Global ConsiderationGlobal Consideration

Presented by:Presented by:Kimberly MortonKimberly Morton

Craig RedfordCraig Redford

Pamela GalluchPamela Galluch

Ryan KloosRyan Kloos

Logan CulbertsonLogan Culbertson

Organizing for International Organizing for International OperationsOperations

5 Steps towards International Operations5 Steps towards International Operations» Commission AgentCommission Agent

» Export ManagerExport Manager

» Export DepartmentExport Department

» Internal CorporationInternal Corporation

» Multinational CorporationMultinational Corporation

Organizing for International Organizing for International OperationsOperations

Low HighResource Commitment

Commission agent

Export manager

Export Department

International Corporation

Multinational Corporation

Low

High

Com

ple

xity

Commission AgentCommission Agent

A person or firm who represents businesses A person or firm who represents businesses in foreign transactions in return for a in foreign transactions in return for a negotiated percentage of each transaction’s negotiated percentage of each transaction’s value.value.

Nu Skin InternationalNu Skin International

Export ManagerExport Manager

An employee who actively searches out An employee who actively searches out foreign markets for the firm’s goods and foreign markets for the firm’s goods and services.services.

– Increase in new, ongoing costsIncrease in new, ongoing costs

Export DepartmentExport Department

1)1) Represents the interests of foreign customers to Represents the interests of foreign customers to the firm’s other departments and to top the firm’s other departments and to top management.management.

2)2) Meets the increasing demand for services by Meets the increasing demand for services by foreign customers.foreign customers.

3)3) Makes special arrangements for customs Makes special arrangements for customs clearance and international shipping.clearance and international shipping.

4)4) Assists foreign customers with financing of the Assists foreign customers with financing of the good or services that they are purchasing.good or services that they are purchasing.

5)5) Arranges for the collection of accounts receivable Arranges for the collection of accounts receivable from foreign customers.from foreign customers.

International CorporationInternational Corporation

A firm having significant business interests A firm having significant business interests that cut across national boundaries, often that cut across national boundaries, often focusing on importing and exporting goods focusing on importing and exporting goods or services, and operates production and or services, and operates production and marketing units in other countriesmarketing units in other countries

Multinational CorporationMultinational Corporation

A firm that takes a worldwide approach to A firm that takes a worldwide approach to markets, services, and products and has a markets, services, and products and has a global philosophy of doing business.global philosophy of doing business.– Coca-ColaCoca-Cola

Strategies for International Strategies for International BusinessBusiness

StrategiesStrategies

ExportingExporting

LicensingLicensing

FranchisingFranchising

AlliancesAlliances

MultidomesticMultidomestic

GlobalGlobal

Exporting StrategyExporting Strategy

Maintaining facilities within a home Maintaining facilities within a home country and transferring goods and services country and transferring goods and services abroad for sale in foreign marketsabroad for sale in foreign markets

Cooley and Cooley , Ltd.Cooley and Cooley , Ltd.

Licensing StrategyLicensing Strategy

A firm (licensor) in one country giving A firm (licensor) in one country giving other domestic or foreign firms (licensees) other domestic or foreign firms (licensees) the right to use a patent, trademark, the right to use a patent, trademark, technology, production process, or product technology, production process, or product in return for the payment of a royalty or feein return for the payment of a royalty or fee

US and Canadian book publishers allow US and Canadian book publishers allow translationstranslations

Pepsi and Coca-Cola with bottle companies, Pepsi and Coca-Cola with bottle companies, distributorsdistributors

Franchising StrategyFranchising Strategy

A parent organization (franchiser) granting A parent organization (franchiser) granting other companies or individuals other companies or individuals (franchisees) the right to use its (franchisees) the right to use its trademarked name and to produce and sell trademarked name and to produce and sell its goods or servicesits goods or services

McDonalds, Holiday InnMcDonalds, Holiday Inn

Alliance StrategyAlliance Strategy

Agreeing with other companies to pool Agreeing with other companies to pool physical, financial, and human resources to physical, financial, and human resources to achieve common goalsachieve common goals

Chinese-foreign joint venturesChinese-foreign joint ventures

Reasons for AlliancesReasons for Alliances

Share and lower costs of Share and lower costs of high risks, technologyhigh risks, technology

Lower costs by sharing Lower costs by sharing the large fixed-costs for the large fixed-costs for manufacturing plantsmanufacturing plants

