WALMART SCENARIO
Walmart is the largest retailer in the world with more than 4,000 stores located in 14 countries outside the United States. The corporation has learned, sometimes the hard way, that the Walmart business model cannot be transferred to every country it enters due to cultural differences. For example, the retailer ran into difficulties in many European countries because stores are not open 24-hours a day, seven days a week like Walmart Supercenters are in the United States. When negotiating the purchase of Trust-Mart stores in China, the company had to develop relationships with executives before even discussing business opportunities. Finally, Walmart varies marketing mixes based on local tastes, cultures, and economic conditions.
-Refer to Walmart Scenario. Which term is used to describe the way of doing business in which parties must first invest time and resources in getting to know one another, and becoming comfortable with one another before consummating any important deal, such as the purchase of the Trust-Mart chain?

Question

Quizplus · Accepted Answer

The term used to describe the way of doing business in which parties must first invest time and resources in getting to know one another, and becoming comfortable with one another before consummating any important deal, such as the purchase of the Trust-Mart chain is Guanxi.

WALMART SCENARIO Walmart Is the Largest Retailer in the World with More