Principles Of Buisness Management

1. David Smith was sent Moscow to develop a working relationship with a large Russian firm. When he met the company’s Russian branch director, he gave his best smile, handshake and friendly joke only to be met with a dreary and unhappy look. Later, Smith learned that Russian culture fosters smiling in private settings and seriousness in business settings.

a. What does this example show about doing business in a different culture?

b. What do you advise Mr. Smith to do?

2. Describe in your own words how a strong American dollar might have an impact on international trade

3. Describe how cultural diversity can give a firm a competitive advantage (or help the firm be more profitable.)

4. Explain what is a SWOT Analysis and prepare one for McDonald’s.

5. List the 7 types of business strategies and describe each one in your own words.

6. What is a company’s vision and what is its mission. Explain both concepts and explain their difference.

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