Readiness to Internationalize at Maynooth Essay

Royal Bank of Canada would be a great example to show how the cross-cultural communication could impact the industry. First of all, we could see a fact that more and more banking branch has diversified staffs from different countries; those employees could speak English as well as at least speaking a second language. Some of the branch employee could speak more than three languages. This is because that RBC is trying to eliminate the language barrier between their employees and customers. In my experience, in Richmond, nearly every branch has someone who could speak neither Cantonese nor Mandarin. Those branches are very conscience for people who can’t speak English very well, and also it could give the customer better service. It’s not just only benefit for customer, the bank also get a lot of benefits from this. They could sell their own

Cultural challenges would refer to the cultural, religious and linguistic differences, as well as social attitudes that differ the work styles and business relationships of people. What is considered extremely funny in one culture can be perceived as confusing or insulting in another. (Hill, 2013). Accurate translation of product advertisements from one language to another has to be accurate. It requires a deep understanding of the culture, customs, morals and even religious views that predominate in that country. This may force a company to hire employees that are more accustomed to these cultural and linguistic differences and set them up as a point of contact, for example, as customer support.

My research is focused on the problems associated with cross-cultural communication and how awareness of culture, language, tradition, and business practices can increase the advantages to globalization. This report will be field specific in

2. What are the key elements of sociocultural barriers to trade? How can companies overcome these barriers?

* Language barriers as many are not native English speakers and have a limited understanding.

Most young people believe that studying in a different country is a privilege because they are able to experience other cultures, and learn from them. However, in the United States it is not as good as they thought because International students have much more pressure being in this country, and sometimes they cannot handle it very well. Therefore, in the United States the life of an international student is very unfavorable if people compare it to the life of an American student. International students have to learn a new language to study, they cannot work while studying, and their tuition is much more expensive.

Husky Energy Inc. is a company that produces several different forms of energy but most specifically known for their crude oil work. They do work with natural gas and several different kinds of oil (Warnock, 1). They are well known for their gas and diesel sales as the “Husky” or “Husky Truck Stop” gas bars. They began as a small oil refinery back in 1938 out of Cody, Wyoming, U.S (History). Their growth began slowly, but 1970’s, they had grown nationally, were able to be sold on the stock market in North America, and exceeded 1 billion dollars in value (History). Natural gas is becoming a huge player in the Husky Energy Inc. plan as they have natural gas asset “Liwan” valued at 6.5 billion split at 49/51 with China’s CNOOC Ltd. (Catteneo). The relationship between CNOOC has been going on for many years thanks to their current owner.

“The latest report from the British Chambers of Commerce (BCC), titled "Exporting is Good for Britain But … Knowledge Gaps and Language Skills Hold Back Exporters," examined how multinational corporations that experienced miscommunication between employees and with clients did not meet sales goals. The report found a direct link between language skills and reaching economic objectives among international businesses, with 70 percent of the 4,600 respondents saying they had no foreign language aptitude.”

With a substantial portion of our exports comprising of natural resources, Canada undoubtedly benefits from the resulting revenue stream. It follows that there exists a valid incentive to distribute larger investments into our natural resource sector relative to other sectors. The problem with this cycle is twofold: first, revenue from natural resource productivity is unstable due to its highly volatile pricing and second, benefits from investments in this sector are realized over a longer time horizon relative to investments in other

6. Describe the way in which cultural differences can act to impede communication between business people of different nationality.

Making business abroad can be risky, but it can also be profitable for a company as well; thus the necessity to study in deep the country where the company will bring the business to. International companies are faced with many cultural challenges, when doing business across and inside of different borders. Identifying the significant cultural issues involved when evaluating the attractiveness of a particular location as a place for doing business can be crucial for a business. Aspects to consider when studying culture in a new place

For instance: “Thus, U.S. managers often have relatively little difficulty doing business in England, because managers in both countries speak the same language, and a common framework exists for understanding both commercial and personal relationships”( DeNisi & Griffin, 2014, p. 56). However, this can open a can of worms if both the in house management and the business country are having issues with the foreign country such as Canada or India; to name a few. These differences can alter the direct business practices to stray from its original format, causing misunderstandings, personal norms, and certain customs to play a major role in the misfortune of the situation being evaluated. “As a result of these and myriad other cultural differences, then, managers may encounter unexpected complexities when doing business in countries where these sort of cultural differences exists” (DeNisi & Griffin, 2014, p. 56).

Based on Tata Group’s experience, we can see the advantages and drawbacks of going international as follows:

People have different trait characteristics that make them who they and how they interact with others in various circumstance. As we learn to understand ourselves, we begin to know our characteristics, the varied nuances which make us who we are. Though I believe my personality traits have changed over the years, with maturity, I find myself to reflecting on various scenarios realizing that if I only knew this information sooner, the situation could have had a completely different outcome.

In this assignment, we aim to investigate in which extent an organisation must appreciate cultural differences before entering a market.