Answer to Question #214931 in Marketing for keda

Question

One of the most important criteria for effective international negotiation is cross-cultural understanding. You are the marketing manager of a Caribbean company interested in entering the international market.

a) Explain the importance of cross-cultural knowledge in negotiating within a global economy.

b) List three (3) challenges you may encounter from insufficient market research.

Answer 1

a) Explain the importance of cross-cultural knowledge in negotiating within a global economy.

Simply put, cross-cultural negotiation empowers you to craft better agreements with customers, suppliers, and coworkers. It also fosters better teamwork within your organization, especially when collaborating with colleagues from cultures you might be unfamiliar with.

b) List three (3) challenges you may encounter from insufficient market research.

• It causes indecision
• Inaction
• Fear of risk or the truth