The Significance of Personal Familiarity - Dissertation Example

The paper first focuses on the international business relationship between Britain and Romania with recent statistics. Further, the paper discusses Romania’s corporate culture and Britain’s culture. Scope of the study: Though it is a management and business-related research paper, the paper focuses on cultural issues in the business world.

Awareness, respect, and honor for other cultures have become one of the major prerequisites of the corporate leader's Practical implication: The study includes the following corporate cultural aspects of Britain and Romania: Languages/ religious orientation Cultural Values Etiquette and manners Behaviour Symbols Body language and their meaning Keywords: Comparative analysis, Britain Romania, Cultural factors, corporate world. INTRODUCTION Due to globalization the business has crossed its local and national peripheries.

‘Globalization is rapidly breaking down our vision of a world with well-defined national, cultural, and linguistic boundaries.’ (Irina Budrina 2011) For its growth and expansion, the businesses have to rely on international dealings. Mergers, acquisitions, and joint ventures are common phenomena in today’s globalized corporate environment. Corporate tasks are majorly performed by employees from different cultural backgrounds. Culture has an influence on the way people operate and manage their businesses.

It also plays a significant role in the way managers negotiate and interact with other business people, organizations, and consumers. ‘It is important that you adapt your management style to reflect the market in which you are working.’ (International Marketing Challenges, Smart Biz Connect) New strategies related to multiculturalism have been dominating organizations. Knowledge and well understanding and benefitting from cultural differences have become one of the major challenges to organizations that are operating on a global level.

‘Each nation has a distinctive culture and different beliefs about what business activities are acceptable or unethical.’ (Ferrell, Fraedrich 2009 p.150) Consequently, it has become crucial to consider cultural aspects while designing the strategies. Intercultural competency has become one of the most important prerequisites in the increasingly global business. The term intercultural competency is associated with the ability to communicate effectively with people of different cultures. While training and orienting people who are going to be the leaders, they have been given the training of cultural knowledge needed for a successful business.

It is essential for the manager to understand and respect the cultural aspects of the country in which they want to establish their business. ‘Failure to place marketing strategy in the cross-cultural context of the countries where a company is doing business will work to the detriment of brands and business relationships.’ (Emery and Tian, 2003, 2002; Tian 2000)