U2 Culture 3

Question 1

Why is culture important in international business?

Answer 1

Failure to consider cultural impact can lead to issues in negotiation, marketing , labour, personal safety

Question 2

How does culture affect products and services in different markets?

Answer 2

• Culture determines the success of certain products and services in specific markets.
• Cultural differences limit the market for certain products, such as alcohol-related items in Muslim countries or pork products in Jewish culture.

Question 3

How does culture affect the financial services industry?

Answer 3

• People’s attitudes towards money and savings are influenced by culture.
• Cultural norms impact financial behaviors, such as investment preferences and savings goals.

Question 4

How does culture influence the workplace and labor practices?

Answer 4

• Discrimination laws and workplace regulations vary across countries, affecting hiring practices and employee management.
• Cultural norms and practices influence work schedules, breaks, labor unions, and labor negotiations.

Question 5

How does business impact indigenous cultures?

Answer 5

Resource extraction can lead to conflicts, displacement of indigenous people, and destruction of habitats.