Global markets and the changing demographics of the United States have stereo effects on business. Condescension is no longer adequate, whether you operate throughout the world, or within just one block. Hispanics, Chinese, Asians, and assorted races from distant corners of earth are now just as important as blacks, women, and the good old mainstream.
Europe, until now, has fared better than America in doing business with people of all backgrounds. Great Britain, France, Germany, and Spain, have been particularly successful in keeping the wheels of commerce in motion through Africa, the Indian sub-continent, and Latin America. Some top US corporations struggle even now to re-establish operations in formerly socialist and communist countries.
Business management text-books prescribe diversity in the workforce, and reliable customer research as panacea for all problems of exotic cultures. So why are some corporations better than others in this respect? A patient and humble top-management attitude could make an empathetic difference. It takes time and an open mind to understand how other communities think and make their choices.
How can a stock investor find out if a corporation has the emotional intelligence to appreciate exotic markets? CEOs should take the time to travel abroad and spend quality time with diverse types of customers. This sets a trend for subordinates to follow. The company becomes less inward-looking, and raises its collective competence.
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