Business Q&A

Question:
Here is the full question… How does the multinational manager balance his or her social responsibility to the people of the host country with the companies overall objective of maximizing shareholder profit?

Answer:
Traditionally, understanding foreign culture within a strategic business environment involved a sympathetic approach in which corporate negotiators viewed foreign concepts of business as inferior to their own. This by and large has been thrown by the way-side in favor of modern 'global' business practice. The globalization of business, and the advent of Multi-National corporations have leveled the playing field in business approach. The concept of identifying Target Markets on a cross-cultural basis has ensured that ranking profit objectives on a cultural level is no longer economically sensible; rather using a standardized market model and appreciating its applications has become by and large the most common approach. From an individual management perspective, understanding the concept of Globalization is the key to success. Responsibility of corporate implementation should be left to those that truly understand the local market, ie. localized delegation. It is essential that regional application of policy is within the broader scheme of corporate planning, but by identifying in a sensitive manner the localized requirements, a transparent and fluid business approach is possible.

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