CROSS-CULTURAL MANAGEMENT Essay Example | Topics and Well Written Essays - 1250 words

CROSS-CULTURAL MANAGEMENT - Essay Example Every company across the world is trying to maximize the profitability from the opportunity it has in the global world economy. Companies are looking for the opportunities to expand their businesses and serve the international markets. International markets on one hand provide lucrative opportunities and on the other hand poses different challenges for the international business managers. Much of these challenges come due to the differences of the cultures of the target market places. Every market differs with each other in geographic specifications, customer demographics, consumer choices and preferences, taste, culture and traditions and in various different aspects. It is very important for the international businesses to cater the needs of different markets by responding to different environmental factors. One of the most important issues for the business organisations’ in the present business scenario is ‘Culture’. Culture has been defined in different ways by academicians, sociologists, researchers and various experts from different fields. Hofstede (1980) has regarded it as ‘collective programming of the mind’. This collective programming allows people to distinguish the members of one group from the other. Maanen and Schein (1979) has defined culture as values, beliefs, and expectations that members of a group come to share. Success and failure of any project of organisation is subject to its culture and culture of the people working in/with it. Organization culture allows its employee certain degree of freedom, innovativeness and support. It depends on leadership for the mission, vision and approach. Employees of any organization must follow the vision of management in order to achieve desired results. The components of organization’s culture are as follows: Mooij and Marieke (2004) state â€Å"Organization culture is collection of vision, values, norms, beliefs and attitude of an organization.† Organisation culture is one

A chance meeting and exciting news Essay Example | Topics and Well Written Essays - 1250 words - 1

A chance meeting and exciting news - Essay Example In addition, there new partnership opportunity offers Per Diem expenses and travel allowances that are paid by the client, meaning that the there will be minimal or even no business expenses that the partners will have to meet at their personal cost. While this opportunity seems to be very promising, there is one major worry though. The fact that the new prospective engineering consulting company has secured a contract for 12 months only poses the danger of the likelihood of a future job and financial crisis, on the event that the contract is not renewed. This would mean that the three partners would be left jobless and without a source of finance to support their lives. Consequently, it is important that a concrete plan is laid down to ensure that the new engineering consulting opportunity goes beyond the single contract that has been secured into a fully-fledged engineering consulting entity that will obtain more contracts from different clients. This way, the future of the new opportunity will be secured, which means that the business opportunity will become sustainable. Therefore, the plan for developing new partnership firm will entail: The opportunity cost analysis assesses the value of the opportunity than an individual has to forego, in order to pick on an alternative opportunity (Lauer, 14). On the other hand, the Cost Benefit Analysis is applied towards assessing the benefits and the costs that the new opportunity has to offer, and then comparing between the costs and the benefits, to determine whether to take the new opportunity or not. Where the costs are more than the benefits, then the new opportunity should not be taken. However, where the benefits of the new opportunity supersede the costs, then the new opportunity can be taken. In this respect, the first stage in the process of developing new partnership firm entails a personal reflection in relation to the question; what is my ultimate goal for my career and