Doing Business in Another Country
Executive Summary
In order to successfully introduce a product into a foreign market it is important to know the culture of the country you plan to do business in. In order to introduce mobile handsets into a market like Venezuela, the supplier must be well acclimated with the purchasing habits, tastes, and willingness to purchase the product that is being sold. Understanding these things starts with building a knowledge base about the major aspects of the culture and your target consumer. With this being said I am providing a brief overview of the country of Venezuela.
Venezuela boasts a population of well over 27 million, and represents a large potential market for any firm looking to do business within the country, because it is one of the more industrialized countries in Latin America. With a highly literate population Venezuela has a rather sufficient education system. Though it is effective it doesn’t reach full potential, because of a stretched government funding. Even though the population is educated rates of unemployment are still high. With over 90% of the population being Roman Catholic religion is an important part of life for the citizens of Venezuela. Venezuela has a history of authoritarian rule; but has recently been shaped as a democratic nation and holds all the values of a democratic nation. The way business is done in Venezuela doesn’t differ much from the way it is done in the United States. Customs similar to those in the United States should be expected, such as a face to face meeting firm handshake, appropriate attire and a proper environment. Venezuela has always had a high dependency on the oil sector. The profits from the oil sector make up the majority of the country’s GDP. The oil industry is what makes Venezuela one of the most industrialized nations in Latin America. Venezuela is trying to distance itself from American influence, but still relies on American’s being big players in the oil sector. Oil is not the only
In order to successfully introduce a product into a foreign market it is important to know the culture of the country you plan to do business in. In order to introduce mobile handsets into a market like Venezuela, the supplier must be well acclimated with the purchasing habits, tastes, and willingness to purchase the product that is being sold. Understanding these things starts with building a knowledge base about the major aspects of the culture and your target consumer. With this being said I am providing a brief overview of the country of Venezuela.
Venezuela boasts a population of well over 27 million, and represents a large potential market for any firm looking to do business within the country, because it is one of the more industrialized countries in Latin America. With a highly literate population Venezuela has a rather sufficient education system. Though it is effective it doesn’t reach full potential, because of a stretched government funding. Even though the population is educated rates of unemployment are still high. With over 90% of the population being Roman Catholic religion is an important part of life for the citizens of Venezuela. Venezuela has a history of authoritarian rule; but has recently been shaped as a democratic nation and holds all the values of a democratic nation. The way business is done in Venezuela doesn’t differ much from the way it is done in the United States. Customs similar to those in the United States should be expected, such as a face to face meeting firm handshake, appropriate attire and a proper environment. Venezuela has always had a high dependency on the oil sector. The profits from the oil sector make up the majority of the country’s GDP. The oil industry is what makes Venezuela one of the most industrialized nations in Latin America. Venezuela is trying to distance itself from American influence, but still relies on American’s being big players in the oil sector. Oil is not the only
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