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Domestic and International Differences By: Abbie Elliott - Coggle Diagram
Domestic and International Differences
By: Abbie Elliott
Culture defines how business practices work, no two cultures / countries are the same with business practices
It is best to understand the infastructure of business in the market before committing. It is wise to understand how goods are moved around the country.
Technology is at many different levels of development in different countries. It is important to understand and learn their development to know if deciding to commit to that market
International business standards are set very high compared to domestic which are usually very low
Restrictions domestic are relatively low, while international has to look at tariffs and quota restrictions
Single currency vs. Multiple currencies
Different governments and legal systems
When handling foreign markets it is important to play by those rules and regulations. You do not follow the market rules in your market
Longer term success, it is best to have legal counsel
Knowledge behind media in international markets
It is important to know what works well in a international market. Some markets can not read and others do not have internet access.
Representative Democracy vs. Multi- Party System in Portugal
International = huge capital investment
It is important to go to potential market and do real life research, it can be difficult to do research through online or word of mouth.
Portugal vs. United States
Computer literacy has grown, information technology is growing in Portuguese businesses
Companies will be in culture shock if they don't understand the Portuguese culture before doing business there.
It is vital to get higher education in Portugal in order to find a job. Only 32% have a high school degree
Personal relationships are very important in order to do business in Portugal. Vs. The United States business relationships are usually just conducted as good enough.
It is important to build up a credibility with Portugal cliental, as usually it will not be a one and done deal. It will be about the long term relationship and focusing on how to gain trust.
The United States ranks as one of Portugals highest priorities for productive relations. It is important to uphold the respect for one another's countries.
Business attire is conservative and formal, which is very similar to the United States
It is rare to see women in higher corporate positions, but they are treated as equals in the work force. The United States has grown farther then this with seeing women at the tops of companies but it was unfamiliar or rare just less than fifteen years ago
Gifts can be considered inappropriate in meetings. The United States does not mind gifts but also don't expect them.
Business hours usually run from 8:30am to 1pm and 2pm to 6:00pm, In America working hours are usually 9am to 5pm.
Be welcoming to warm and friendly with business relationships do not stay all business professional as usually done in the United States as it comes off as not wanting to grow and build a relationship with them
Always let those in power conduct meetings