Country Analysis Uruguay

Topics: International trade, Uruguay, Investment Pages: 8 (1958 words) Published: September 11, 2011
International Marketing Assignment
Country Analysis Uruguay

Country: Oriental Republic of Uruguay
Official Languages: Uruguayan Spanish
Currency: Uruguayan peso (UYU)
Capital: Montevideo
Population: 3.4 million 
GDP (by PPP): US $40.7billion (2010)

Submitted By:
Group – M1 – 3
Sowmya Amin – Mkt-01
Chirag Gahlaut - Mkt-13
Darshan Gandhi – Mkt-15
Kavan Jani - Mkt-19
Tanvi Moolur – Mkt-36

Uruguay Business Etiquette
Uruguayans pride themselves on being very European in attitude and conduct business accordingly. It is a stable country with a strong middle class and a good place for foreigners to pursue business. People enjoy easy access to a good education, compulsory for nine years and free through post-graduate studies. The literacy rate is 96%, one of the highest in South America.

While timing of social engagements is flexible at best, business meetings here start promptly at the agreed time. While European-style cheek-kissing is the norm for greetings between friends (even males), business associates shake hands.

* Dress and Appearance
Despite the popularity of bright colored clothing in other parts of South America, business people dress conservatively in Uruguay. Wear a suit and tie of muted, dark colors to meetings. During hot summer months, your hosts may remove their jackets and ties. Follow their lead and do the same if this is the case.

* Meetings
In keeping with tradition of South American business meetings, Uruguayans are typically tardy for business meetings. You should be punctual, but be prepared to wait for your hosts. Make small talk before getting down to business. Uruguayans prefer to form relationships with clients and will want to get to know you. Family is very important in Uruguay; be prepared for your hosts to ask you personal questions about your family life. A foreign woman will have no problem doing business in Uruguay. It may even be an advantage. Men like to be with and enjoy doing business with women. Though many Uruguayan business people speak English, you will most likely need a translator. Have plenty of business cards on hand. Print one side in English and the other in Spanish. Present all materials in Spanish.

* Negotiations
Avoid hard selling and any sort of conflict or confrontation.  Uruguayans respond much better to the soft sell. The issue of saving face is important in Uruguay , so don’t be surprised if it appears that your counterpart seems to agree to everything you say, but no contract is signed. Final decisions are usually made by the highest ranking officers, so it is best to have them in the meeting if possible.

* Successful Business Entertaining
Uruguayans dine late; typically around 9 or 10 p.m. Plan to arrive at least a half-hour later than the invitation states. Lunch is a typical business meal; dinner is for socializing only. It is extremely rude to use a toothpick in public while in this country. Do not talk business unless your host initiates the conversation.

* Gifts
If invited to an Uruguayan home, it is appropriate to bring flowers, wine, good quality liquor, or chocolates. It is not necessary to bring a gift to an initial business meeting as giving gifts is not a part of doing business.

Social Etiquettes

* Greetings
Man greeting Man- Men shake hands when greeting one another and maintain direct eye contact. A firm handshake is a sign of strength and honesty.  At a first meeting a handshake will suffice and is sometimes combined with slight touches on the arms and/or elbows.  Good friends and family will engage in a hearty hug or abrazo which is sometimes combined with a few firm slaps on the back. Woman greeting Woman - At a first meeting, a light handshake will suffice, sometimes usually accompanied by a slight nod and warm smile.  Friends generally kiss each other once on the cheek. Greetings between Men & Women - At a first meeting a regular handshake will do.  Friends, family and long-time...

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