International Management - Essay Example

Download file to see previous pages From this paper it is clear that in the fast changing global equation of socio economic development, it is important that efforts are made to ensure that better understanding of cross cultural values and business practices are developed. The need of the hour is that a comprehensive study of factors which may hinder the business negotiations are undertaken and efforts are made to mitigate the influence of those factors in furthering the mutual business development of the global community. This study outlines that The imperatives of the global business environment have transformed the traditional business practices to suit the business and cultural compulsions of the host business partners. the international business practices must take cognizance of the changed equation of business practice with reference to the changing socio cultural background of the country, where one needs to establish the business interests. National cultures are known to determine the negotiator’s assumptions and thoughts which help to form business strategy and behavioral pattern. Negotiations primarily involve six major steps: defining goals and objectives; understanding socio-cultural values of one’s business partner; identify main variables in the negotiation processes; gaining comprehensive knowledge of country’s legal framework and political compulsion which may have significant impact on business outcome; develop mutual trust and confidence building. ...Download file to see next pagesRead More