2 list various factors that comprise the external

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2) List various factors that comprise the External Environment. The external environment of a company are influenced by external factors that affect performance. Factors including customers, government/political, economy, and competition. Chapter 3 & 5 1) Discuss three attitudes that affect how company and its manager adapt to foreign cultures. Attitudes that affect how company and its managers adapt to foreign cultures include ethnocentric, polycentric and geocentric. An ethnocentric attitude is where management compares another culture against their own and favors those with similar beliefs, practices and preferences. Polycentric ethnocentric view where management decides to focus and adapt host country preferences. Geocentric attitude is where management looks at opportunities on a global scale. All three can affect business operations either positively or negatively. 2) Explain Hofstede’s value dimension. 2
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HOMEWORK ASSIGNMENT 1: CHAPTER 1-7, 15 Geert Hofstede conduced studies of national cultural traits on attitudes and values. Based on his research Hofstede identified six independent dimensions of national culture. These include Individualism versus collectivism, power distance, uncertainty avoidance, masculinity versus femininity and long term versus short term orientation. Individualism versus collectivism describes whether a person functions primarily as an individual or as part of a group. Power distance describes how a society deals with the inequalities in power that exist among people. Uncertainty avoidance is the extent to which people can tolerate risk and uncertainty in their lives. Masculinity versus femininity refers to a society’s orientation based on traditional male and female values. Long term versus short term orientation refers to the degree to which people and organizations defer pleasure and gratification to achieve long term success. 3) Briefly describe porter’s diamond. Michael porter described factors that give rise to competitive advantages at both the company and national levels. The Porter Diamond Model also known as the National Competitive Advantage Theory is a diagram with four primary elements that help us understand the competitive advantage of nations or groups have due to factors available to them. Demand conditions is the nature of home market demand for specific products and services. Firm strategy structure and rivalry is the nature of domestic rivalry and conditions in a nation that determines how firms are created, organized and managed. Factor conditions describe the nations resources such as labor, natural resources and advanced factors such as capital, technology, entrepreneurship, advanced work force skills and know how. Related and supporting industries refers to the presence of clusters of suppliers, competitors, and skilled workforce.
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