Desire to learn another Desire to learn another firms technology, or firms technology, or advantages, benchmarkingadvantages, benchmarking

Desire to participate in Desire to participate in evolution of competitive evolution of competitive activity in growing global activity in growing global industriesindustries

Multidomestic StrategyMultidomestic Strategy

Adjusting products, services, and practices Adjusting products, services, and practices to individual countries or regionsto individual countries or regions

Frito Lays and Campbell FoodsFrito Lays and Campbell Foods

Global StrategyGlobal Strategy

Stressing worldwide consistency, Stressing worldwide consistency, standardization, and low relative coststandardization, and low relative cost

Black and Decker subsidiary manufacture Black and Decker subsidiary manufacture certain parts for families of products in one certain parts for families of products in one countrycountry

Needs for a Multinational Global Needs for a Multinational Global StrategyStrategy

Significant competitorSignificant competitor

New goods and services New goods and services must be developed for must be developed for whole worldwhole world

Profit targets need to be Profit targets need to be based on product linesbased on product lines

Decisions need to be Decisions need to be based on global based on global considerationsconsiderations

Narrow minded attitudes Narrow minded attitudes need to be overcomeneed to be overcome

Foreign managers need to Foreign managers need to be promoted to senior be promoted to senior ranks at corporate head ranks at corporate head quartersquarters

Strategies for International OperationsStrategies for International Operations

Resource Commitment

Complexity

Political-Legal ForcesPolitical-Legal Forces

Political Risk.Political Risk.

Assessing Political Risk.Assessing Political Risk.

Political Mechanisms.Political Mechanisms.

Political RiskPolitical Risk

Political risk- the probability that political Political risk- the probability that political decisions or events in a country will decisions or events in a country will negatively affect the long-term profitability negatively affect the long-term profitability of an investmentof an investment

Assessing Political RiskAssessing Political Risk

DomesticInstability

ForeignConflict

Poitical Climate EconomicClimate

Tools for Assessing

Domestic InstabilityDomestic Instability

Amount of subversion, revolution, Amount of subversion, revolution, assassinations, guerrilla warfare, and assassinations, guerrilla warfare, and government crisis in a country.government crisis in a country.

Foreign ConflictForeign Conflict

Degree of hostility that one nation Degree of hostility that one nation expresses to othersexpresses to others

Political ClimatePolitical Climate

Likelihood that a government will swing to Likelihood that a government will swing to the far left or far right politicallythe far left or far right politically

Economic ClimateEconomic Climate

Reflects the extent of government control of Reflects the extent of government control of markets and financial investments, as well markets and financial investments, as well as government support services and as government support services and capabilities.capabilities.

Political MechanismsPolitical Mechanisms

ProtectionismProtectionism TariffTariff QuotaQuota SubsidySubsidy CartelCartel BriberyBribery ExtortionExtortion

ProtectionismProtectionism Covers the many mechanisms designed to Covers the many mechanisms designed to

help a home-based industry or firms avoid help a home-based industry or firms avoid (or reduce) potential/actual competitive or (or reduce) potential/actual competitive or political threats from abroad.political threats from abroad.

TariffTariff

A government tax on goods and services A government tax on goods and services entering the countryentering the country

QuotaQuota

A restriction on the quantity of a country’s A restriction on the quantity of a country’s imports (or sometimes on its exports).imports (or sometimes on its exports).

SubsidySubsidy

A direct or indirect payment by a A direct or indirect payment by a government to its country’s firms to make government to its country’s firms to make selling or investing abroad cheaper for selling or investing abroad cheaper for them- thus more profitable.them- thus more profitable.

CartelCartel

An alliance of producers engaged in the An alliance of producers engaged in the same type of business, formed to limit or same type of business, formed to limit or eliminate competition and control eliminate competition and control production and pricesproduction and prices

BriberyBribery

An improper payment made to induce the An improper payment made to induce the recipient to do something for the payer.recipient to do something for the payer.

ExtortionExtortion

Payment made to ensure that the recipient Payment made to ensure that the recipient doesn’t harm the payer in some way.doesn’t harm the payer in some way.

Grease PaymentsGrease Payments

Small payments- almost gratuities- used to Small payments- almost gratuities- used to get lower level government employees to get lower level government employees to speed up required paperwork. speed up required paperwork.

