The Problems Of International Business - 2089 Words

Introduction: One routine thing about International Business is change. Second is, the possibility of unexpected events, many of which are not desirable, that accompany this change. This is why, not every company that pops up in International market has tasted success. A company is said to have â€Å"blundered† if it makes a decision resulting in a costly or embarrassing situation that was foreseeable and avoidable. Some companies have been facing trouble understanding, in particular, the foreign environment. Managers who have failed to recognize these differences have committed a number of blunders. Culture Culture is one of the things which differs from place to place and country to country, but still has a high value and respect in the views of its locals. Cultural differences are the most significant and troublesome variables encountered by the MNC’s. Managers who have failed to recognize these differences have committed a number of blunders. We all know that some things are done differently by the people of other countries, but sometimes these differences are hard to embrace. The failure to understand cultural differences can bear serious consequences. Complete knowledge and understanding of a foreign culture, however, is almost impossible to acquire. Communication Poor communication may cause difficulties and certainly has been involved in numerous blunders. Technology offers new ways to commit blunders. Some of these blunders are simply due to not fully understanding theShow MoreRelatedThe Problem Of International Business842 Words   |  4 Pages International business c Trade occurring between one or more countries worldwide. Balance of trade Difference in value of a countries imported and exported goods. Balance of payments Also known as BOP, is the monitoring of all international money transactions during specific times. Global dependency The dependency of one nation to another. 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The purpose of this paper is to explain the importance of international business, emphasise theRead MoreCultural Environment Of International Business Essay1327 Words   |  6 Pages Cultural Environment of International Business Vanda Mallo Keiser University â€Æ' Abstract Understanding the management role relative to cultural influences is critical for today’s managers who want to interact proficiently across borders. One important concept which provides insight into the idea of intercultural aptitude is the notion of â€Å"mindfulness† or the ability to interact with others from different cultures. Managers must become more culturally sensitive since diversity in the workplaceRead MoreIntroduction To International Commercial Arbitration915 Words   |  4 Pages Introduction to International Commercial Arbitration Producers of goods and services have grown their business activities up to transacting their items across various nations of the world. Many business people or entrepreneurs have expanded their properties and businesses to an international level. This has largely contributed to the crossing of large amount of goods from various countries to others, an activity which is commonly described as importation and exportation of products, properties