1 / 22

DOING BUSINESS IN TURKEY

DOING BUSINESS IN TURKEY. - Tips to success. Doing Business in Turkey - Presentation Team. Your STAR Team. Anand Murali MBA ‘13. Sunil Devarakonda MBA ‘13. Shujie Dong MBA ‘13. Eric ( Mingmin ) Fang MBA ‘13. Francisco Maia MBA ‘13. 2. Introduction. Country: Turkey

mare
Download Presentation

DOING BUSINESS IN TURKEY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. DOING BUSINESS IN TURKEY - Tips to success

  2. Doing Business in Turkey - Presentation Team Your STAR Team Anand Murali MBA ‘13 Sunil Devarakonda MBA ‘13 Shujie Dong MBA ‘13 Eric (Mingmin) Fang MBA ‘13 Francisco Maia MBA ‘13 2

  3. Introduction • Country: Turkey • Purpose: Understand the cultural characteristics that influence Turkey’s business environment • Research: Internet, conversation with Turkish alumnus • 3 components: • 2-page Data Sheet on Turkey • Case study: A Business Trip to Turkey • Video clip: Mr. Smith and Mr. Sezer meet in Istanbul

  4. Workflow/Findings of our Virtual Communication Experiment • Introductory call on ‘Meet Me’ • Should have been more direct on the phone • Avoid questions that target the likely minority answer • Icebreaker is a great way to start the conversation • Follow-Up Call the next week on Skype to delegate work Created a point person for the case write-up and got status updates from only that individual • Tools we used: Skype (effective in doing group calls), Dropbox (shared all of our files), and Email • Other tools we could have used: Google Hangout (we had challenges with the Video/Audio), and Instant Messenger

  5. Agenda Executive Summary Macro Environment of Turkey Analysis of Business Environment - Case Doing Business in Turkey - Video Conclusion 5

  6. Executive Summary 6

  7. Turkey is a land with rich and varied cultural heritage Essential to doing business in Turkey 7

  8. Macro Environment of Turkey 8

  9. A look at the macro environment showcase the diversity and cultural differences of Turkey Key Facts and Figures: • Founded in 1923 • Government system: Republican parliamentary democracy • Capital: Ankara • Size: 302,535 sq. miles, 81 provinces • Population: 73,639,596 (2011) • Demographics: 72.5% Turks, Kurds 18%, 9.5% Others • Religions: 99% Islam, 1% Christianity & Judaism • GDP: $778.1 billion (2011) Source: http://www.worldatlas.com/

  10. Turkey is at crossroads between western and eastern culture in terms of business etiquettes Work Week: No standard work week (45 hours over 6 day period) Business attire: conservative and modest Greeting: When meeting, shake hands firmly. When departing, usually there are no handshakes. Leadership features: Brave, firm, decisive, innovative The host always pays for the meal—sharing the check is not a practice. Sports: Soccer is most popular Image Source: http://www.businessturkeytoday.com/

  11. Understanding cultural sensitivity and taboo are essential to building lasting relationships Saving face: High intention at whatever cost Hierarchy: Very important High context culture Sensitivity to timing: Depends on the context, but people tend to run late Power/ Distance: Centralized power, very dependent, hierarchical Some taboos: • Don’t Back away during a conversation • Women should dress conservatively • Avoid opinions over sensitive issues, i.e. Turk-Kurdish relations and EU membership Image Source: http://www.wikipedia.org/

  12. Analysis of Business Environment - Case 12

  13. The Story! Mr.PhilipJohnson isgoingtoTurkeytomeetMr.MusaOsman tocloseanacquisitiondeal. • Arriving at the airport,heisfrustratedtoreadTurkishsignal,anddonotknowhowtotalk properly with local people. • DuringthefamilydinnerwithMusa,theexpensive lavish giftoffendsMusa,andhisdiningetiquetteseemsto botherMusaaswell. • Whenhegoestothebusinessmeeting,Philip’sobjectfocusedstylemakes Musa mad, and it ends up with no deal. Adequate preparation is essential for business trip to Turkey

  14. Case analysis carried out for 3 situations

  15. You can save bucks by being prepared before you reach airport • Call a man by his first name followed by 'bey' [pronounced bay] and woman's followed by 'hanim' [pronounced ha-num] • Don’t make the "OK" sign with your hand. It's a rude gesture in Turkey • ‘Yes’ is indicated with a nod of the head upwards, while ‘No’ is also an upward nod but accompanied by the raising of the eyebrows • To wave down a taxi or bus, stretch out your right arm and move your wrist inwards repeatedly

  16. Turkish people are generally friendly and may invite for dinner • Don’t buy lavish or expensive gifts if you wish to present a gift. • Evening meals may be accompanied by some alcohol, usually the local tipple called Raký (pronounced rak-uh). • Host will offer more food at a rejection context continues until the people offered say “No more” “Not really”. • "Dutch treat" does not exist in Turkey. If you invite someone to dine, you pay the bill. • Small talk topic: soccer, basketball, TV shows

  17. Understanding traditions and customs may help to navigate business deals • Avoid Ramadan holiday, or July and August. Take punctuality seriously. • A brief handshake is the best way for greeting, older ones first then youngest. • Do not go to business directly. The first meeting is about knowing each other. • Be ready to negotiate, Turkish will often suggest something extreme in the beginning to see how you'll respond.

  18. Doing Business in Turkey - Video 18

  19. Understanding Turkish culture is essential to do business in Turkey Please click the link below to access the video on Youtube http://www.youtube.com/watch?v=AkQnO3CfGZQ&feature=youtu.be

  20. Conclusion 20

  21. Don’t learn it the hard way when you can be prepared!! Essential to doing business in Turkey 21

  22. Thank You 22

More Related