Competitive ForcesCompetitive Forces

Rivalry among existing firms in industry(competitors)Rivalry among existing firms in industry(competitors) Supplier bargaining power(suppliers)Supplier bargaining power(suppliers) Threat of goods or services(substitute goods and services)Threat of goods or services(substitute goods and services) Threat of new competition(new entrants)Threat of new competition(new entrants) Customer bargaining power(customer)Customer bargaining power(customer)

Rivalry Among Existing Firms in Rivalry Among Existing Firms in IndustryIndustry

Competitors are the single most important Competitors are the single most important day-to-day force facing organizations.day-to-day force facing organizations.

Rivalry among competitors produces Rivalry among competitors produces strategies such as:strategies such as:

Price cuttingPrice cutting

Advertising promotionsAdvertising promotions

Enhanced customer service or warrantiesEnhanced customer service or warranties

Improvements in product or service qualityImprovements in product or service quality

Supplier Bargaining Power:Supplier Bargaining Power:

The bargaining power of supplies often The bargaining power of supplies often controls how much they can raise prices controls how much they can raise prices above their costs or reduce the quality of above their costs or reduce the quality of goods or services they provide before losing goods or services they provide before losing customerscustomers

All businesses play the role of supplier and All businesses play the role of supplier and customer in their competitive environments.customer in their competitive environments.

Threats of Goods or Services Threats of Goods or Services (Substitute goods and services)(Substitute goods and services)

In general sense, all competitors produce In general sense, all competitors produce substitute goods or services, or goods or substitute goods or services, or goods or services that can easily replace another’s services that can easily replace another’s goods or services.goods or services.

Threat of New CompetitionThreat of New Competition(New Entrants)(New Entrants)

The threat or reality of increased competition in an The threat or reality of increased competition in an industry depends on the relative ease with which new industry depends on the relative ease with which new firms can compete with established firms.firms can compete with established firms.

In an industry with low barriers to entry competition will In an industry with low barriers to entry competition will be fierce. (e.g., the photocopy industry or fast food be fierce. (e.g., the photocopy industry or fast food industry)industry)

Customer Bargaining Power (Customers)Customer Bargaining Power (Customers)Customers for goods or services naturally try to force down Customers for goods or services naturally try to force down

prices, obtain more or higher quality products, and prices, obtain more or higher quality products, and increase competition among sellers by playing one against increase competition among sellers by playing one against the other.the other.

Three Major Trade AgreementsThree Major Trade Agreements

The General Agreement on Tariffs and The General Agreement on Tariffs and trade(GATT)trade(GATT)

North American Free Trade Agreement (NAFTA)North American Free Trade Agreement (NAFTA) European Union (EU)European Union (EU)

General Agreement on Tariffs and TradeGeneral Agreement on Tariffs and Trade

GATT represents series of negotiated understandings regarding trade GATT represents series of negotiated understandings regarding trade and released issues among the participating countries.and released issues among the participating countries.

Twenty three countries signed the first GATT in 1974.Twenty three countries signed the first GATT in 1974. GATT proposed to cut tariffs and other barriers to trade on 8000 GATT proposed to cut tariffs and other barriers to trade on 8000

categories of manufactured goods.categories of manufactured goods. GATT attempted to strengthen intellectual property right GATT attempted to strengthen intellectual property right

protections(copyright, trademark, patent).protections(copyright, trademark, patent). GATT attempted to extend world trade rules to services.GATT attempted to extend world trade rules to services.

GATT Principles in NegotiationsGATT Principles in Negotiations

Favored nation principle-Country A grants Favored nation principle-Country A grants tariff concession to country B, the same tariff concession to country B, the same concession automatically applies to all other concession automatically applies to all other countries that are members of GATT.countries that are members of GATT.

Reciprocity principle-each member country Reciprocity principle-each member country will not be forced to reduce tariffs will not be forced to reduce tariffs unilaterally.unilaterally.

Transparency principle-tariffs are to be Transparency principle-tariffs are to be readily visible to all countries.readily visible to all countries.

