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Domestic and International Business (Culture (South Korean businesses…
Domestic and International Business
Location of Transactions
Domestic business only includes the home country
international business includes the whole world
Restrictions
Domestic business has very little restrictions
Domestic businesses have free product mobility factors
International business has many restrictions
International businesses have restricted mobility factors for production
Culture
Domestic businesses only deals with one currency
Domestic business works with homogeneous customers
International business deals with many different kinds of currency
International business usually works with heterogeneous customers
South Korean businesses emphasis relationship as the key to success (2017,Global Business Culture).
South Koreans are more laxed on communication and are okay with not being so direct ( 2017, Export Enterprises).
South Koreans give gifts as a sign of relationship, rather then in america where gift giving would be taken as a form of bribery (2017,Global Business Culture)
When Koreans go on business dinners, they have different customs then america, such as the superior of the group will order the food, and they do not tip afterwards 2017,Global (Business Culture).
American business emphasizes time and it's relationship with money as a key factor to success ( 2017, Export Enterprises).
Americans communicate clearly and to the point in business situations ( 2017, Export Enterprises).
Research
international businesses have a hard time researching their target market
International business has high standards
Domestic businesses have a fairly easier time conducting research
Domestic business has low standard
South Korean women are less accepted in a business then they are in America (2017,Global Business Culture).