Cultural Issues Affecting International Trade/Summary

Unit 1.2-Cultural Issues Affecting International Trade

Introduction | Culture Defined | Culture Applied | Summary | Resources | Activities | Assessment Go to Unit 1.1 | Unit 1.2 | Unit 1.3 Return to Trade Finance Module 1: Political and Economic Risk

Summary

Culture is an enormous topic because it differs over time by location and by age group. Trying to learn the details of every culture would be close to impossible; however, understanding that there are similarities and differences is the first hurdle. An important step before going abroad for business is that an international manager should prepare by researching the cultural norms, business etiquette, and the taboos. Developing strong personal relationships is critical. Culture does affect business and the ability for a business to be financially successful. Culture may also determine the ways business is conducted and the speed at which transactions take place. Research, prepare, and be ready for anything to happen.

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