Working Effectively with Emerging Markets: Overview
This video is the first in a four-part series on global diversity produced by Ibis, a diversity & inclusion consulting firm with over 24 years experience.
Global Market analysts predict that by 2020, 70 percent of the economic growth in the world will come from emerging markets, with China and India accounting for nearly half of that growth. Knowing how to communicate effectively in the context of these different cultures will be the key differentiator between those who succeed in these markets and those who fail. This article focuses on three of the emerging markets – Brazil, India, and China (frequently referred to as “BIC”) and some of the most important cultural dimensions that impact how they operate: orientation to time, orientation to hierarchy, and communication styles. Cultural stereotypes may not always be accurate, but it important to note that while the BIC emerging markets have much potential for enterprising Americans and their companies, only those who approach them will respect for others’ cultural norms and awareness of their own cultural biases are likely to see that potential realized.