World Trade OrganizationWorld Trade Organization

WTO set up by GATT and replaced GATTWTO set up by GATT and replaced GATT Difference b/t GATT and WTO, under GATT, US and other nations Difference b/t GATT and WTO, under GATT, US and other nations

were able to block adverse rulings by arbitration panels, but cannot do were able to block adverse rulings by arbitration panels, but cannot do so under WTOso under WTO

WTO membership up to 144 countriesWTO membership up to 144 countries WTO rules and agreements are result of negotiations between WTO rules and agreements are result of negotiations between

members.members. Current rules and agreements set were the outcome of the 1986-1994 Current rules and agreements set were the outcome of the 1986-1994

Uruguay Round negotiations which included a major revision of Uruguay Round negotiations which included a major revision of original General Agreement on Tariffs and trade (GATT)original General Agreement on Tariffs and trade (GATT)

WTO Agreements cover:WTO Agreements cover:

GoodsGoods Services and intellectual propertyServices and intellectual property Spell out principles of liberalization, and permitted Spell out principles of liberalization, and permitted

exceptionexception Include individual country commitments to lower customs Include individual country commitments to lower customs

tariffs and other trade barriers, and to open and keep open tariffs and other trade barriers, and to open and keep open service marketsservice markets

Set procedures for settling disputesSet procedures for settling disputes Prescribe special treatment for developing countries.Prescribe special treatment for developing countries. Require governments to make their trade policies Require governments to make their trade policies

transparenttransparent

WTOWTO

Only international organization dealing with Only international organization dealing with global rules of trade between nationsglobal rules of trade between nations

Main function-ensure trade flows smoothly, Main function-ensure trade flows smoothly, predictable and freely as possiblepredictable and freely as possibleKey goal is to progressively reduce the remaining Key goal is to progressively reduce the remaining trade barriers (making more free will increase trade barriers (making more free will increase competitive forces throughout world)competitive forces throughout world)

Assurance to consumers of secure supplies and Assurance to consumers of secure supplies and greater choice of finished products, and producers greater choice of finished products, and producers that foreign markets will remain open to themthat foreign markets will remain open to them

WTO Benefits and WTO Benefits and MisunderstandingsMisunderstandings

BenefitsBenefits Promotes peacePromotes peace Disputes are handled Disputes are handled

constructivelyconstructively Freer trade cuts cost of Freer trade cuts cost of

livingliving More choice of products More choice of products

and qualitiesand qualities Trade stimulates Trade stimulates

economic growth and economic growth and creates jobscreates jobs

MisunderstandingsMisunderstandings WTO dictatesWTO dictates Ignores DevelopmentIgnores Development Wrecks JobsWrecks Jobs Small left outSmall left out Weak forced to joinWeak forced to join

North American Free Trade North American Free Trade Agreement (NAFTA)Agreement (NAFTA)

NAFTA went into effect in 1994 to increase NAFTA went into effect in 1994 to increase free trade among US, Canada, and Mexicofree trade among US, Canada, and Mexico

Extension of US-Canada free trade Extension of US-Canada free trade agreement, which went into effect in 1989agreement, which went into effect in 1989

Over 50 year period, NAFTA reducing Over 50 year period, NAFTA reducing numerous tariffs and most other barriers numerous tariffs and most other barriers among three countriesamong three countries

70% of Goods imported from Mexico may 70% of Goods imported from Mexico may now enter US without tariffsnow enter US without tariffs

NAFTA cont...NAFTA cont... Retains protectionist provisionsRetains protectionist provisions Temporarily protects sensitive industries by stretching out Temporarily protects sensitive industries by stretching out

the phase in timethe phase in time Service industries like finance, insurance, transportation, Service industries like finance, insurance, transportation,

and telecommunications received a lot of attentionand telecommunications received a lot of attention NAFTA and GATT (WTO) do not eliminate all trade NAFTA and GATT (WTO) do not eliminate all trade

problems, but do provide framework through which such problems, but do provide framework through which such problems can be resolvedproblems can be resolved

Increasing competitive forces that act on firms, the Increasing competitive forces that act on firms, the ultimate intent is to achieve greater efficiency and ultimate intent is to achieve greater efficiency and consumer satisfactionconsumer satisfaction

European Union (EU)European Union (EU)

European Union was formally known as European Union was formally known as European Community until 1994European Community until 1994

15 country membership15 country membership Goals include:Goals include:

– Create a single market among member Create a single market among member countries through removal of trade barriers countries through removal of trade barriers (tariffs)(tariffs)

– Establishing the free movement of goods, Establishing the free movement of goods, people, services and investment capitalpeople, services and investment capital

EU goals cont...EU goals cont...

