Globalization is a powerful force making it possible for companies to do business in different parts of the world. Managers should implement powerful models if they want to achieve their aims much faster. This report provides detailed advice and recommendations to Vision Bank as it plans to invest in Tanzania.
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Corporations planning to do business globally should be aware of the cultural attributes and practices exhibited in different regions. This knowledge can guide firms to either hire locals or expatriates (Singh, 2014). Organizations that ignore this idea will become less competitive and be unable to achieve their goals.
Hypothetical Company Profile
The name of the selected company for this report is Vision Bank. It provides banking, loans, financial advice, and consultancy services to customers in different regions. The ability to identify emerging changes in the global financial market has made it easier for this organization to achieve its objectives. The bank is planning to expand its operations to Tanzania in East Africa.
This report is aimed at presenting the information gained after completing a research study focusing on Tanzania’s cultural elements. The ideas will make it possible for the company’s chief executive officer (CEO) to formulate evidence-based decisions for expanding operations (Röschenthaler & Schulz, 2016). Such an approach will ensure that Vision Bank achieves its objectives.
Discussion of Findings
The completed research has offered various insights that Vision Bank needs to consider in an attempt to succeed in Tanzania. The people of this country believe that they are part of a wider community whereby ethnic groups are of less importance (Hodgson, 2017). The sections below give a detailed analysis of the unique cultural issues that this organization needs to pursue diligently.
In terms of customs, citizens are categorized into these groups: elites, successful, poor, and educated. The wealthy lead high-quality lives, prefer Westernized practices, and use the English language frequently. The less fortunate communicate in the Swahili language (Hodgson, 2017). The poor find it hard to achieve medical services.
Many families are extended in nature since they have grandparents, parents, relatives, and children. Husbands are usually the heads of such households and expect their wives and children to obey them. Women tend to be recognized as mothers of their eldest sons (Röschenthaler & Schulz, 2016). Men are expected to support and meet their dependants’ needs.
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Appropriate Business Attire
Tanzanians’ dressing styles and business attires are informed by cultural practices, social positions, and religion. Elites in this society tend to wear decent clothes while those working in offices should always be in suits (Röschenthaler & Schulz, 2016). Women select the right attire depending on the targeted business occasion.
Cultural Concept of Time
Many Tanzanians do not always take the issue of time into consideration. They place minimum or less importance on deadlines (Hodgson, 2017). The past and the present might not have significant differences among members of this culture.
People in this country divide themselves into several classes using different factors, such as modernity, traditional practices, and economic opportunities (Hodgson, 2017). There is economic stratification whereby individuals with good jobs are more successful than their counterparts in the community.
When doing business in Tanzania, people begin by shaking hands and showing respect to males. They also dress in a professional manner and look at each other directly in the eyes (Hodgson, 2017). Storytelling is a common practice before completing a business deal.
Tanzanians appreciate foreigners and believe that they can offer new ideas. They respect each other and discourage judgmental behaviors or attitudes (Hodgson, 2017). They also embrace the ideologies of religion when solving problems or relating with others.
The major institutions in Tanzania include banks, revenue collection agencies, and manufacturing companies. Such organizations support economic development by providing job opportunities to the people (Hodgson, 2017). Proper knowledge of this attribute can guide Vision Bank’s leaders to make appropriate decisions.
There are specific values that many Tanzanians promote. Some of them include honesty, love, faithfulness, empathy, and sympathy (Röschenthaler & Schulz, 2016). They expect people to do what is right and collaborate to address social challenges.
Conclusions and Recommendations
The above discussion has presented evidence-based ideas and information that Vision Bank needs to consider before deciding to invest in Tanzania. For instance, the people of this country tend to value love, respect, and empathy. They dress decently when engaging in business dealings. The issue of family is also important to many Tanzanians (Singh, 2014). It is also appropriate to consider different elements to meet customers’ needs, such as business etiquette, class structure, social customs, and family life.
As Vision Bank plans to invest in this country, there is a need for its managers to consider various recommendations. Firstly, the CEO should hire people who are aware of the cultural attributes of these citizens. This initiative will ensure that such employees attract potential customers and provide evidence-based services to them. They will solve their problems much faster and guide more people to achieve their potential (Singh, 2014). Secondly, a culturally competent business model will support this company to initiate its operations in Tanzania successfully.
Hodgson, D. L. (2017). Gender, justice, and the problem of culture: From customary law to human rights in Tanzania. Bloomington, IN: Indiana University Press.
Röschenthaler, U., & Schulz, D. (Eds.). (2016). Cultural entrepreneurship in Africa. New York, NY: Routledge.
Singh, A. K. (2014). Role of interpersonal communication in organizational effectiveness. International Journal of Research in Management & Business Studies, 1(4), 36-39.