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Why culture matters in international business
Why culture matters in international business
Why culture matters in international business
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DOING BUSINESS IN PANAMA
Business Customs & Etiquette
Punctuality is appreciated by business people, as is giving your host enough time to plan for your arrival. Thus, you should make appointments at least one week in advance. When you meet with your Panamanian colleagues, a handshake is a normal greeting. Do not rush into a meeting with talk of business right away. Your associates are more likely interested in getting to know you first. The exchange of business cards is important. If it is possible, get them printed in Spanish. This goes for any other literature you will be using for business matters.
Executives and general managers are expected to wear suits, whereas low-level managers usually wear panabrisas, shirts left untucked and worn over trousers. Foreign businessmen should always wear dark suits on their first visit, but later may wear panabrisas if their business associates do at the next meeting. Businesswomen should wear dresses or skirts and tailored blouses. Since Panamanian women are now moving into higher managerial positions, there should be no difficulties for women doing business.
Be aware of the importance of titles: "Licenciado" for a BA holder; "Doctor" for a Ph.D., lawyer or medical doctor; "Arquitecto" for an architect and "Ingeniero" for an engineer.
There are some anti-American feelings felt in Panama. To prevent an uncomfortable situation by saying something that may offend, avoid discussing local politics, the former Canal Zone and racial issues.
Business Hours
Office hours are usually Monday to Friday, 8:00 a.m. to Noon, and then 1:00 p.m. to 5:00 p.m.
Importance of Relationships
Expect to invest a considerable amount of time developing good rapport and a pleasant, relaxed relationship before discussing business. Establishing an atmosphere of trust is a precondition to a successful business relationship.
Good topics for small talk are football (soccer), Panamanian history, literature and places to visit as well as information about your home town and region. You will probably need two or three visits to the country before you can expect to do serious business. Like other Latin Americans, Panamanians value deep, long-lasting relationships.
Orientation to Time
The clock ticks at a different speed for the fun-loving Panamanians. You might find yourself waiting an hour or more for your local counterpart. Visitors should always make it a point to be punctual.
Hierarchy, Status and Respect
In Panama one's status depends more on social class, education and family background than on personal achievement. Business visitors can enhance their status by displaying a lively interest in intellectual pursuits, dressing elegantly and staying in top hotels.
The Empowerment Project::The Panama Deception. (n.d.). The Empowerment Project::The Panama Deception. Retrieved May 4, 2014, from http://www.empowermentproject.org/pages/panama.html
Lopez, Jose Javier. "Dominican Republic: Traditions & Etiquette." World Geography: Understanding a Changing World. ABC-CLIO, 2000. Web. 17 Mar. 2014.
Panama is the southernmost country of Central America. It sits on the isthmus connecting north and South America. Panama remains bordered by Costa Rica to the west. Colombia is to the southeast. The Caribbean is to the north and the Pacific Ocean to the south. Panama City is the capital of Panama. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821.Panama has the third largest economy in Central America and it is the fastest growing economy and the largest per capita consumer in Central America. In 2013, Panama ranked fourth in Latin American countries in terms of the Human Development Index, and is ranked 59th in the world. Studies in 2010 show that Panama remains as the second most competitive economy in Latin America. Panama’s jungle is home to an abundance of tropical plants, animals, and birds and some of them found nowhere else in the world.
The culture and political structures of Panama as we know it today has evolved from an incredibly diverse and interesting history. Geographically, Panama lies on an isthmus, a strip of land that essentially connects the greater landmasses of North and South America. It is believed that volcanic activity in the late Pliocene era closed the former Central American Seaway that had separated the two continents. The climatic implications of this landform are incredible, allowing for the redistribution of oceanic currents and the formation of the Gulf Stream of the Atlantic of today.
To Americans Puerto Rico is an island destination where they can relax on the beach. In reality, Puerto Rico has deep social problems that have been hidden by tourism. It is easy to see pictures of magnificent beaches and assume the whole island is as beautiful and picturesque as that beach. There is no arguing that Puerto Rico is an incredible place with a thriving culture the disregard of its problems has created an American population that knows nothing of its commonwealth neighbor. The Rum Diary by director Bruce Robinson explores these issues, especially transparency regarding social ills. In the movie, Johnny Depp’s character, Paul Kemp is a freelance journalist who is only allowed to write about tourist life even though he wants to write about the poverty of San Juan. The film portrays the disconnect between American tourists and the local community. The way Puerto Rico is portrayed in the media and in entertainment is one sided, and that is the side that appeals to the public. No one wants to taint paradise with corruption. That is similar to many resort countries where tourists only know what they see within the confines of their hotel. That is unfortunate because serious issues need to be known especially since Puerto Rico is an American commonwealth that deserves the same opportunities that are available in America. In this essay I will use The Rum Diary to support the argument that American intervention and the media’s portrayal of Puerto Rico as a tourist destination has covered up deep social problems, which tourism has perpetuated.
Executive Summary To be given an opportunity to do business in Mexico, one must understand where to start and how to deal with a totally different social and cultural environment from what one is accustomed to. To succeed in making a good first impression and in carrying out any type of business transaction, it is important to understand what these differences are. When conducting business in Mexico, there are specific things that must be understood and complied with. Just understanding how important building a relationship is, such as shaking hands and exchanging pleasantries, can have a huge impact. What could potentially be the start of a bad or mediocre business trip now has the possibility of being a successful one.