In addition, the changes also include social In addition, the changes also include social changes:changes:– A directive was issued that recognizes diplomas A directive was issued that recognizes diplomas

of higher education across national boundaries. of higher education across national boundaries. This action makes it easier for professionals to This action makes it easier for professionals to work in different countries.work in different countries.

– Most member countries have developed master’s Most member countries have developed master’s degree programs in business administration that degree programs in business administration that are compatible with other countries and the are compatible with other countries and the United States.United States.

Cultural ForcesCultural Forces

Views of Social ChangeViews of Social Change– Passive or ActivePassive or Active

Time OrientationTime Orientation– Scarce or UnlimitedScarce or Unlimited

LanguageLanguage– Verbal and NonverbalVerbal and Nonverbal

Value SystemsValue Systems– Individualism Vs. CollectivismIndividualism Vs. Collectivism

Views of Social ChangeViews of Social Change

Passive or ActivePassive or Active Western cultures – ActiveWestern cultures – Active

– Change can be shaped and controlled to achieve Change can be shaped and controlled to achieve their own goals and aspirations.their own goals and aspirations.

– Try to introduce innovation to rapidlyTry to introduce innovation to rapidly Non-Western Cultures – Passive/ReactiveNon-Western Cultures – Passive/Reactive

– New ways of doing things must go hand in New ways of doing things must go hand in hand with a painstaking concern for their effect hand with a painstaking concern for their effect on interpersonal relationshipson interpersonal relationships

Time OrientationTime Orientation

Scarce or UnlimitedScarce or Unlimited U.S. and Canada – Time is scarceU.S. and Canada – Time is scarce

– ““Time is money”Time is money”– ““There is too little timeThere is too little time

India – Time is unlimited and unendingIndia – Time is unlimited and unending– Hindus believe in reincarnation Hindus believe in reincarnation – Better use your time wisely so you won’t come Better use your time wisely so you won’t come

back and use spend your time as a ratback and use spend your time as a rat

Time Orientation Cont.Time Orientation Cont.

U.S. sticks to the deadlines for U.S. sticks to the deadlines for accomplishing tasks accomplishing tasks

India is quite casual about keeping India is quite casual about keeping deadlines and appointments deadlines and appointments

Can be FrustratingCan be Frustrating

LanguageLanguage

Verbal and NonverbalVerbal and Nonverbal Language serves as a bind as well as to Language serves as a bind as well as to

separate culturesseparate cultures A manager must be able to recognize and A manager must be able to recognize and

interpret the nuances of phrases, sayings, interpret the nuances of phrases, sayings, and nonverbal gestures. and nonverbal gestures.

Decoding Some Body LanguageDecoding Some Body LanguageCOMBATIVECOMBATIVE

LYING LYING – touches face touches face

– hand over mouthhand over mouth

– pulls earpulls ear

– eyes down eyes down

– glances at you glances at you

– shifts in seat shifts in seat

– looks down and to leftlooks down and to left

AGGRESSIVEAGGRESSIVE– leaning forwardsleaning forwards

– finger pointingfinger pointing

– fists clenchedfists clenched

DEFIANT DEFIANT – (standing)(standing)

– hands on hipshands on hips

– frownfrown

Decoding Some Body Language Decoding Some Body Language cont….cont….

ResponsiveResponsiveENGAGED ENGAGED

– leaning forwardleaning forward

– open bodyopen body

– open armsopen arms

– open handsopen hands

EAGER (sprint EAGER (sprint position)position)

open legsopen legs feet under chairfeet under chair on toeson toes leaning forwardleaning forward

Decoding Some Body Language Decoding Some Body Language cont….REFLECTIVEcont….REFLECTIVE

LISTENING LISTENING – head tilted head tilted

– lots of eye contact lots of eye contact

– nodding nodding

– high blink ratehigh blink rate

EVALUATING EVALUATING – sucks glasses/pencilsucks glasses/pencil

– strokes chin strokes chin

– looks up and rightlooks up and right

– legs crossed in 4 pos.legs crossed in 4 pos.

