WGU EGT Task 4
Economics and Global Business Applications
Task 4
This report will detail cross-cultural issues that may be faced when a firm does business within the borders of the highly populist country. With the emergence of the WTO (World Trade Organization) international trade drastically increased allowing countries to participate in foreign trade in turn raising the GDP (Gross Domestic Profit) and exposing their products to a broader audience. Not only are countries able to trade standard goods and services, they are able to expose specialty and cultural products across the globe giving an insight to daily life’s of it citizens and rich history. Although Trade Agencies such as the WTO have greatly expanded the reach and created a somewhat level playing field they are still facing barriers such as government policies, economic conditions, tax’s/tariffs, and cross cultural issues.
Korea, is beginning to challenge the established economies as it grows into a super power. In a unprecedented increase the Asian markets are under growing massive economic and social changes out pacing other established markets. Over the last forty years Korea’s economic growth has shown substantial growth. Many statistical analysis show the Korea is on track to overtake major economies including the United States, over the next couple decades growing its GDP to the become the worlds largest economy. (Anusorn, 1997)
There are several substantial opportunities and incentives with trading with Korea. Business in Korea like many Asian countries maintain direct customer contact preferring to lean towards in person meetings and hand shaking while negotiating, instead of relying on video, email or telephone conversations that are becoming common place in business. It is imperative for any firm wishing to interact and conduct business in Asian markets takes this into consideration when planning their entry.
People in the United States make decisions based on their beliefs and views, while people
Task 4
This report will detail cross-cultural issues that may be faced when a firm does business within the borders of the highly populist country. With the emergence of the WTO (World Trade Organization) international trade drastically increased allowing countries to participate in foreign trade in turn raising the GDP (Gross Domestic Profit) and exposing their products to a broader audience. Not only are countries able to trade standard goods and services, they are able to expose specialty and cultural products across the globe giving an insight to daily life’s of it citizens and rich history. Although Trade Agencies such as the WTO have greatly expanded the reach and created a somewhat level playing field they are still facing barriers such as government policies, economic conditions, tax’s/tariffs, and cross cultural issues.
Korea, is beginning to challenge the established economies as it grows into a super power. In a unprecedented increase the Asian markets are under growing massive economic and social changes out pacing other established markets. Over the last forty years Korea’s economic growth has shown substantial growth. Many statistical analysis show the Korea is on track to overtake major economies including the United States, over the next couple decades growing its GDP to the become the worlds largest economy. (Anusorn, 1997)
There are several substantial opportunities and incentives with trading with Korea. Business in Korea like many Asian countries maintain direct customer contact preferring to lean towards in person meetings and hand shaking while negotiating, instead of relying on video, email or telephone conversations that are becoming common place in business. It is imperative for any firm wishing to interact and conduct business in Asian markets takes this into consideration when planning their entry.
People in the United States make decisions based on their beliefs and views, while people
References: Weisbrot, M. (2011, April 27), 2016; When Korea overtakes the US. The guardian, Retrieved from http://www.guardian.com.uk Anusorn Singhapakdi, Mohammed Y.A. Rawwas, Janet K. Marta, Mohd Ismail Ahmed, (1999) ;"A cross-cultural study of consumer perceptions about marketing ethics", Journal of Consumer Marketing, Vol. 16 Iss: 3, pp.257 - 272 Brooks, C. (2013, October 7). Lost in Translation: 8 International Marketing Fails. Lost in Translation: 8 International Marketing Fails. Retrieved August 15, 2014, from http://www.businessnewsdaily.com/5241-international-marketing-fails.html (2013, ). Women in Business in Korea. Women in Business in Korea. Retrieved August 15, 2014, from http://www.worldbusinessculture.com/Women-in-Business-in-Korea.html Perkowski , J. (2014, July 22). Negotiating In Korea: 10 Rules for Success. Retrieved August 15, 2014, from http://www.forbes.com/sites/jackperkowski/2014/07/22/china-auto-update-2014-first-half/ Kyrnin, J. (2014). World Culture color Symbolism. Retrieved September 21, 2014, from http://webdesign.about.com/od/color/a/bl_colorculture.htm