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The U.K business market

Discuss about the Report for Issues in International Business of Individual Issues.

Almost all the business market of the world faces their individual issues related to their businesses. The items are based on ethics, management system, economic scarcity, relation with the workers, the distribution network and so on. The business culture of the United Nations has been elaborated so that it becomes helpful to select the host country. The issues in the international business make a company to go through a variety of barriers. The business environment and the business culture decide the destiny of business. The cultural analysis of the host country and the home country helps an organization to be settled in the appropriate place for their business. The business cultures of the different companies make the group aware of the fact of their reconstruction and improve their path to success.

The United Kingdom or the Great Britain business market has been chosen for various active approaches. The form "U.K" is the shortened form of "United Kingdom of Great Britain and Northern Ireland". The United Kingdom consists of England, Wales, Scotland and Northern Ireland.

The United Kingdom is the biggest nation in the British island. The U.K has a strong background and apart from that the thoughts of the people of U.K is very modern sequential, and the people of this nation like to move forward the fresh ideas for the goodwill of the country. The position of the United Kingdom regarding business is very active (Anderson, Reckenrich, & Kupp, 2011). It is a kind of nation which is full of wealth and has one of the foremost monetary and service centers, with a financial system which is getting higher and higher day by day. The reasons behind choosing the business market of United Kingdom are –

  1. Access to a modern, liberalized economy:

The economic system of the United Kingdom is one of the most vivacious and obtainable of the planet. The United Kingdom continues to be selected as the attractive market for doing business because of the unwrapped and open course of action and procedures which survives its power (Rajaram & Bordia, 2011).

  1. A leader in the financial sector:

The biggest sell abroad of the United Kingdom now a day are financial services as an outcome of the reliability that the United Kingdom has obtained in this division. The commercial service segments are ruling all over the world because of it's innovative and ahead philosophy. The city of London seems to be the most valuable market for the business of banking and assurance organizations and also known as the epicenter of the worldwide pecuniary commerce (Birkelund, 2013). 

  • A large, culturally mixed population:

Cultural analysis of U.K

The United Kingdom has a huge amount of people. For this reason, there is an increasing bazaar and the demand for the commodities and services is very high. People from different nations are immigrants in the country and for this reason, the application products should be produced according to their necessity, and it is a great field for selling a different kind of goods and providing services.

  1. A gateway for the rest of Europe and Commonwealth:

The United Kingdom is the main entry point to enter into the rest of Europe. As a chief business associate within the Europe Union, and with a connection to the associated provinces of the Commonwealth, England, Northern Ireland, Wales, Scotland is the accurate positions for doing the business all around the world (Bloemers, 2010).

It is evident that a company would gain maximum profit if they do their businesses in the United Kingdom because of the existing of various people from different communities and their particular demands.

  1. The other reasons:

The other reasons apart from the above three reasons for choosing the United Kingdom is the existing of one of the best universities and educational institutions of the world. Universities like Oxford, Cambridge, Imperial College of London, University College London, London School of Economics and Political Science are situated there (Schulz, 2013). The Oxford and Cambridge universities are seemed to be the top two universities in the world. The students all over the globe use to come here for doing their undergraduate, postgraduate and doctor of philosophy degrees. It is to be said that most of the eminent persons of the world have completed their studies either at the University of Oxford or the University of Cambridge. The best part of choosing the United Kingdom is that the companies which use to settle their business here can recruit the brilliant students of such institutions (Gang & Epstein, 2010).

The unsanctioned capital of the United Kingdom is London. London is regarded as one of the most dominant centers in the world in the fields like economics, political affairs, and civilization. Two types of languages exist in the United Kingdom; they are English and Wales. The maximum numbers of people use to communicate by using the English language, and the Wales language is used especially in the Wales.

In the terms of religion, it is to be said that according to the latest census report almost 60% of the people of the United Kingdom are Christian. The next religion next to Christian faith according to the majority is the Islam religion (Gokmen & Ozturk, 2012). The maximum numbers of Muslims in the United States are the immigrants from Asian countries like India, Pakistan, and Bangladesh, etc.

Unique business cultures in the U.K

The people of the United Kingdom use to enjoy all the four types of seasons. The winter season particularly can be found on the Northern side where the peaks exist. Snowfalls are located in the United Kingdom in the winter months. But in the rainy season, the North West part of the United Kingdom is found soaking.

