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Business Review

Abstract

This paper presents business environment analysis on the basis of cultural and economic differences. It elucidates the potential conflicts, risks and discusses the business opportunities that lie amid this whirlpool. The cultural differences are analyzed using Hofstede's dimensions and subsequent implications are discussed. It elucidates that the socio-economic differences require the managers to use their discretion while developing business strategies or goods and services for different markets. Since BRICS nations are emerging as potential business markets for firms around the globe and have attracted much attention and debate, I have chosen to present a comparative analysis using BRICS countries and USA for developing my case study.

Keywords

International trade, Risk management in business; Socioeconomics, Business planning, BRICS countries, International Trade Financing, Cross-cultural differences

Creative Commons License

Creative Commons Attribution 4.0 International License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Published Online

April 01, 2021

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