International Business Assignment Help You want to launch a business internationally, and you need to choose 3 countries—1 in the Middle East, 1 in Asia, and 1 in Latin America.
- What are some of the components of these cultures that you need to understand from a business standpoint?
- How are they different in each country?
- Can you have a U.S. management style in these countries? Explain
- How are their economic systems classified? Explain why they are classified as such.
- After studying these countries, explain whether you should or should not move forward with your business plan.
International Business in Middle East, India and Latin America Introduction International business has become critical due to cultural differences and challenges exist between different nations. By considering the fact of cultural environment, a discussion of cultural comparison of three countries including Middle East, India and Latin America will be covered. Along with this assignment help, application of U.S management style in different cultures (Middle East, India and Latin America), classification of economic system and plan for business into these countries will be discussed.
Components of Culture There are various important components of culture that one should understand from business point of view. These components are language, business etiquettes, greetings, sign, symbols, values etc. It is so, as different nations have different cultural components.
Differences Cultural components of Middle East, India and Latin America are different due to differences in the living standards and lifestyle of people. Following factors reflect differences in cultural components of three countries: Middle East: In this country, Arabic, Turkish, Persian, Kurdish and Berber are five top most languages that are spoken by people (Ham, 2009). In Middle, eastern culture is followed. People in these countries are not open minded and less oriented towards fashion and style. India: In India, Hindi is official language that is mostly spoken by Indian people. In India, eastern culture is followed. Indian people tend to follow centralized decision making and are not open minded. Most of people in India are orthodox that is different from Latin America, where people are open-minded. In contrary to Middle East, In India, fashion and style are preferred to follow by people. Latin America: In Latin America, Spanish and Portuguese are official languages that are mostly spoken by the Latin American countries. In Latin America, western culture is followed by people. In contrast to Middle East and India, Latin American people are more open-minded and fashion oriented.
Application of U.S. Management Style No, it is not easy to apply U.S management style in these three countries due to differences in their cultural components and social environment. In India, Middle East and Latin America, professionalism is not followed at higher level in business relations (Davis, Chatterjee, & Heuer, 2006). In contrary to this, in USA, professionalism is on top priority. Similarly, in these three countries, social relations are preferred in management related decisions including hiring, selection, appraisals etc. In contrast to this, in USA, social relations are not preferred in management decisions. Similarly, impact of political environment is higher on management practices of firms in Middle East, India and Latin America. Along with this, in India and Middle East, family values, unconditional respect etc are preferred by people (Fernando, 2009).While in USA, these values are not followed or preferred by the people. On the other hand, in USA, impact of political parties is not so high in management practices of firms. Women empowerment is also low in Middle East, India and Latin America. On the other hand, in USA, women empowerment is highly promoted to encourage females in leading business decisions equally like, males. In addition, Entrepreneurship in these three nations is also not at high level. Contrary to this, in USA, extent of entrepreneurship is higher as compared to these three nations. So, it can be stated that due to all these issues and differences, it is not easy to apply US management style in these three nations.
Classification of Economic Systems Economic systems of all these three countries are classified in different way due to their different traditions and other associated factors. Middle East Economic System: In Middle East economic system, it considers Islamic traditions such as military and bureaucratic old traditions. There most countries belong to Muslim religion such as Egypt, Syria, Turkey, Iran, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates. In 20th century, these countries mainly export oil, petroleum, natural gases etc (Carbaugh, 2010). In addition, these countries were produced on the cash crops through agriculture. The main imports of Middle East countries are self-propelling products, office and telecoms instrumentation, textiles, and clothing and exports are the mining products like ores and other minerals, fuels, and non-ferrous metals. India Economic System: In Asia, countries had business oriented economic system and have experienced rapid growth than other nations. These nations have traditional economic system that causes lower capital income. The economy of Southeast Asia is immense and energetic. Indian economic system is classified as mixed economy (Hardgrave & Kochanek , 2008). Latin American Economic System: The Latin American Economic System may be defined as a regional intergovernmental organization that groups 27 Latin American and Caribbean countries (Galeano, 2009). The primary objective of this economic system is to promote a consultation and coordination system. This organization had 28 members in the world economy including: Argentina, Barbados, the Bahamas, Paraguay, Panama etc.
Rationale of Classification The economic system classification is different in all these countries due to their environmental factors like technology, socio-cultural, political and environmental. Like, in Middle East, most of growth rate depends over oil reservoir, while in India, growth rate depends over agriculture, SME, labor force, middle income group, foreign investments etc. Differences in economic systems of all these three countries are due to their national development goals and objective differences. Like, in Middle East, the goal is to earn revenues from export. Due to traditions and beliefs, economic system of Middle East is classified as bureaucratic. You can also avail international business case study assignment help from our experts. On the other hand, in India, the economy goal is to develop infrastructure, employment, literacy rate and reduce poverty from country, due to which it is classified as mixed economy. Similarly, primary objective of Latin American economic system is to encourage consultation and coordination system in its all countries. Due to the involvement of group of 27 Latin and Caribbean countries, the economic system of Latin America is classified as regional intergovernmental organization. So, due to differences in national goals, reservoirs, cultural systems and traditions, the economic systems of Middle East, India and Latin America are differently classified.
Decision of Business Plan After the analysis of cultural and economical components of Middle East, India and Latin America, it can be said that I should move forward with my business plan for India. It is so, as in India, economic conditions are progressing at higher rate and foreign investment is welcomed due to economic policy reforms. It will help in attaining the business goals and objective effectively without any barrier. This business plan decision is viable, as now India has become the hub of most of MNCs to invest their capital, time and efforts in order to capitalize the fast growing economic progress of India.
Conclusion In conclusion, it can be said that before deciding country for international business plans, it is vital to perform cultural and economic environmental analysis of potential countries.
References Carbaugh, R.J. (2010). Contemporary Economics: An Applications Approach. (6th ed). USA: M.E Sharpe. Davis, H.J. Chatterjee, S.R. & Heuer, M. (2006). Management in India: trends and transition. SAGE. Fernando, A. C. (2009). Business Ethics: An Indian Perspective. New Delhi: Pearson Education India. Galeano, E. (2009). Open Veins of Latin America: Five Centuries of the Pillage of a Continent. USA: Scribe Publications. Ham, A. (2009). Middle East. (6th edn). Lonely Planet. Hardgrave, R.L. & Kochanek , S.A. (2008). India: Government and Politics in a Developing Nation. (7th edn). Cengage Learning.
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