KEY TERM and WHY YOU ARE INTERESTED IN IT

Global business is more than just selling goods and services across the world. At the very core of global business lies relationship. When an organization decides to sell or invest in a different country there has to be an understanding of the culture and personal relationships need to be formed for the company to be successful. There are three major cultural models that guide globalization and the specific model that stood out to me was polycentrism.
I, personally, encounter these different cultures in my daily work as a translation specialist. The company I work for has dealerships all over the world and I am responsible for coordinating the formatting all of the translated manuals for the equipment we sell. I am regularly communicating with dealers from Brazil, Germany, Italy and many more countries. Due to this interaction with various individuals and cultures I wanted to explore more in depth how a polycentric organization functioned.

EXPLANATION OF THE KEY TERM

Polycentrism is one of three cultural basic managerial paradigms in international business. This type of culture is very open and accepting of different ways of life and believe that conducting business can vary based on the cultural environment of where each business branch is located (Satterlee, 39). A polycentric business model would hire and promote individuals that are natives of the host country that owns and operates the business. This type of model is looked at as being highly cost effective due to the common language spoken as well as the geographic location. In this type of business model new products or processes are developed primarily with local markets in mind. This business model has an open approach to innovation to help facilitate the transfer of ideas and innovations.

MAJOR ARTICLE SUMMARY

While polycentricism is not