers are often unacknowledged or discounted.
Ignorance of cultural differences can result in weak market share, low or negative return on investment, missed opportunities, and reputational damage, as well as legal challenges, productivity losses, expatriate failure, and the premature termination of contracts, joint ventures, and partnerships. The misunderstandings, tensions, and biases caused by cultural differences can even lead to outright failure.
The main cultural risks facing global businesses include:
1. Failing to adapt global business models to the local market
Consumer attitudes and behaviours are highly influenced by culture. When a company moves into a new market, business models should be modified to reflect local preferences, customs, and habits. For example, changes should be made to product and service offerings, pricing, and marketing. Unless local cultures drive business models, foreign businesses have a high risk of failure. The costs associated with failure in a foreign market can be significant: on average, international retailers absorb seven years of losses before they shut down or sell their operations to a local competitor.
The “one-size-fits-all” approach to international business is flawed. International success requires a glocal mindset. Glocalisation refers to the interface of globalisation and localisation. Whereas globalisation involves standardised worldwide processes, products, and services, localisation involves processes and product offerings tailored to meet specific local markets. The hybrid of standardisation and adaptation is glocalisation, which involves the integration of local features and global ideas, products, or processes. Glocalisation recognises that economic synergies are limited by deeply ingrained cultural systems resistant to change.
Menzies, F. (2019, January 14). The Top Ten Cultural Risks for Global Business. Include-Empower.Com. https://cultureplusconsulting.com/2015/06/23/top-ten-cultural-risks-global-business/
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