There are many unique business cultures which are present in the United Kingdom. These attributes differ from the other business cultures of the world. Those attributes are as follows –

  1. Punctuality:

The British people are seen in the matter of maintaining the time. The punctuality is one of the key features in their business and lifestyle. Suppose an assembly or a conference for the business purpose has been organized at 10 A.M and the employees are asked to attend the meeting at that exact time. The interesting thing is noticed that the workers always visit the business on required time or before the time. If any of members gets late the authority is not responsible. So the workers use to visit the office by railway or bus road transport but the come out from their home early because in the season of winter the path of Scotland gets jammed because of the snowfall (Kahma & Toikka, 2012).

Apart from the business meeting, in the societal occasions also the time management has been found. The people of the United Kingdom are always busy in their work. They have no time to waste. This punctuality affects the business development and the society also.

  1. Gift giving:

Gift giving should not be a regular process, but it is a manner to express your regard for a person or an organization. Some companies are not asked to accept any gifts. Many companies use to follow the trend of no receiving valuable gifts because it can be a matter of humiliation because people can think that those gifts are given as an inducement to make someone's work efficient or could be offense (Tian Guang, 2012).

Sometimes a company provides small gifts like a blossom, fountain pen, diaries, wines, etc. those gifts are offered in the cultural events (Otmazgin, 2014). The central fact of giving a gift is to express the best regard to the association or the person. Sometimes it can be placed as a good human behavior so that a deal can be signed in a gentle manner.

  • Business dress code:

The good dressing sense can make a person's personality strong. In many business parties of the United Kingdom, it is noticed that the people use to wear dark colors. The experienced employees are found in real gentle dresses because they love to wear the class clothing. Ties are critical for a business employee in the firm events or the office.

On the other hand, it is necessary for the workers to wear uniforms so that any persons can recognize them as the worker of that particular company. In the maximum number of business offices of the United Kingdom, the corporate dress codes are maintained very well (Ruževičius, 2011).

  1. Bribery and corruption:

The British companies are gaining the top positions because of their truthfulness and the manner to co-operate with others. The Global Coalition against Corruption has published a statement where it has been described that the United Kingdom has taken one of the least positions with 15% of corruption in the International Corruption Index comparatively less than the rates of the other nations of the world (Singh, 2010).

Both the taking and accepting of the bribe is strictly prohibited in the United Kingdom. A person or an organization may have to face trouble if they are caught for receiving any bribe or found associated with any fraud.

The difference of entrepreneurial culture of the United Kingdom and Singapore are different from one another. The United Kingdom has been chosen as the host country of business culture it has many positive qualities of entrepreneurial culture. The comparison and the reason for choosing the United Kingdom over Singapore are given below –

  1. Crowd:

The United Kingdom is an association of few provinces like Wales, North Ireland, Scotland, etc. s it is evident that the population of the United Kingdom is comparatively higher than Singapore. The benefit for selecting the United Kingdom is that there are an enormous number of people use to settle their future from all over the globe and for this very reason the companies can produce and sell their products according to the requirement of the different people (Oppenheim, 2011).

  1. Culture:

The people of the United States are more modern than the people of Singapore. As a result, the companies need not face any obstacles in producing common goods. The culture of this nation is very adaptive; they can recognize any fresh ideas and make use of it (Lee, 2011).

  • Historical attachment:

Once upon a time the United Kingdom was governed by the kings and queens. At present, the union is governed as a democratic country. In fact, it is the United States where the Constitution was first amended. The existence of the queen and price brings a glance of the world business because the heritage of the United Kingdom helps to flourish the business of tourism.

  1. Communication:

The communication of the United Kingdom helps the various companies to spread their business all over the planet (Lu, 2012). The pros and cons of the nation contribute to making a link to the firm with the other organization and countries of Europe.

The theory of Hofstede elaborates the consequence of civilization’s traditions on the worth of its constituents, and how these costs recount to actions, using an arrangement taken from dynamic scrutiny.

The other companies like KFC, Toyota should be attached effectively with the United Nation. KFC is a multinational Australian food company which is known for delivering quality food products all over the world. After making a tie with the business, the United States may be able to produce more competitor food supply companies. On the other hand, Toyota is a Japan-based automobile company known for its luxury car supply (Mallett, 2015). The appearance of Toyota may bring a revolution in the motor vehicle business of the United Kingdom.

