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Today’s GLOBAL MARKETS Business. Culture. Synergy.

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Presentation on theme: "Today’s GLOBAL MARKETS Business. Culture. Synergy."— Presentation transcript:

1 Today’s GLOBAL MARKETS Business. Culture. Synergy

2 Think about it… Define “culture.” Why is it important to talk about culture? Keep all of this in mind during the presentation. And enjoy!


4 Chile Do’s and Don’ts of Doing Business Chileans are friendly and hospitable. They tend to be forgiving of mistakes made by foreigners. They are open and affectionate. They may hug, or an enthusiastic pat on the back. They stand closer and have more direct eye contact. It is a sign of friendliness, closeness and interest in what the other person is saying

5 Chilean Etiquette – Do’s and Don’ts of Doing Busines Business in Chile is formal, conservative and heavily based on personal relationships and networks. Having success in business is often about who you know.

6 Chile DO’s Make direct eye contact with people when you meet them, or having a conversation.. Address people using their titles. If not sure, men as Señor and Women as Señora.

7 Chile DO’s Have business cards ready to hand out when you meet someone. Build a relationship with your prospective client before any decisions will be made. Always be diplomatic

8 Chile DO Always arrive on time for a meeting. Expect them to last longer than scheduled. It is not rude to interrupt someone while speaking Business attire is formal and conservative. Tip approximately 10 to 15% in Restaurants.

9 Chile DO Bring some type of small gift, such as flowers, a dessert or wine, if invite to a home. Arrive a few minutes late. Wait to be shown to your place. Keep your hands above the table while eating. Wait to drink and eat until everybody has been served.

10 Chile DON’T DO Don’t use a lot of hand gestures in conversation. Many common hand gestures are considered very rude. Don’t point or beckon with your finger

11 Chile DON’T DO Address someone by their first name until invited to do so. Openly discuss politics

12 China General Rules China is a large country and very diverse. China has 34 or more provinces (akin to a state), provincial-level cities (large cities with the status of a province) and different autonomous regions.

13 China General Rules Many regions within China will speak a local dialect. Mandarin is the national language and most people can speak it, but Shanghainese is widely spoken in Shanghai, Fujianese in Fujian, Cantonese in the southern province of Guangzhou, etc. often someone from outside the local area will not understand the local dialect.

14 China General Rules It follows then that each region often has its own local culture, language, culinary history, social etiquette, and varying levels of exposure to doing business with international companies.

15 China General Rules One important theme is the importance of establishing a personal relationship prior to a business relationship. This might take time, and often over a lunch or dinner, or perhaps several conversations where business issues are left until later or are talked about on the margins. This is not always the case, but the importance of the personal relationship is a major theme.

16 China General Rules Another is language. If you are making a serious business trip to find a distributor or partner in China be prepared to hire an interpreter or several interpreters in different cities. This demonstrates your seriousness and will also greatly facilitate all aspects of your meetings. You can probably get by without one in the major cities where English is spoken more widely, but beyond that you need an interpreter.

17 China General Rules As an initial step hiring a student to help facilitate initial communication can be helpful, but down the road when it comes time to negotiate a contract we recommend finding a qualified professional interpreter. There are a lot of translation (written) and interpretation (spoken) companies. Don't be surprised at the cost of a highly trained professional interpreter (hundreds of dollars per day)

18 China General Rules Because etiquette can be pretty complex, it's quite difficult to remember or follow the nuances for a first time visitor. So for the most part, we encourage visitors to follow the basic "golden rules" of etiquette which are: be sincere, try hard, try new things (i.e. food) be friendly and polite as you would anywhere else in the world and most people will respond well to that. Smiles and appreciation go a long way. Learning a few choice words in Mandarin like "hello", "thank you" etc. will also go a long way to demonstrating respect and effort.

19 China Business Practices and Etiquette Practice a lot of patience in doing business in China. Avoid being under pressure as it may not work to your advantage. Punctuality is very important not only for business meetings but also for social events. This is especially true if you are the host. You should arrive before your guests

20 China DO Do establish your contacts in China before you invest in a trip. It is important to have their support to navigate China’s business world

21 China DO Be ready to make presentations to many different groups at different business levels. the central issue/challenge here as understanding who the decision maker(s) is/are. Consensus is generally prevalent where a company is risk adverse, such as a large conglomerate.

22 China DO On the other hand there are plenty of occasions where an entrepreneur or owner of a company is often the sole decision maker. In addition, it might require convincing lower level executives first before the idea is presented to the decision maker. Sometimes it is not evident who the decision makers are.

23 China DO – Gift Giving Gift giving is a very sensitive issue in China. Business negotiations should be concluded before any “gift giving”. Chinese traditionally decline a gift three times before accepting in order prevent them from appearing greedy.

