Understanding diverse cultures and adapting business operations to suit different cultures is vital part of International business expansion. According to David (2009, p. 7), “the failure to understand cultural differences can bear serious consequences”. In addition, knowledge for and appreciation of other cultures is
Today when many multi-national and global companies appear, it is unlikely to do business without communicating cross culturally. This millennium was viewed as era that global organizations will increasingly focus on the critical value of cross-cultural communication process, efficiency and competence and cost of doing business. Effective cross-cultural communication in global economy provides with tools about how to define a communication strategy, train representatives and conduct business talks in order to achieve success. By understanding how people identify the world, their values and beliefs, we can better understand what they mean and anticipate potential cross-cultural misunderstandings. For better understanding intercultural communication we need to understand what we mean by using the terms ethnocentrism, stereotypes, prejudice, language and non-Verbal
Learning about Lewis ' model and theory is exciting, which is a shortcut to the pluralistic world. As the increasing frequency of cross cultural communication and economic exchange, there is a challenge named cultural differences. It is inevitable that cultural differences exits in national communication. For multinational corporations, understanding culture differences well means manage employees well, and the cooperation with other multinational corporations also becomes easier. Fortunately, Lewis ' theory came into being, which Lewis uses model to explain every cultural in the world.
Introduction Globalization has made traditional boundaries of distance a thing of the past, with the ease of travel and migration the workforce is becoming more and more diverse. This has created many challenges and opportunities for companies and managers. Companies that have been able to adapt to this changing environment by using diversity management have been able to succeed, while many companies have faded away. The author will show the demographics and characteristics of the work force at ExxonMobil Singapore in the first section, section two will introduce the reader to the types and levels of diversity in the work force and final section three will show the reader the types of diversity management which have been implemented to the
I plan to master in Global Business Administration and conduct research on the effects of how globalization impacts the global economy and how cultures can be an important determinant in how businesses operate. Our economic development will forever be defined by our ability to succeed internationally. The domestic companies that are seeing growth are not only doing business internationally, but are developing strategic skills to master doing business across cultures. Cross-cultural competence is the backbone to sustainable competitive advantage. Culture has many definitions, but it is everywhere and impacts our reactions and decision-making abilities relative to everyday circumstances.
Globalization is a small term after all, but has a broader definition acting as a catalyst to progress and growth transforming the world in general. The concept of globalization is not something new for most of the people as this is gaining momentum in today’s era. Globalization has resulted in interrelation and assimilation between world economies and business. Globalization in general has a significant role in advancements of a country and improving the lifestyle of people. In the business world, the benefits of globalization are not just limited to profit maximization, but also provide other advantages equipping business to carve a niche for itself in today’s highly competitive market.
Business world across the globe has started looking forward towards India, for ethical business models. One of the strong reasons why India succeeded in coming out of the global financial turmoil almost untarnished was its ethical support system which is ingrained in the culture of this country. Culture of a country is much more than its beliefs and customs. It is the commonly held philosophy of its people towards core values. In this context, the outlook towards money and satisfaction derived from creation of wealth drives a nation in the direction that eventually decides the fate of its moral
It is pertinent to engage them for a joint venture as it adheres to the standards and business conduct behaviour of Hongkong Land. Other than the company’s respectable disciplines, the professional and knowledgeable experience from Keppel Land in Singapore’s residential and commercial market will be another benefit. Being a leading prime office developer in Singapore, Keppel Land will bring in high quality tenants from its high reputation and standards, especially those tenants who previously engaged with Keppel Land. Its brand name will simultaneously aid in marketing of the project as a whole as well as building up network for Hongkong Land. Besides, Hongkong Land had previously worked with Keppel Land before in the successful development of the Marina Bay Financial
The innovative products can help the businesses in strengthening their competitive position at the foreign markets (Boutellier at al., 2000). The innovative ventures bring novel or improved products or services and promote efficient manufacturing, distribution and marketing, necessary for “going-abroad”. On their own market, businesses count on their established product line and enjoy the advantage of direct feedback and information exchange with customers. However, to achieve this level of customer intimacy that allows design of products closer to their needs is difficult on the foreign markets. On these markets, there is indigenous demand based on the local tastes of the consumers.
adapts Filipino lifestyle , values and culture with their core value as implemented in their company system to personnel administrative functions, performance management and employee relations. Technological Forces -A technological Innovation may have a great impact on the environment of the company. Technological changes can lessen the costs barriers between businesses , build shorter production runs, lesser man power that may result in changing principles and perceptions of the employees, and the whole management. Cebu Reliance Motor Parts Inc. takes this as an advantage for they transformed their distribution into a more convenient and fully automated warehouse with modern, innovative and high quality equipments. Economic Forces-Cebu Reliance Motor Parts is focused on identifying and fulfilling consumer needs in specific markets, but all businesses can be affected by large-scale economic trends.