MGT 321 Saudi Electronic University Economic System of Venezuela Questions

User Generated

Yrra13

Business Finance

Description

Reread the Management Focus on “China and Its Guanxi”, available in your e-book (page no.110) and answer the follow questions:







Assignment Question(s)

زينت

  • Why do you think it is so important to cultivate guanxi and guanxiwang in China?
  • What does the experience of DMG tell us about the way things work in China? What would likely happen to a business that obeyed all the rules and regulations, rather than trying to find a way around them as Dan Mintz does?
  • What ethical issues might arise when drawing on guanxiwang to get things done in China? What does this suggest about the limits of using guanxiwang for a Western business committed to high ethical standards?


Instructions

  • Students must mention question number clearly in their answer.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
  • The answer to every question must not be less than 350 words
  • Case study attached

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Explanation & Answer

Attached.

DMG IN SHANGAI

1

Case Analysis: DMG-Shanghai
Name
Institution of Affiliation

DMG IN SHANGAI

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Case Analysis: DMG-Shanghai

1.
Developing an appropriate strategy for business expansion and internationalization is vital
for the success and sustainability of a business venture. Due to cultural dynamics, it is crucial
to research before venturing into a particular country. In China, social dynamics play a
pivotal role in the growth of a business. It includes establishing a personal connection,
investing time in creating and building relationships, and gaining guanxi. Cultivating guanxi
and guanxiwang in China is significant for the success of the business venture since the
connections made have the potential of making or breaking the company.
In China, guanxi refers to relationships, and guaxiwang mean “relationship network”.
Therefore, guanxi and guanxiwang are necessary for doing business successfully in China.
Guanxi, as embedded in Chinese culture, refers to establishing mutual trust between partners
in an undertaking solely for long-term and reciprocal connections. Trust is core in any
economic transaction between the Chinese people. Therefore, guanxi is a valuable resource
since it is the critical facilitator of commercial transactions and the establishment of an
excellent relationship for long-lasting business operations. In addition, having the right
guanxi offers the advantage of bending regal rules i...


Anonymous
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