24 China DO – Gift Giving There are many instances where a formal gift exchange might happen but the following should be considered: Coordinate with the recipient (or your hosts/partners) on timing and manner to avoid surprises that might embarrass any/all parties (i.e. you presenting a gift that is not reciprocated)

25 China DO – Gift Giving The operative issue here is demonstrating your appreciation and also forging a relationship, especially if you are an invited guest to someone's house - do bring something.

26 China DO – Gift Giving For an important business meeting, we recommend something small and personal that will not be construed as overly opulent or too expensive (California red wine usually goes over well)

27 China DO – Gift Giving Also things California such as Almonds or Pecans which are not readily available in the local supermarket might work, or maybe a unique craft item from your local artisan village or the like - it really depends on the situation but if it's sincere and tells a personal story its meaningful

28 China DO – Gift Giving Coordinate with your hosts on this issue because there are many instances when a gift is not appropriate Generally don't open the gift on the spot unless your host takes the lead

29 China DO – Gift Giving The appearance and outward presentation should be formal (don't put it in a plastic bag from the supermarket) since the gift will likely be in a photo too. A small gift nicely wrapped and presented goes a long way

30 China DO – Gift Giving Small souvenirs might be given to hosts, helpers, translators and people who are helping your visit be as smooth as possible - think a small box of chocolates, etc.

31 China DO – Gift Giving Colors and numbers often have symbolic meaning. For example: Red is for good fortune and white is for mourning, etc. Number 4 is synonym for the word "death" in Chinese and often carries a superstition similar to the number 13 is the West. Likewise 8 is considered lucky and indicative of good fortune.

32 China DO Dress conservatively and semi-formal. Chinese “nod or bow” slightly when greeting. Do not exaggerate your ability to deliver because humility is a virtue in China... also because they will closely investigate your claims.

33 China DO Do learn, in detail, how to navigate the Chinese government’s rules and regulation while negotiating with your business counterpart

34 China DO The Chinese refer to do business with people they know or at least known through an intermediary hence, establishing local contacts can be important. In China, family name comes first followed by the given name. It’s customary to address someone y his/her family name and title.

35 China Do – Business Cards Chinese business cards are exchanged upon meeting.Chinese business cards Dual-sided Chinese business cards should be printed in English on one side and Chinese on the other.Dual-sided Chinese business cards Make sure the Chinese side uses "Simplified" characters for mainland China, Singapore, Malaysia and Indonesia.

36 China Do – Business Cards "Traditional" characters are used in Taiwan and exclusive areas of Hong Kong. Chinese translated business cards are always exchanged and should be done so with two hands (as a sign of respect).Chinese translated business cards They represent the person to whom you are being introduced, so it is polite to study the card for a while and then put it on the table next to you or in a business card case.

37 China Do – Business Cards Take ample stocks as almost everyone you meet will want to exchange one with you. To appear at a meeting without a translated business card does almost irreparable damage to the business relationship; it is tantamount to refusing to shake hands at a Western business meeting. translated business card

38 China Do – Business Cards Before presenting your card, you should make sure that it is clean and neat; no dog-eared corners or smudges allowed. Your cards should be bilingual even if the people you are meeting read and write English. Your business cards for China should include your title. If your company is the oldest or largest in your country, that fact could be on your card as well, cards for China

39 China Do – Business Cards

40 It is best to stand up when exchanging business cards. Make sure that you hold it Chinese side up, facing your contact so that he/she can read it. Exchange cards one-by-one, individual-to- individual, and use both hands where practical.

41 China Don’t – Business Cards NEVER distribute (or toss) your card in a manner similar to dealing playing cards. NEVER place a stack of your cards on the table and offer others to take a card from the stack. DO NOT shove the card into your back trouser pocket. DO NOT write comments on another person's business card, in their presence. You may write on your own name card to add information (e.g., email, home phone number, etc.).

42 China Do Dress Conservatively for business meetings. China is a very conservative country culturally.

43 China Chinese Names & Titles Use family names and appropriate titles until specifically invited by your Chinese host or colleagues to use their given names. Address the Chinese by Mr., Mrs., Miss plus family name. Note: married women always retain their maiden name.

44 China Chinese Names & Titles Chinese are often addressed by their government or professional titles. For example, address Li Pang using his title: Mayor Li or Director Li. Names may have two parts; for example: Wang Chien. Traditional Chinese family names are placed first with the given name (which has one or two syllables) coming last (family name: Wang; given: Chien).

45 China Chinese Names & Titles Chinese generally introduce their guests using their full titles and company names. You should do the same. Example: Ms. Rima Nashashibi, Managing Partner of Nashashibi International Consultants, LLC.

46 China Your Initial Meeting Chinese may nod or bow instead of shaking hands, although shaking hands has become increasingly more common. When introduced to a Chinese group, they may greet you with applause. Applaud back and smile. Senior persons begin greetings. Greet the oldest, most senior person before others. During group introductions, line up according to seniority with the senior person at the head of the line.

47 China Your Initial Meeting Reading Chinese Body Language: The Chinese dislike being touched by strangers. Do not touch, hug, lock arms, back slap or make any body contact. Clicking fingers or whistling is considered very rude. Never put your feet on a desk or a chair.

