Lack of political stability in the country directly impacts the operations of business firm. Your email address will not be published. | 1 |. Financial resources refers to the funds available with the company to carry out various operations in the organizations. With the globalization of business word, China has become an attractive market for foreign investors and entrepreneurs. The political factors affecting business are often given a lot of importance. Don’t criticize someone’s culture or country. Various taxation policies and food licensing requirements also affects the working of food and grocery stores. 6. Cultural assumptions/ethics/political correctness, Business organization/management style and leadership/business relationships, Entertaining and socializing/ gift giving. Type of organization structure shapes the employee behavior in organization and also influences the type of communication taking place in organization. Fresh produce and Differentiated products, Cross border transactions of goods and services from one country to another, Contractual agreements to use products, services and processes of other nations. Disaster at Soma, Turkey: Desperate Search at Coal Mine. Woolworths provides better compensation packages to its employees to retain the existing staff members in the organization. It is important to receive cards with both hands and study. Number of business firms, number of buyers, amount of purchase, switching cost to other organizations etc. vs traditional media (press, TV, radio), 4. dominant communication technology in social groups, 5. participation in cultural events, 6. willingness to pay for tickets, 7. popular actors, music styles, design forms, etc. Various recycling and ethical sourcing practices have also been adopted by Woolworths to comply with various environmental regulations. You should not write on the card, bend it, or leave it behind. On the other hand, international business refers to an entity like an international company or a multinational corporation that has business operations in multiple countries. It may also be inappropriate for women to offer a toast. Corporate social responsibility initiatives of the company also targeted to fulfill the social needs of consumers in reagard to the sustainable demands. These studies are supported by a detailed description of the company along which helps to understand the external factors responsible for making variations in the productivity of international business. Various internal factors that affects an organization are discussed as follows: Human resources are one of the biggest treasure of an organization as whole operations to the company depends on its human resources. Products and services provided by competitors also creates new demand trends in the industry by creating demand for new products and services which further reduces the demand of firm products and services in the industry. Micro environment of business includes various internal environment factors of business firm that affects the performance and decision making of an organization. Large number of competitors exist in the industry and initiatives undertaken by competitors directly influences the working of company. Business firms lack control over external environment threats which may cause number of problems and difficulties for business firm. Along with an extensive interest in management studies, he is a sports enthusiast who loves to spend time in the basketball court. determines the bargaining power enjoyed by the buyers. Political Forces: This may be construed differently. Retrieved 26 December 2019, from. However cultural differences present significant barriers between Chinese and western partners. Thus, these are the resources which are valuable to organization and are unique among number of competitors. affects the business firm and the demand pattern of various goods and services. Ex- Management faculty of University of Sydney. Economic factors relates to the economic system of the country where the firm has its operations. How does culture affect international business? Most importantly, there are key factors that retailers must make themselves aware of when trying to decide where to locate their businesses. The  more you will have areas of intersection with the Chinese (family,hobbies,life inspiration),the easier it will address issues in business. It affects our relationships. Move towards environment friendly products and services also has affected the demand pattern of various goods and services. A Dozen Idioms – Who Said Animals Can’t Talk? Again, the best advice is to observe others. Management style tends toward the directive, which reflects basic Confucian concept of the hierarchical nature of society. These firms compete against each other to capture larger share in market and to increases their profitability. Older people may not be valued for their former contributions or for their wisdom. Try to be practical, respectable, and in good taste. SWOT analysis is one of the most important business analysis tool that helps in understanding the internal and external business environment of a firm. Confucianism affects business practice a lot: all relationship are deemed to be unequal.It is necessary to show respect to age, seniority or educational background. As you begin to open your mind and appreciate other cultures, you will more naturally begin to understand more of their uniqueness. Huge competition exists among dominating firms in retail sector in New Zealand and Australia. Threat of substitute products is relatively moderate for Woolworths as retail and dairy products are available at various retail stores. Effective and hardworking staff members helps in achieving competitive position in the industry whereas lack of skilled staff members reduces the profitability of business organization and may lead to closure of business (Internal & External Environmental Factors, 2019). They might be asked to step down from a position or company and be replaced with someone who is younger, and even less experienced. Cultural factors are simply factors that come from various components that relate to a cultural environment or culture where a business operates or consumers belong. Few of these include the political and legal environment, technological environment, the social and economic environment that directly influence the operations of MNCs. The head office of Woolworths is located in Australia and there are close economic relations exist between Australia and New Zealand which provides various profitable work opportunities to Woolworths. Bargaining power of buyers refers to the ability of buyers to lower the price of products and services being offered to them. I ordered an analysis assignment for Woolworths company and due to good quality, I scored A grade. following is the detail description of porter five forces: Competition in the industry refers to the number and ability of competitors existing in the industry. Shorts and jeans are probably not acceptable. Along with this, various international lending agencies affects the legal culture and working policies of business firm. Few factors contribute more to business success than culture—the system of values, beliefs, and behaviors that shape how real work gets done within an organization. These factors include cost structure, customs and conventions, cultural heritage, peoples’ view towards wealth and income and scientific methods, seniority respect, mobility of labor (Shaikh 2010).

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