But by night, they recline over rum and cigars, tipping generously, listening to hotel salsa and reminiscing about the cold war. Many of the new American visitors to Cuba, whose numbers have surged since a diplomatic detente in December, are old enough to remember life before the internet and relish a few days in one of the world’s last Facebook-unfriendly bastions. What tourists find quaint seems stifling to many Cubans themselves. Since the relaxation of some restrictions on American visitors, tourism to Cuba has risen with bolstering foreign exchange. Cubans are now borrowing whatever they can to spruce up accommodation in a city where hotels are now booked up weeks in advance. According to Omar Everleny, a Cuban economist, over 18,000 private rooms have become available. That is the equivalent of 31 new hotels the size of the 25-storey Habana Libre. This activity is expected to boost economic
In conclusion, trying to find a American dream in America, more women are working to make end meets. Chantal (in the interview) said “living in Americans is not enough for the husband income to meet monthly bills. Panamanian women gather at Franklin Avenue in a social organization, clubs and discuss they political, economic problems, and news from Panama. There are a lot of Panamanian women who has a decent job and are able to work today. There are gradually improved immigrants who are able to purchase a house, cars, and modern appliances, or rent larger apartments in more prosperous neighborhoods. In my next research I would be looking into, what make Panama “Dubai of the Americans”?
Investors do not have to worry about their health status as they have accessibility to some of the best hospitals in Panama, meaning they can even stay and bring over their families without having to worry about the healthcare services. Moreover, the continuity of their children’s education is assured by Panama’s world-class education systems. International schools within Panama offer globally certified curriculum modules. The transport sector is one of the key concerns for most investors; they must have the opportunity to transport their goods using the shortest time possible. The government has worked and seen to it that improvements are made not only in the transport sector but also in the storage and in the communication sectors. There are good roads like the four highways (Corredor Sur, Corredor Norte, Colon Expressway and Autopista La Chorrera) and international airports like the Tocumen International Airport which ensure that business people travel or transport their goods safely and faster. Tocumen International Airport is rated among the airports across the globe which offer quality airline services. For example, the Corredor highway which runs from the Panama City to the Tocumen International Airport makes the transportation of passengers and goods easy. With good communication systems in place, the investors may be able to monitor or follow up or further, to do their transactions with ease from their locations (Martinus et al.
While relationships are critical in any successful business negotiation and any resulting business arrangement, they are doubly so in Mexico. In general, you should consider the first meeting strictly a “get to know you” session. You should not expect to cover substantive ground and specifics and are better advised to spend the initial session explaining yourself and what you or your company has to offer.
Ø Boarders with Costa Rica to the West and Columbia to the East. Panama also borders with the Pacific Ocean to the South and Caribbean Sea to the North.
There are three things that will help with communicating with partners you may have in Brazil or any other foreign country. The first is structure, the way the content is laid out. A good structured conversation knows the purpose they want to convey, has researched the targeted audience. Researching the country of Brazil is an important matter when you identify key points, facts and themes. Although, many of our fellow citizens still confuse Brazil with Spanish America, Brazil is the only Portuguese-speaking nation in the Western Hemisphere.(Meade, T. A. (2003). Brazilian Portuguese is a passionate and romantic language, where the focus is on expressing yourself rather than following tons of grammar rules. Research the written words, advertisements logos and body gestures you use in the native country. After you have structured the research of which words are acceptable written, spoken or advertised in Brazil, compose a strong introduction. Keep the message simply and avoid jargon. Brazilian partners may lose focus on the message your trying to get across. Use words that are concrete and specific words to the topic. Short Paragraphs and sentences instead of long rambling ones, keep the idea or purpose in the room. This structured handout should be given in the Portuguese language as well as English language. This will allow all your readers to quickly scan the...
During a meeting with a Mexican supplier Ted offended the visiting businessman by refusing to go on a tour of the city offered by Manuel. In past oriented countries such as mexico sharing cultural history is a very important factor, and is usually shared by the business host. This also shows the differences between the monochronic ways of the United States and the polychronic thinking that MExico use. Monochronic cultures want to get to business right away, time management is a number one priority and deadlines are taken very seriously. Ted displays this by not wanting to waste time getting a deal done with the other business man. This is also shown when he is upset with Manuel over the plant 's failure to get running in time. Manuel displays his polychronic methods by socializing during the business meetings, and by failing to get the plant up and running in time by missing the deadline by five weeks. Had Ted been aware of the polychronic culture of mexico he could have been more hands on in getting the plant up and running in time, just another case where the intervention of a business anthropologist would have been
The creation of the Panama Canal was far more than an unprecedented feat of engineering. It was a profoundly important historic event and a sweeping human drama, not unlike that of a war. Apart from wars, it represented the largest, most costly single effort ever before performed anywhere on earth. It held the world’s attention over a span of 40 years because of the all the various labor exerted and problems that had to be solved for completion of this major world project (Ayers et al 610). It affected the lives of multiple nationalities. Great reputations were both made and destroyed. This world project involved numerous men and women who worked and faced this creation as an adventure of a lifetime (Hammond 64).
We arrive in Panama and do nothing but lie on the beach all day and work on our tans. We were right about it being crowded and there were all kinds of attractive boys everywhere. Later that evening we walked to Pier Park and got