Jeffery D Whippo Shares What All You Need To Know While Doing Business in Developing Countries
Jeffery Whippo’s Views on Doing Business in Developing Countries • Jeffery D Whippo, who is an expert in the field of Organizational Development, feels that in today’s globalized economy, geo-political orientation has created vast new markets which, twenty-five years ago, did not exist for all practical intents and purposes. • Today, an increasing number of people from different countries are travelling and doing business with each other, and as a result, there must be a lot of learning on how to engage with a different market so that fruitful collaborations may develop. • A foreign investor must have an open mindset, along with an understanding of the international business environment, and other key considerations, like business ethics, moral obligation, etc.
Jeffery Lists Some Major Factors That One Needs To Consider While Doing Business in Developing Countries According to Jeffery Whippo, an understanding of the following concepts is required in order for an organization to formulate a successful international business and marketing strategy. • International Business Environment • Cultural Awareness (language, religion, values, time orientation, etc) • Political and Legal Considerations (safety, working conditions, human rights, etc) • Ethical Considerations (business ethics, environmental pollution, corruption, etc)
Conclusion • Jeffery Whippo says that awareness of the local business environment of the target market is crucial to the success of a multinational corporation. • Diversity continues to play a major role in the globalized economy and this has prompted international organizations to think in a new way. This shows that our thinking is evolving as a result of our interconnected world. • Jeffery also feels that companies need to conduct prior research before they venture into the local business environment of the target market. • He notes that there is enough failure in business relationships between the same cultures and when a foreign business organization enters the local scene, the likelihood for failure is magnified if a foreign firm fails to adapt to the new business landscape.
Thank You Jeffery David Whippo