Culture And Economic Diplomacy Case Study

International marketing or business is uniquely different from the local market because the product price, place and promotion is vastly different from what is been offered to local customers (Johansson, 2000) With the emergence of the information technology, cross border marketing has never been a distant dream. However, it has never been easier even for giant multinational companies to face challenges that come in international business. The biggest challenge comes from the culture which varies from country to country.

The world we live in today is made up of many countries, each unique in their own way, each continually growing as they try to adapt to a rapid changing environment and economy. The way in which each country adapts to these changes relies heavily on the culture, traditions, customs and overall way of life of the given society (Wharton). When it comes to the global economy, every country has its own definition of what being successful really means and the leadership that leads to success is defined differently as well. The way in which a leader needs to adjust their strategies are dependent upon the individual culture they are working with. Within each culture, there are certain elements that can impact the success of an organization. I will be discussing what these elements are and how they can help or hinder the success of an organization.

The module content provided by Colorado State University-Global Campus discusses regional trading agreements. It states that the tendency to use negotiation and organization of free trade had been undermined by regional trading agreements since the 1980s. Furthermore, CSU-Global argues that regional trade groups strengthen trade and the benefits of the groups involved. On the other hand, it undermines free trade by discouraging trade with members not part of the group.

Global markets vary about their level of development. Also, the kind of products sold in each of these markets will differ depending on the degree of development. Language and cultural affinity are vital in global markets. Culture comprises everything from the way of thinking and doing business to the consumption arrangements of the people. Therefore, understanding the culture is essential as it accords clues on how to do business in such nations. In some countries, there exists a natural hostility to foreigners as well as foreign business. Also, culture commands the approach to dealing. For instance, in the United States as well as Western nations, they are approaching in communicating their lack of ability to accept the products, whereas, in the eastern nations, they are more circumspect (Havaldar, 2014). Aspects including punctuality, the procedures as well as civilities in carrying out business, the negotiation course, and even dressing differ from culture to culture, and these aspects should be understood to succeed in such a setting. One different between the western and eastern nations is that the countries of the east tend to be punctual an aspect that can be

This paper allows the opportunity to take an in depth look into the culture of the country of Columbia and how the culture affects business within the country and how it ultimately compares and contrasts with The United States. The research is broken down into four areas: The major elements and dimensions of culture in Columbia; how these elements and dimensions are integrated by locals conducting business in Columbia; a comparison of culture and business of Columbia and The United States; and finally implications for US businesses that wish to conduct business in Columbia. It is the author’s desire that this

Melissen, J. (2013). Public diplomacy. In A. Cooper, J. Heine, R. Thakur (Eds.), The oxford handbook of modern diplomacy (pp. 436–452). Oxford: Oxford UniversityPress.

Over the years, the World Trade Organization (WTO) has prided itself as the central element in the international economic management system across the world. This system incorporates other international bodies such as the World Bank, the International Monetary Fund as well as a series of other regional trade regimes that are growing. Collectively, these structures provide a mechanism that addresses international economic interdependence as well enhancing economic interactions that offer the promise of maximizing social welfare across the globe. These aspects have been brought about due to the focus given in the post-Cold War era where international relations have evolved beyond a narrow emphasis on politico-military affairs.

To facilitate these relations between nations, the globalized economies require a dynamization of trade and social relations, intensifying the flow of goods and services. A number of international agreements were created for this purpose. These groups discuss measures to reduce and / or eliminate tariffs, promoting the expansion of trade relations between member countries.

(1) Regional trading blocs, such as the EU and NAFTA, are growing in importance. What are the implications of these trading blocs for international business policies? Are they helpful or harmful to the regions? How may they affect global investments?

FERRARO, G, (2000), The Cultural Dimension of International Business, 4th EDITION, PRENTICE HALL, NEW JERSEY

The five weeks of the Cultural aspects of international business course have been a truly enriching life experience for me. I must admit that I was a little skeptical about the value proposition of the course as I thought this was going to be one of those purely theoretical pro-diversity lectures with no potential for practical application. However, the fact that Professor Lane co-authored the textbook intrigued me so much (I have never had a Professor who actually wrote the textbook for the course) that I decided to give it a chance and sign-up for the course.

Cultural negotiations are business negotiations with different cultural conditions. Under the background of economic globalization and international economic integration, the business ties between countries are becoming more and more closely. In order to avoid cultural conflicts, it is important to understand the different cultures of different countries.

According to the assistant professors, the problem with cooperation rests in the cost and manipulative nature of asymmetrical partnerships. Entering economic trade agreements require a state to restructure its internal systems in order to maximize its gains (Baccini, Poast & Urpelainen 5). Weaker states that undergo costly restructuring are at risk of being exploited by the more powerful partners (Baccini, Poast & Urpelainen 2). A weaker state will also find it substantially more difficult to withdraw from a partnership the more it invests its assets

To a certain extent, it is fair to acknowledge the fact that negotiations styles vary depending on the cultural background of the concerned party. Each culture has its own norms and standards. As such, a particular behavior can be understood differently in separate cultures. For instance, in United States and Australia, calling an individual by their family name is regarded as a friendly gesture; nevertheless, this is a sign of disrespect in Japan and Egypt. Thus, it is vital for a negotiator to observe appropriate behaviors regarding cultures before negotiating with foreign countries (Chang, 2006, para.3).

Introduction: The lives of people are impacted by international economics and world politics. What is an International Political Economy? The international political economy is how economics and politics intertwine. “These are both very important aspects of international relations and have become more important internationally in recent years because of increased levels of trade, economic interdependence between countries, and the growing impact of international economics on domestic economics.”( International Politics P.312)