cultural aspect of international business
On successful completion of this assignment, students should be able to:
- describe and explain different cultural differences and the importance of recognizing these differences,
- describe the three main types of economies and understand economic development and transition issues, and
- describe and explain different political and legal systems and understand the increasing importance of CSR and ethics in international business.
The case will focus on issues related to the cultural aspect of international business. Sustainable business practices include CSR issues, foreign investment, and the benefits of regional integration for the countries within, and companies doing business in, that region. The case study analysis will be completed on an individual basis.
Read the case study and answer the questions that follow. Each answer must be based on facts from the case and all of the course materials. Each answer should be 1-2 pages long for a total submission length of 10 pages maximum (double spaced, 12 pt font), and must be prepared in APA style format.
- Cultural understanding is a key factor in this situation. Comment on the importance of this aspect of market entry and development, being sure to discuss the key elements of understanding and working effectively in Mexico.
- Using the Hofstede Framework, analyze the Mexican culture with reference to concepts covered in the course materials.
- CSR and business practices are another set of critical issues in this case. Describe four CSR issues and explain how these issues can impact a company’s international business activities.
- The Client, in order to develop its Market Entry Strategy fully, will be required to make an investment in Mexico. Explain each of the four means of incorporating risk into market entry strategies if The Client wanted to use an Adaptation Strategy.
- The Client will benefit from trading with other countries in the region. Consider the changes arising from the renegotiation of NAFTA to CUSMA and evaluate the advantages/disadvantages of How significant is the trading area for the firm trading across all three member countries?
The overall grading is out of 100. Below is a breakdown of the grade. Note that simply meeting expectations garners an average grade.
Activity/Competencies Demonstrated% of Final GradeContent/60a. Describes the importance of cultural understanding in market entry and development/15b. Analyzes Mexican culture using the Hofstede framework./10c. Describes four CSR issues and explains how these issues can impact the client’s successful entry into Mexico /10d. Explain each of the four means of incorporating risk into market entry strategies./10e. Discuss the benefits and drawbacks of regional integration especially relating to CUSMA./15Communication/25a. Uses language clearly and effectively. /10b. Information organized intelligently and holistically (i.e., not simply answers to questions)./10c. Proper introduction and conclusion to paper./5Attention to Detail /15a. APA Formatting (title, headings, and references)./10b. Spelling and grammar./5Total/100