Essay about Panama - Negotiation Style

970 Words Feb 7th, 2013 4 Pages
Panama
History & Influences

Panama, officially the Republic of Panama, is the southernmost country of Central America. The capital is Panama City. Panama population is about 3.6 million people.
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Nueva Granada, Ecuador, and Venezuela, named the Republic of Gran Colombia. When Gran Colombia dissolved in 1831, Panama and Nueva Granada remained joined. Nueva Granada later became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the Panama Canal to be built by the U.S. Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete
…show more content…
As a whole, most Panamanians will be very interested in getting to know the foreign visitor before the business relationship can be established. In Panama, a person's reputation is very important, and if you break a promise, the business relationship may be irrefutably damaged. Therefore, business visitors should make the personal relationship a top priority.
Bargainer Characteristics

* Focused on relationship building. * Relationship building has a greater value than time. * Small talk about nonbusiness topics such as family and sports in order to get to know the business visitor on a personal level. * Business and personal relationships are valued more than contract terms in Panama. * They like their surname and titles to be used specially in the first contact. * Most Panamanians are very friendly and warm. * Interpersonal orientation. * Listening ability.
Situational Factors

* Power Distance - Panama is a hierarchical society. This means that people accept a hierarchical order in which everybody has a place and which needs no further justification. Hierarchy in an organization is seen as reflecting inherent inequalities.

* Individualism - Panama is considered a collectivistic society. This is manifest in a close long-term commitment to

Related Documents