Directions for Research project Scenario: You are a business manager of a small

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Directions for Research project Scenario: You are a business manager of a small company that is considering conducting business as a multinational company. However, before making the decision, the company must determine with which country to pursue a business relationship. Company name: Schiller Adventure Industry: You must chose the industry for the company. Your task: The CEO of the company asked each manager to conduct a presentation about the options so that the management team can make a decision. The three options you have been assigned to research are Canada, Iceland, or Norway. You must examine these factors: 1. An overview of the economy 2. Attitude about female executives 3. Bribery (ie. Rating on the Bribe Payer’s Index) 4. Business attire 5. Business etiquette, such as greetings and communication style (formal or informal) 6. Cultural norms 7. Demographic information (age, gender, and population) 8. Educational level of society 9. Gift giving 10. Literacy rates 11. Rating of the country on the Corruption Perception Index (CPI) 12. Rating of country on the Transparency International Scale 13. Religious preferences of the society 14. Treatment of time, such as appointments and being on time for an appointment 15. Unions 16. Wages 17. Greatest anticipated barrier

You must answer the questions for the conclusion

Explanation / Answer

1. An overview of the economy: Canada - Canada is a high tech industrial society. The country has the third largest oil reserves in the world after Saudi Arabia and Venezuela. It is also the fifth largest oil producer in the world. Its economy is a mirror of its neighbor USA. It has a market oriented economic system, pattern of production and high living standards.

Iceland - The country has a social market economic system and has witnessed high growth rate, low employment and even distribution of income. The country's economic growth is propelled by the tourism industry and the export industry consisting of fish and fish products, aluminum, and ferrosilicon. The nation is currently plagued by high budget deficit, high inflation and high household debt.

Norway - The country has a very stable economy. The country is rich with abundant natural resources like oil and gas, hydropower, fish, forests, and minerals. It is also one of the world's top petroleum exporters.

2. Attitude about female executives - Canada has a very positive attitude about female executives. It ranks third in the world when it comes to female executives in the financial sector. Also female executives hold 8.5% of Canada's top jobs. Iceland is the world's most feminist country and it has the highest positive attitude towards female executives. In Norway, women executives are treated at par with their male counterparts. Women have also excelled in politics, sports and public administration in this country.

3. In the latest index, Canada's rank was 6th in the bribe payer's index and 9th on the corruption perception index. Iceland's rank was 13th on the corruption perception index and Norway's rank was 5th on the corruption perception index.

4. Business attire - In Canada, the business attire is formal - men wear dark conservative business suit with tie and women wear conservative business suit or dress. In Iceland, the business attire is formal or smart casuals. In Norway, the business attire is smart casuals and people are expected to be neat, tidy and well-groomed.

5. Business etiquette - In Canada, professionals are expected to maintain a reserved demeanor, and follow good rules of etiquette. One is expected to use a firm handshake with good eye contact and communication is formal. In Iceland, punctuality is one of the highest regarded values. Communication tends to be direct. In Norway, communication is direct and less formal and the standard business etiquettes have to be followed.

6. Cultural norms - Culture in Canada is  progressive, diverse, and multicultural. In Iceland, the culture is rooted in the local customs and traditions. In Norway, the cultural values are rooted in egalitarian ideals.

7. Demographic information - In Canada, the median age is 41.7 years, and majority of the population belongs in the age group 25-54 years. Sex ratio is 0.99 males/females. Population growth rate is 0.76% and total population is around 35 million. In Iceland, the population is 329,100. Majority of the population belongs in the age group 25-54 years (around 41%). Median age is 36 years. In Norway, population is around 6 million and median age is 39 years. Sex ratio is 0.98 males/females.

8. Educational level - All the three countries have around 100% literacy rate.

9. Gift giving - In Canada, if you are invited to someone's house, you are expected to carry a gift. In Iceland also  if you are invited to someone's house, you are expected to carry a gift like a bottle of wine. In Norway, gift giving is commonplace.

10. Literacy rates - All the three countries have around 100% literacy rate.

11. CPI - Canada's rank was 6th, Iceland's rank was 13th and Norway's rank was 5th.

12. The transparency international scale gives out ranking of corruption perception index. Canada's rank was 6th, Iceland's rank was 13th and Norway's rank was 5th.

13. Religious preferences - Canadians are very religious. 70% of the total population believes in God. Christianity is the largest religious faith. In Iceland, 80% of the citizens are members of the Lutheran State Church. People are religious. Norway is considered to be one of the world's least religious countries and it offers complete religious freedom.

14. In all the 3 countries, punctuality is given high importance. Time is given utmost importance and coming late for an appointment or meeting is unacceptable.

15. Unions - Canada has a union coverage rate of around 33% and coverage is highly concentrated. In Iceland, union coverage is around 88%. In Norway, collective bargaining coverage is 100%.

16. Wages - Canada has an average wage rate of around $25 per hour. Iceland's average wage is around 10 pounds per hour. In Norway, the average monthly wages are around NOK 25,000.

17. Barrier - Canada has internal trade barriers and interprovincial trade is restricted. Iceland, do not have substantial barriers at present nor does it have any anticipated barriers. Norway has barriers with regards to few industries like defense and sea food experts.

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