48 China Do In China, attending banquets and drinking are very much part of the business process. Many business deals are done on the dinner table Learn the art of eating with chopsticks and table spoon. It will give a good impression to your host how considerate you are to learn the culture.

49 China Don’ts Don’t give a clock as a gift as “giving clock” literally sounds in Chinese as “wishing the recipient of the clock to die soon”. Don’t immediately put business card in a pocket or wallet, which is considered rude in China.

50 China Don’ts Don’t insult or openly criticize someone in front of others, it is very important for Chinese people to “Saving Face” Don’t make fun of someone, even if it is fun. Don’t stare at your Chinese counterpart. It may make him/her feel uncomfortable.

51 China Essential steps to manage Business and Risk Understand the local laws and regulations, and follow up on changes Respect local cultures and find trustworthy advisers with good local wisdom Enhance the Corporate Governance, trust local management, but with appropriate guidance and monitoring from headquarters Emphasize a transparent control environment with smooth information flows Introduce enterprise risk management mechanisms that will build lines of defense into the organization. Plan ahead when moving money into or out of China

52 South Korea Koreans will not expect you to be an expert in their language, but learning to say a few key phrases in Korean such as “hello” and “thank you” will go a long way in building a warmer business relationship.

53 South Korea Hierarchy is very important in Korean society, and Koreans intuitively establish their hierarchical position relative to others based on age. It is common to ask about one’s age during an initial meeting.

54 South Korea Things generally take longer to go up the chain of command in Korea. Patience is required as decisions go up from the manager, director, vice president, and president.

55 South Korea Koreans largely base their business relationships on personal relationships, and personal relationships are largely established with a drinking culture. U.S. exporters should be prepared to mix business with social life.

56 South Korea Also commonplace in Korea is the “Noraebang” which is a singing room. In these noraebangs, groups go to sing along a video machine playing music (like karaoke). Most noraebangs come equipped with many American songs. American exporters may want to master one song, or a few songs, to sing together and gain social favor.

57 South Korea Business cards should clearly list the name, company, and position within the company. They should be printed on high quality paper and even having the words translated into Korean is helpful.

58 South Korea Koreans are subtle and effective negotiators. Avoid a rigid negotiating stance and getting “straight to business.” Make sure that you present an overall pleasant business style, in addition to information about your competitive prices and profit potentials.

59 South Korea In Korea, U.S. business executives are advised to retain a professional interpreter, as many Korean executives and decision- makers do not speak English and prefer to speak Korean.

60 South Korea Business Practice and Etiquette It is best to be introduced for the first meeting by a third party Hand shaking is now common, a bow may proceed Exchange of business cards is a vital part of a first meeting.

61 South Korea Business Practice and Etiquette It is important to emphasize a person’s title so that right away the correct status, authority and rank are established. and understood. Western idea to eliminate titles has caused problems as Korean companies only care to deal with someone of equal rank.

62 South Korea Business Practice and Etiquette Use both hands when passing or accepting business card. If not possible, use right hand and support your right elbow with your left hand. BUSINESS CARDS should be treated as an extension of the person. You should read it carefully and place on table in front of you. To put in your pocket or write on it is to show disrespect.

63 South Korea DO It is important to make an appointment a few weeks in advance of a business meeting. Better between 10 AM to 12 PM or between 2PM to 4PM. Important to nurture the business relationship

64 South Korea DO Gift Giving is common practice. Gifts given at the first meeting are to acquire favors and build relationships. Wait until host has given his gift. Receive it with both hands. Gifts should be of similar value with that of greatest value going to senior member.

65 South Korea DO Gift Giving: Chuseok (Korean Thanksgiving), Lunar New Year., Christmas

66 South Korea DO Koreans devote time in, energy and money to know their business counterpart to build long term relationship. Your willingness to participate is interpreted to show your commitment People who attend same schools share a special relationship. Seniority on one who enrolled first

67 South Korea DON’T Don’t assume that a signed contract is the final form. Koreans will prefer to make changes as the work evolves. They are aware of the implications but want to be flexible and feel that the relationship should be the priority.

68 South Korea DON’T Address a Korean using only first name. One must use their title with last name or if no title use Mr. or Mrs. with last name. Most Koreans use a Western name. Know the Korean name as his/her colleagues may not know him/her by the Western name. Also know his/her position and department in the company.

69 South Korea DON’T Oversell yourself or your company achievements. A Korean may understate his achievements assuming that you will know what they are.

70 South Korea DON’T Make eye contact for a long time. It shows disrespect. However it is changing. Saving face is very important. Do not complain in front of others.

71 Questions? Thank you !

72 Thank you Irvine Chamber Co-Chair Multi Cultural Committee: Rima Nashashibi Cell 949-462-4888 Irvine Chamber Co-Chair Multi Cultural Committee: Sylvia Prata REALTOR ® Cell: 949-637-7379

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