Discuss the importance of identifying and adapting to cultural differences.
Identifying and adapting to cultural differences has helped to make the interconnection more strong and valuable resulting to more profitability and less challenges. The five consistent cultural dimensions to be considered are power distance, masculinity, individualism, masculinity/femininity, uncertainty avoidance as well as long-term/short-term orientation.
Discuss the impact of global business and how global and regional trade agreements are reducing those trade barriers worldwide.
Global business has exposed businesses to more profitability and innovations. However, there has been challenges such as restrictions and cultural differences.
Having an economic integration as well as other agreements has aided in reducing the trade barriers which has made it swift for the business to be conducted between countries.
Discuss how companies can use plans at all management levels from top to bottom.
Top management – in charge of the vision, mission and strategic plans.
Middle level management – handles the tactical plans of the organization.
Lower level management – in charge of the operational plans in the organization.