What is the role of cultural competency in global business?
Cultural competency is crucial in global business as it helps organizations understand and respect diverse cultural perspectives, leading to better communication and collaboration.
Can you give me some examples of cultural competency in action?
Sure! For instance, a company that tailors its marketing strategies to align with local customs and values demonstrates cultural competency.
How can businesses improve their cultural competency?
Businesses can improve cultural competency by providing training, hiring diverse teams, and encouraging open dialogue about cultural differences.
What are the risks of lacking cultural competency?
Lacking cultural competency can lead to misunderstandings, damaged relationships, and lost business opportunities in international markets.
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