There are five cultural dimensions of Hofstede. These are – power distance index, individualism vs. collectivism, uncertainty avoidance index, masculinity vs. femininity, long-term orientation vs. short-term orientation, indulgence vs. restraint

Conclusion:

In the above topic of the issues in international business, the various business cultures are described. The current problem may help us in obtaining the knowledge about the matter of selecting the suitable countries for doing the business. It provides us the knowledge about the different cultures, attributes, the marketing strategies for establishing a good business model. It also provides the information about the ideal business environment, the effects, the cultural analysis of the host country and the countries of origin.

References

Anderson, J., Reckenrich, J., & Kupp, M. (2011). The fine art of success. Chichester, West Sussex, U.K.: John Wiley & Sons. Retrieved August 2016 from https://www.citethisforme.com/

Birkelund, G. (2013). Class and stratification analysis. Bingley, U.K.: Emerald.

Bloemers, J. (2010). The cultural landscape & heritage paradox. [Amsterdam]: Amsterdam University Press. Retrieved August 2016 from https://www.citethisforme.com/

Gang, I. & Epstein, G. (2010). Migration and culture. Bingley, U.K.: Emerald. Retrieved August 2016 from https://www.citethisforme.com/

Gokmen, A. & Ozturk, A. (2012). Issues of Business Ethics in Domestic and International Businesses: A Critical Study. IJBA, 3(5). https://dx.doi.org/10.5430/ijba.v3n5p82 Retrieved August 2016 from https://www.citethisforme.com/

Kahma, N. & Toikka, A. (2012). Cultural map of Finland 2007: analysing cultural differences using multiple correspondence analysis. Cultural Trends, 21(2), 113-131. https://dx.doi.org/10.1080/09548963.2012.674751 Retrieved August 2016 from https://www.citethisforme.com/

Lee, L. (2011). Corporate volunteering – business implementation issues. International Journal Of Business Environment, 4(2), 162. https://dx.doi.org/10.1504/ijbe.2011.040173 Retrieved August 2016 from https://www.citethisforme.com/

Lu, L. (2012). Etic or Emic? Measuring Culture in International Business Research. IBR, 5(5). https://dx.doi.org/10.5539/ibr.v5n5p109 Retrieved August 2016 from https://www.citethisforme.com/

Mallett, O. (2015). Book review: Systemic entrepreneurship: Contemporary issues and case studies. International Small Business Journal, 34(1), 144-145. Retrieved August 2016 https://dx.doi.org/10.1177/0266242615601274 from https://www.citethisforme.com/

Oppenheim, C. (2011). Legal issues for information professionals X: Legal issues associated with cloud computing. Business Information Review, 28(1), 25-29. Retrieved August 2016 from https://www.citethisforme.com/ https://dx.doi.org/10.1177/0266382110394777

Otmazgin, N. (2014). Regionalizing culture. Honolulu: University of Hawaiʻi Press. Retrieved August 2016 from https://www.citethisforme.com/

Rajaram, K. & Bordia, S. (2011). Culture clash. Journal Of International Education In Business, 4(1), 63-83. https://dx.doi.org/10.1108/18363261111170595 Retrieved August 2016 from https://www.citethisforme.com/

Ruževičius, J. (2011). Analysis of the International System of Social Responsibility Tools. Issues Of Business And Law, 3(-1), 44-61. https://dx.doi.org/10.2478/v10088-011-0005-5 Retrieved August 2016 from https://www.citethisforme.com/

Schulz, R. (2013). Greg Woolf, Rome. An Empire’s Story. Oxford, Oxford University Press 2012. Historische Zeitschrift, 297(2). https://dx.doi.org/10.1515/hzhz.2013.0425 Retrieved August 2016 from https://www.citethisforme.com/

Singh, S. (2010). Handbook of business practices and growth in emerging markets. Hackensack, NJ: World Scientific. Retrieved August 2016 from https://www.citethisforme.com/

Tian Guang,. (2012). Key issues in cross-cultural business communication: Anthropological approaches to international business. Afr. J. Bus. Manage., 6(22). Retrieved August 2016 from https://www.citethisforme.com/

https://dx.doi.org/10.5897/ajbm11.2673

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