Multinational Companies And Managers Doing Business

1910 Words8 Pages
In today’s business world American business professionals must be ready to conduct effective, meaningful, and professional business with a multitude of cultures from around the world. As corporate business continues the push toward expanding globalization in business, professionals must not only recognize the need to understand the market they are trying to move into but also the culture of the country they want conduct business in. This report will highlight key information for multinational companies and managers doing business in Italy and will cover some of the Italian business markets, a comparison with the United States using Hofstede’s cultural dimensions, and business practices and etiquette that are part of the Italian business culture. “Italy’s $1.16 trillion economy is the world’s eighth largest in terms of nominal gross domestic product” (Prableen Bajpai, 2016). The market is growing steadily for the first time since 2011. Italy’s economy is diversified and is divided in to two main parts, northern Italy and the southern Italy, both are unique. In the northern portion of the Italy there is more of an industrially dominated area where private companies have most of the control. The southern region of Italy is much more subsidized and more of an agricultural type market. According to Forbes, “Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP” (Forbes, 2015). Major industries in Italy include a strong
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