– (ankle on knee)(ankle on knee)

ATTENTIVEATTENTIVE– (standing)(standing)

– arms behind backarms behind back

– Smile open feetSmile open feet

Decoding Some Body Language Decoding Some Body Language cont….FUGITIVEcont….FUGITIVE

BORED BORED – staring into space staring into space

– slumped posture slumped posture

– doodlingdoodling

– foot tappingfoot tapping

LET ME GO LET ME GO – feet towards doorfeet towards door

– looking aroundlooking around

– buttoning jacketbuttoning jacket

REJECTION REJECTION – sitting/moving back sitting/moving back

– arms folded arms folded

– legs crossed 11 poslegs crossed 11 pos

– (thigh on knee)(thigh on knee)

– head downhead down

– frownfrown

Value SystemsValue Systems

Individual Vs. CollectivismIndividual Vs. Collectivism 5 value dimensions:5 value dimensions:

– Power distance Power distance – Uncertainty avoidanceUncertainty avoidance– IndividualismIndividualism– MasculinityMasculinity– Confucian dynamicsConfucian dynamics

Power DistancePower Distance

The measure of the degree to which The measure of the degree to which influence and control are unequally influence and control are unequally distributed among individuals and distributed among individuals and institutions within a particular culture institutions within a particular culture

Examples of highly ranked societies Examples of highly ranked societies – Mexico, France, Malaysia, and the PhilippiansMexico, France, Malaysia, and the Philippians

Examples of lower ranked societiesExamples of lower ranked societies– United States, Canada, Sweden, AustriaUnited States, Canada, Sweden, Austria

Uncertainty AvoidanceUncertainty Avoidance

The measure of the degree to which members of a The measure of the degree to which members of a society attempt to avoid ambiguity, risk, and the society attempt to avoid ambiguity, risk, and the indefiniteness of the future.indefiniteness of the future.

Great deal of energy trying to avoid or minimize Great deal of energy trying to avoid or minimize ambiguous situationsambiguous situations

US and Canada are ranked lowUS and Canada are ranked low Taiwan and Japan are ranked high Taiwan and Japan are ranked high

IndividualismIndividualism

The measure of the degree to which society expects The measure of the degree to which society expects people to take care of themselves and their immediate people to take care of themselves and their immediate families and the degree to which individuals believe families and the degree to which individuals believe they are masters of their own destinythey are masters of their own destiny

The opposite is Collectivism which is tight social frame-The opposite is Collectivism which is tight social frame-work in which group members focus on the common work in which group members focus on the common welfare and feel strong loyalty toward one anotherwelfare and feel strong loyalty toward one another

High Individualism – U.S. and CanadaHigh Individualism – U.S. and Canada High Collectivism – Taiwan and JapanHigh Collectivism – Taiwan and Japan

MasculinityMasculinity

The degree to which assertiveness and the The degree to which assertiveness and the acquisition of money and material things acquisition of money and material things are valued, as well as the degree of are valued, as well as the degree of indifference to others’ quality of lifeindifference to others’ quality of life

The Opposite is femininity, which is a more The Opposite is femininity, which is a more nurturing, people-oriented approach to life.nurturing, people-oriented approach to life.

U.S. and Canada are now ranked lowU.S. and Canada are now ranked low Mexico, Japan Austria, and Italy are ranked Mexico, Japan Austria, and Italy are ranked

high high

Confucian DynamicsConfucian Dynamics

The Stability of society is based on unequal The Stability of society is based on unequal relationships between peoplerelationships between people

The family is the prototype of all social The family is the prototype of all social organizationsorganizations

People should treat others as they would like to be People should treat others as they would like to be treatedtreated

A person’s tasks in life consist of acquiring skills, A person’s tasks in life consist of acquiring skills, and education, working hard, not spending more and education, working hard, not spending more than necessary, being patient, and preserving the than necessary, being patient, and preserving the values of the societyvalues of the society

Confucian Dynamism Cont…Confucian Dynamism Cont…

High Confucian culture – Japan, Hong High Confucian culture – Japan, Hong Kong, Taiwan, and KoreaKong, Taiwan, and Korea– Practice thrift, gift giving, good manners, and Practice thrift, gift giving, good manners, and

saving face saving face – Thrift leads to saving which provides capital for Thrift leads to saving which provides capital for

reinvestmentreinvestment

Tie Back to Value SystemsTie Back to Value Systems

The differences in cultural values affect The differences in cultural values affect how managers and professionals function in how managers and professionals function in international business.international business.

There are different definitions on what the There are different definitions on what the word “Won” meansword “Won” means