Article : Cross-Cultural Differences: Challenges For International Business

Title

Cross-Cultural Differences: Challenges For International Business

Author

Silky Jain, Rimmi Jain

 Globalization is a prominent approach which has evolved into a primary aspect of business during the past few decades. Globalization and its impact on modern business firms continuously push firms to look outside the limits of their local markets as a source of growth and to grab opportunities for market development. The global business environment has increasingly becoming complicated as a large number of enterprises and individual entrepreneurs are competing to extend their market share and discriminate their brands from each other in the global marketplace. The worldwide integration has elevated awareness among consumers, created new standards and demands, and made countries more interdependent.  All this has raised a need for appreciating cross cultural values. Cultural differences in different countries continue to exert excessive pressure on the operations of international business. In order to take advantage of the expansion of international business, it is now crucial that businesses in various nations should boost their sensitivity and admiration for the cultural differences of one another. This paper analyses and discusses the importance of understanding culture in international business and the challenges posed by cultural differences for international business firms. Further, suggestions are also given to effectively manage the cross cultural differences. Keywords

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