Question

Explain the role and importance of the cultural environment in international business

Answer 1

Cultural environment plays pivotal role in successful deals and negotiations between economies and private players and is most important to understand cultural nuances to better market the product and close the deal.

Cultural environmentaand its importance can be sharedbelow:

• Helps in recruitment of right talent with right skillset
• Helps in cross cultural management
• Helps in effective interpersonal communication and ethical decisions making
• Helps in optimisation of workplaces etiquette
• Helps in mergers and acquisition and helps in effective closure of deals
• Helps rationalise organisational hierarchy