MGT1FOM_ReviewQus_Week4

MGT1FOM_ReviewQus_Week4 - LaTrobe University Faculty of Law...

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LaTrobe University Faculty of Law and Management School of Management MGT1FOM: Foundations of Management Tutorial Review Questions: Answer Guide Topic 4: Managing in a global environment 2. What do you think is your strongest component of cultural intelligence? Your weakest? How would you go about shoring up your weaknesses? Understanding the work undertaken by Hofstede and the GLOBE project is one approach to addressing weaknesses. 4. What policies or actions would you recommend to an entrepreneurial Australian business wanting to do business in Asia, Europe or the USA? The first thing a business should do is analyse the environment that it is hoping to enter. It should look at the economic environment, especially the regional economics groups such as the EU, ASEAN and NAFTA. The legal and political environment should be considered in deciding which country to enter first. The socio-cultural environment will also influence this decision. Next, the company must determine its entry strategy. Exporting is the most likely strategy for a small entrepreneurial business. It requires the smallest investment and the least amount of risk, but it also returns the least amount of profit. Licensing and direct investment should also be considered. Other factors such as the correct organisational structure and type of marketing strategy must also be determined. 5. What steps could a company take to avoid making product design and marketing mistakes when introducing new products into a foreign country? The basic need is an understanding of the foreign culture and how the product will relate to it. One technique for adapting to foreign cultures is to use foreign nationals in the design and implementation of new products. This can be accomplished through
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MGT1FOM_ReviewQus_Week4 - LaTrobe University Faculty of Law...

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