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The Future of International Business

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Title: The Future of International Business


1
TOPIC 8
The Future of International Business
2
The Future of International Business
  • Reduction of Protectionism
  • European Union
  • NAFTA
  • Impact of Cultural Differences
  • Global Dependency

3
The Future of International Trade
  • Protectionism
  • a term to describe when countries seek to
    protect their individual economic interests by
    imposing tariffs on other countries or
    restricting external trade.
  • Economic experts agree that such practices will
    hurt the global economy as it is all
    interconnected.
  • APEC is the fastest growing trading group and
    largest trading bloc in the world and engages in
    protectionism practices by imposing tariffs and
    other trade barriers on countries outside of
    APEC.

4
European Union (EU)
  • 27 European countries represent a single market
    in Europe
  • All but the UK and Denmark have adopted a the
    euro as the single currency to be used in member
    states
  • It has its own elected government
  • EU court rulings over rule individual country
    court rulings and/or laws.
  • Citizens of member states may travel, move, and
    work freely in each others countries.
  • Population is currently about 370 milion.

5
Evolution of NAFTA
  • Will NAFTA emerge into a union similar to the
    EU where citizens of Canada, Mexico, and the US
    would be able to move freely into each others
    countries where one currency would be used for
    all three countries?

6
Impact of Cultural Differences
  • Culture
  • the sum of a countrys way of life, beliefs,
    customs
  • Influences how things are purchased, sold,
  • Sets boundaries on what can or can not be done
  • Impacts preferences, style, values, and norms
  • May be represented by a specific language

7
Cultural Differences
  • In order to do business with differing cultures,
    much market research is needed to help companies
    understand various similarities and differences
    even when dealing with everyday cultural norms
    dealing with people such as
  • Punctuality
  • Greetings
  • Nonverbal communication signals
  • Good Manners
  • Decision making

8
Punctuality
  • Punctuality Norms in North America?
  • People are expected to be
  • on time
  • Rely on books, calendars and
  • even pay a fee sometimes
  • for missed appointments
  • Punctuality Norms in Other Countries
  • Time is considered flowing,
    flexible, beyonds people control

9
Greetings
  • Shaking hands differs from one
    country to the next
  • Eye contact made in some
    countries, not in others
  • Bowing before an elder
    acquaintance versus not bowing at all

10
Nonverbal Communications Signals
  • Considered rude in Asian cultures to refuse
    someones request, so an Asian business person
    may not give a direct no answer to a sales
    request
  • A nod means yes to North Americans
    but no to a Bulgarian.
  • Shaking the head side to side means
    no to North Americans but yes to
    Bulgarians.
  • The sign okay with ones hand is a
    symbol for money in Japan and is an
    offensive gesture in Brazil.
  • Personal space interpretations also
    differs from place to place.

11
Good Manners
  • In North America, getting down to business is the
    norm when to business people meet.
  • In other Asian and Latin American countries it
    would be considered rude not to discuss family,
    friends, and favours first to establish a
    personal relationship before business.

12
Decision Making
  • In some cultures, decisions are made from the top
    down approach, in others, from the bottom up
    approach.

13
Other Differences
  • North Americans read from right to left.
  • Israel and Egyptians read left to right.
  • This difference may impact the order in which a
    sequential advertisement is laid out from one
    country to another.

14
Other Sources
  • Wilson Jack et al. The World of Business, 5th Ed.
    Nelson Education Ltd., Canada, 2007
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