Free Essay

Italy Report

In: Business and Management

Submitted By fondagirl87
Words 1868
Pages 8
Tanya Quintana
Principles of Management
Foreign Country Assignment

ITALY

Table of Contents

INTRODUCTION................................................................................Page 3
LOCATION.........................................................................................Page 3
POPULATION.....................................................................................Page 3
LANGUAGE.......................................................................................Page 4
BUSINESS CULTURE........................................................................Pages 4-6
CURRENCY........................................................................................Page 6
EXCHANGE RATE..............................................................................Page 6
TRADING ALLIANCE..........................................................................Pages 6-7
ECONOMIC ENVIRONMENT..............................................................Page 7
POLITICAL ENVIRONMENT................................................................Pages 7-8
MORE INTEREST (FOOD)..................................................................Page 8
BUSINESS MODEL.............................................................................Page 8

Italy has been a nation-state since “1861 when the regional states of the peninsula, along with Sardinia and Sicily, were united under King Victor EMMANUEL II”.(World Factbook) Italy is a member of the North Atlantic Treaty Organization (NATO) and the European Economic Community (EEC). It’s at the forefront of the European economic and political unification since the Economic and monetary Union in 1999.Italy’s problems include sluggish economic growth, high youth and female unemployment, organized crime, corruption, and economic disparities between southern and northern Italy. Italy is located to the “Southern Europe, bordering Austria 430 km, France 488 km, Holy See (Vatican City) 3.2 km, San Marino 39 km, Slovenia 232 km, Switzerland 740 km”.(website Kwintessential) Italy has a total expanses of “301,340 sq km which 294,140sq km is land and the rest of 7,200 is water, which makes it slightly larger than Arizona”. (World Factbook) On an map it’s geographic coordinates would be “42 50 N, 12 50 E”. (World Factbook) What is very unique about Italy if you look at the picture of the map it looks like a bootl As of July of this year the population was “61,482,297 “. (World Fact book) If we break that down by percentage there are ” 0-14 years 13.8% (male 4,335,746/female 4,148,249), 15-24years 9.9% (male 3,059,140/female 3,035,991), 25-24years 43.2% (male 13,133,733/female 13,416,626), 55-64years 12.3% (male 3,675,324/female 3,913,918), 65 and over 20.8% (male 5,454,283/female 7,309,287)”(World Fact book) Compared to the countries in the world Italy is ranked 24 largest populated. Italy also has a growth population rate of “0.34% since 2013”. (World Fact book) With a birth rate of “8.94/1000 population”. (World Fact book) Also a death rate of “10.1/1000population”. (World Fact book) In Italy there are many kinds of languages spoken, the main language is Italian. Depending on what put of the country you are in depends on what you might speak. Italian is the main language of Italy that” 93% of population are native Italian speakers. Around 50% of population speak a regional dialect as mother tongue. Friulian, one of these dialects, is spoken by 600,000 people in the north east of Italy, which is 1% of the entire population. Other northern minority languages include Ladin, Slovene, German, which enjoys equal recognition with Italian in the province of Alto-Adige, and French, which is legally recognised in the Alpine region of the Val d'Aosta. Albanian is spoken by 0.2% of the population, mainly in the southern part of Italy, as too are Croatian and Greek. Catalan is spoken in one city, Alghero, on the island of Sardinia, by around 0.07% of the population. On the rest of the island, Sardinian is spoken by over 1m, which comes to 1.7% of the Italian population”.(website, Kwintessential) So it would be very helpful to be fluent in all these ways to speak Italian, because you never know which one you may need to use . The business culture of Italy is very different then the U.S. It is very important to follow these rules when you are going to work in Italy: * “Appointments are mandatory and should be made in writing (in Italian) 2 to 3 weeks in advance. * Reconfirm the meeting by telephone or fax (again in Italian). * Many companies are closed in August, and if they are open many Italians take vacations at this time, so it is best not to try to schedule meetings then. * In the north, punctuality is viewed as a virtue and your business associates will most likely be on time. * The goal of the initial meeting is to develop a sense of respect and trust with your Italian business colleagues. * Have all your printed material available in both English and Italian. * Hire an interpreter if you are not fluent in Italian. * It is common to be interrupted while speaking or for several people to speak at once. * People often raise their voice to be heard over other speakers, not because they are angry. * Although written agendas are frequently provided, they may not be followed. They serve as a jumping off point for further discussions. * Decisions are not reached in meetings. Meetings are meant for a free flow of ideas and to let everyone have their say.”(website,Kwintessential) In business culture Italy is dividend into the north and south people which are very different. In the north” people are direct, see time as money, and get down to business after only a brief period of social talk. In the south, people take a more leisurely approach to life and want to get to know the people with whom they do business.”