Here Professor Erik Hiep explains how business leaders can use a five-action military framework to make clear and considered decisions in these unprecedented times of uncertainty while providing direction for those around them.
By Erik Hiep, Associate Professor at IE Business School
Market intelligence studies the international context to adapt companies’ strategies to the destination of their products or services. There are several ways of accessing this information, ranging from engaging a firm to conducting intense research on the Internet.
Perhaps the most well known element of Chinese culture in the Western world is guanxi, loosely - and incompletely - translated as “personal connections.” Literature in recent decades has emphasized guanxi’s strategic importance when doing business in China but some analysts are beginning to suggest that this importance will wane as China continues to undergo liberalizing economic reforms.
When negotiating, previous planning is essential for ensuring a successful transaction. This not only means gathering all the information there is to know about the matter but also on having a strategic vision so that both parties can benefit from a long-term relationship.
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