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2 pages/β‰ˆ550 words
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Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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Topic:

Importance of cultural differences in establishing international contracts

Essay Instructions:

1.
Visit Hofstede Insights and find the Country Comparison Tool
https://www(dot)hofstede-insights(dot)com/country-comparison/
Research the cultural dimensions in two countries listed below. Imagine that you are a manager at the first company and country listed. Brief your company’s CEO as to what challenges and opportunities may arise from this scenario considering cultural differences and similarities. Provide recommendations as to how to make this outsourcing agreement a success, considering cultural differences or similarities.
You represent a Chinese construction company building a railway in Nigeria under a contract from the Nigerian government.
2.
Discuss the impact of technological change on global markets.
3.
Discuss the key factors that companies must be aware of before deciding to do business in other countries.
4.What factors contribute to the attractiveness of a country as a market or investment site

Essay Sample Content Preview:
1 Understanding the importance of cultural differences in establishing international contracts is essential for any business manager. It allows for a better appreciation of the various factors that could affect the profitability and chances of success of a business in line with the cultural gaps that might exist between the nations.
Accordingly, upon an analysis of the cultural differences between China and Nigeria, it could be seen that both countries are almost similar when it comes to cultural factors such as; (1) power distances, (2) masculinity, and individualism.
However, significant differences arise in terms of cultural values such as (1) uncertainty, (2) long-term orientation, and (3) indulgence, thereby suggesting that companies should focus on these three aspects when creating an outsourcing agreement between the two countries.
First, Nigeria's high uncertainty rate compared to China means that the Chinese railway company must make sure that they reduce the "sureness" of their contract and output.
Second, the vast difference between the two cultures' long-term orientation (i.e., Nigeria with only 13) means that the Chinese company should also focus on improving its consideration of the traditional methods that are time-honored in the Nigerian culture as compared to continuous innovation that is used in the former's culture.
Finally, the higher indulgence characterizing Nigerian culture than Chinese culture simply means that the former also give...
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