(website,Kwintessential) Italian business culture is your appearance is very importanting. When going for a job you should wear : * “Men should wear dark coloured, conservative business suits. * Women should wear either business suits or conservative dresses. * Elegant accessories are equally important for men and women”.(website,Kwintessential) The currency used in Italy is the Euro(use to be know as the Lira(IT,ITA) is the currency in Italy) and it has been the official currency since 2002. The Euro is equal to one hundred pennies in the U.S. The Italian Euro coins features art masterpieces on them which make them different from the Euro used any were else. Here is a list of the coins and there masterpieces on them: “2 Euro - portrait of Dante painted by Raphael ,1 Euro - Da Vinci's famous painting of the human body, The Vitruvian Man , 50 cent - statue of Emperor Marcus Aurelius on horseback ,20 cent - futurist sculpture by Boccioni, coin has scalloped edges, 10 cent - Botticelli's painting 'The Birth of Venus', 5 cent - the Flavius amphitheatre, begun in 75 AD ,2 cent - the Mole Antonelliana tower ,and the 1 cent - the Castel del Monte castle in Apulia”.(website,explatfocus) I have put an chart in so you could see what the exchange rate would be compared to the us dollar. Italy has a trading alliance both in importing and exporting. When importing engineering products, chemicals, transport equipment energy products, minerals and nonferrous metals, textiles and clothing, food, beverages and tobacco “ they are alliance with “Germany , France, China, Netherlands, Spain, and Belgium importing . (World Fact book) Then for exporting “engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals, food, beverages and tobacco, minerals, and nonferrous metals “ they are alliance with “Germany, France, Switzerland, and Spain”. (World Fact book)
The economic environment in Italy according to the record their unemployment is for ages” 15-24 is 29.1%, males are 27.1%, and females are 32%”. (World Fact book)The unemployment rate for adult male and females is “10.6%” (World Fact book) all together Italy is the twenty-eight country with the highest unemployment rate. They have an inflation of “3.3%”. (World Fact book), which ranks them hundred and three in the world. The” GDP (purchasing power) is 1.863 trillion dollars, GDP (official exchange rate) is 2.014 trillion dollars, GDP (real growth rate) is -2.4%, and their GDP-per capita (PPP) is 30,600. Italy’s political environment is a little like the U.S, because they have an Executive branch, Legislative branch, and Judicial branch. The only thing that is different is that they have a chief of state which is their president and a prime minister (which the prime minister makes all the decisions). Italy also has elections just we do too. One more thing that is different is there is no term limit for the chief of state and prime minister. Italy has a constitution just like us too. Their constitution was passed “December 11, 1947 effective January 1, 1948 but amended many times”. (World Fact book) Other interesting thing about Italy is the food which is served different depending what part of the country you are. “among different regions, it was possible to distinguish Italian cooking simply by the type of cooking fat used: butter was used in the north, pork fat in the center of the country, and olive oil in the south. Staple dishes in the north were rice and polenta, and pasta was most popular throughout the south. During the last decades of the twentieth century (1980s and 1990s), however, pasta and pizza (another traditional southern food) became popular in the north of Italy. Pasta is more likely to be served with a white cheese sauce in the north and a tomato-based sauce in the south”. (website, foodbycountry) Italians also use many fresh herbs and their cheese,” Italians are known for their use of herbs in cooking, especially oregano, basil, thyme, parsley, rosemary, and sage. Cheese also plays an important role in Italian cuisine. There are more than 400 types of cheese made in Italy, with Parmesan, mozzarella, and asiago among the best known worldwide. Prosciutto ham, the most popular ingredient of the Italian antipasto (first course) was first made in Parma, a city that also gave its name to Parmesan cheese”. (foodbycountry)Italians eat at least five meals a day and drink wine with all their meals. If I was to go to Italy to do business I think would like to sell custom jewelry. I think I would find someone there who was already selling jewelry and have them sell mind. So I didn’t to be there and I could still be here with my family. I would make it here and import it to the store there. That way if it doesn’t work out it is much easier for me to pull out and if I owned a store there. All I would have to do is stop shipping my product if doesn’t do well.

Cited Work
Country Report: Italy. Country Report. Italy [serial online]. January 2013;(1):1-33. Available from: Business Source Complete, Ipswich, MA. Accessed October 1, 2013.
Central Intelligence Agency." Welcome to the CIA Web Site -. N.p., 10 Apr. 2007. Web. Apr.-May 2013. <http://www.cia.gov/library/publications/the-world-factbook/geos/it.html>.
Food in Evert Country. N.p., 2013. Web. <www.foodbycountry.com>.
N.p., 2003. Web. <www.kwintesstial.co.uk>.
Pascoe, Ribin. "Expat Focus." Italy. N.p., 2000-13. Web. Fall 2013. <http://www.expatfocus.com/expatriate-italy-currency-cost-of-living>.
Ostermiller, Stephen. "Currency Exchange Rate Conversion Calculator." Currency Exchange Rate Conversion Calculator. N.p., 2003-13. Web. Fall 2013. <http://www.coinmill.com/>.
"Residential Property Investment Research." Global Property Guide. N.p., 2004-13. Web. Oct. 2013. <http://www.globalpropertyguide.com/>.

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