One of the major dilemmas in global management concerns the degree to which a multinational firm should adapt its business practices to particular locations and cultures versus the degree to which it should maintain consistency across all its operations. In general, firms prefer consistency because it streamlines operations and may result in global economies of scale. At the same time, multinational firms cannot gloss over differences without running the risk of losing a particular market to more responsive (local) competition. In this exercise, you will interpret your hometown culture for a large multinational company.
Suppose that a large multinational equipment company (based outside your country of origin) is planning to open a major production facility and retail dealership in your hometown. This company has hired you as a consultant to help them successfully establish operations in your hometown.
Describe your hometown. Write a brief overview 1Â–2 pages in which you describe the important cultural features of your hometown, including such aspects as language, dress, courtesy/customs, and attitudes toward foreignness and newcomers. Try as much as possible to capture aspects of the location and culture of your hometown that would be important for newcomers to recognize and respect. Assume that the company is planning to enter your hometown make recommendations to a multinational company on how to adapt and enter your hometown. Also discuss the challenges of entering global markets, particularly in regards to achieving the appropriate mix of consistency and adaptation.
Panama is a country that is slightly smaller than the state of South Carolina in size. Panama occupies the southeastern end of the isthmus forming the land bridge between North and South America. Their capital is Panama City with the majority of the population of 3 million in a metropolitan area. Other cities are Colon, about 200,000 people and David with about 150,000 people. Their annual growth rate is approximately 1.5%.
Spanish is the official languages of the country with English as their native tongue along with various indigenous languages. Many Panamanians have a working knowledge of English and many professional college-educated Panamanians in Panama City are bilingual. This makes it a good country to be posted in as the language barrier will be not as much of a factor.
Panamanians are touted to be very spontaneous and friendly. One should not be surprised if they are called "amor" or "mami" (love or honey) without personal implications. They are usuall