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Pre-step: Make sure you’ve reviewed our M5 Learning Materials. See attachment Ebscohost (6).
As well as our M5 Module Notes.
Why is cultural knowledge important to the future of an international business?
Culture is present in every business interaction, transaction, and decision. One can infer that if we understand a country’s culture, and we consider that understanding with business planning, we can increase corporate productivity (or decrease downtime spent on working through cultural issues) (Henry, 2019). And while it may not be feasible for an internationally operating business to be an expert in the cultures of all its markets, it is possible to incorporate external cultural understanding in a corporation’s workforce. After completing this module, you should not only have a solid understanding of culture but also comprehend how culture can influence international business strategies.
What comprises a country’s culture? How to assess cultural impact?
We are living in a time where trade is becoming more global by the day. Successfully conducting business on a global basis requires a good understanding of various cultures. Firms also need to be able to assess the cultural impact and understand the characteristics that comprise culture (Asgary, 2019). After understanding culture and the cultural characteristics that distinguish various nations, business managers need to evaluate how culture can affect operations.
What is the importance of cross-cultural management?
Furthermore, business leaders must understand the importance of cross-cultural management when completing business activities such as hiring, training, organizing, and leading cross-cultural teams (Henry, 2019). Earlier in this course, you learned that globalization was the interdependency of people, businesses, and governments from different countries. This interdependency means that cross-cultural management is a key component of successful international business operations (Asgary, 2019).
In this module, you will review the importance of cultural knowledge during global business operations. Additionally, you will learn about the characteristics and dimensions of culture and learn how they will impact business operations outside of national borders.
In our upcoming discussion, we’ll explore international cultures and apply this information to your product launch. Before you tackle that, however, please explore the module resources on the following page.
Step 1: Select three countries to compare.
As your project scenario involves an American company introducing a product into a foreign market, be sure your first two countries are the United States and your launch market. For your third country, select one that differs from your project launch country and the United States relative to Hofstede’s dimensions.
Step 2: Compare your three countries using the Hofstede Country Comparison Tool. (Links to an external site.)
Scroll to the bottom of the linked page to find the tool. Type the beginning of a country name into the selection box or click into it and scroll. When you find your desired country, click on it. The scores for that country for each of Hofstede’s six dimensions will appear in a bar chart.
Note: you may have to revise your third country choice based on what your initial results reveal, as you are looking for a country that differs culturally from the U.S. and your launch market relative to Hofstede’s dimensions.
Step 3: Learn more about the cultural differences and similarities between your countries.
Click on the Read More… box that appears beneath your bar chart. Read the information for all three of your countries, beginning with the United States to establish a point of comparison.
Step 4: Complete your initial post.
Addressing the following…
What are the main differences and similarities between your selected countries?
How might this understanding of cultural differences alter the way in which a U.S. national conducts business in these markets?
Example: Japan may have a high power distance compared to the United States, which has a low power distance. How might this difference impact advertisements for products, communication in the business environment, etc.