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Report

The IMD Sustainability Report 2021

IMD believes a sense of shared responsibility is essential for the prosperity of individuals, businesses, communities and nations.

45 pages

April 2022

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Challenging what is and inspiring what could be, the institute develops leaders who transform organizations and contribute to society. IMD supports responsible leaders who act with integrity, contribute to sustainable performance and have a positive impact on the world.

IMD has built a sustainability strategy to incorporate both the institute’s influence on business and leaders as well as its commitment to sustainable campus operations and as a responsible employer. As a leading global business school and a key institution in the Lac Léman region of Switzerland, IMD embeds sustainability in teaching, research, and outreach, while adhering to sustainable business practices and to improve our social and environmental footprint.

The IMD Sustainability Report 2021 can be read in full here:

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Conducting cross-cultural negotiations

By Michael D. Watkins
Case reference: IMD-7-2600 ©2024

Summary

This note explores key aspects of cross-cultural negotiations, providing a framework and strategies for conducting successful international transactions. It begins by highlighting the importance of understanding cultural differences in negotiations, focusing on seven key areas: • Communication style • Decision-making processes • Attitude toward time • Relationship expectations • Power distance • Risk tolerance • Emotional display These dimensions are illustrated through comparative examples of negotiations between the UK and Netherlands, and Saudi Arabia and China, demonstrating how cultural differences can impact business interactions. The note then details practical strategies for preparing and conducting cross-cultural negotiations. Key strategies include: • Cultivating cultural intelligence (CQ) • Active listening and adapting communication styles • Building rapport and relationships • Managing expectations • Finding common ground and shared interests • Embracing flexibility in approach A cross-cultural preparation checklist is included covering aspects such as communication style, relationship expectations, time orientation, decision-making processes and logistical considerations.

Reference IMD-7-2600

Available Languages English

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