Virtual Teams. Eastern Europe Assignment Example | Topics and Well Written Essays - 750 words

Virtual Teams. Eastern Europe - Assignment Example A good way to determine which are best investment locations within Eastern Europe is by comparing the gross domestic product per capita of the Eastern European countries. The countries with the top three gross domestic products per capita in Eastern Europe are Slovenia, Czech Republic, and Slovakia. The corresponding gross domestic product per capita of each of these countries is illustrated in the table below. Country Gross domestic product per capita Slovenia $27,149 Czech Republic $21,028 Slovakia $17,630 (Globalpropertyguide). The country with the highest gross domestic product per capita could be considered the most attractive location by a lot of business analyst because the customers in that country have higher buying power. Another important variable to consider are the market and industries that the country has to offer. In Slovenia the service industry accounts for 64% of Slovenia gross domestic product and manufacturing and mining are key economic sectors (CultureGrams). T he majorities of companies in Slovakia are state control which leads to a lot of inefficiencies. Tourism in the Czech Republic is a booming industry. The Czech Republic is the best selection among the different Eastern European nations. This country has a diversified industry segment which includes glass, metallurgy, machinery and equipment, motor vehicles and armaments (CultureGrams). The use of virtual teams can help companies achieve better business results. The target country the company selected is the Czech Republic. Since the company does not have any experience in the Czech Republic marketplace the firm should contract a consultant to help them in the process of selecting the virtual team. A local firm that specializes in human resources would be very helpful to access the local talent for the virtual team. The team is going to be composed of 8 people. The company is going to include two managers from its corporate headquarters. The remaining six members will be selected amo ng the local population. Each member will have different academic backgrounds. The six professionals the company will select for the virtual team include an engineer, accountant, marketing specialist, researcher, lawyer, and a scientist. The virtual team will work together to analyze the best business opportunities available in the Czech Republic. The goal of the firm is to achieve market growth by expanding into other markets. The virtual team will utilize multiple technological tools and devices to communicate with each other. The online service Skype will be used as the primary communication tool for team meetings. Skype allows people to communicate while at the same time seeing a video stream of the person. All team members will have smartphones. A smartphone such as an Iphone enables its users to transfer data files from phone to phone. One of the cultural differences between the United States and the Czech Republic is the fact that in the United States the official language is English and the Czech Republic the official language is Slavic. It is important for the American members of the virtual team to understand the customs and traditions of the Czech Republic. For instance in the Czech Republic it is customary go greet a person by shaking hands firmly and saying their last names. In the virtual setting the managers must remember to use the last names of the person. First names are only used among relatives and family members. Another sign of respect in the workplace is addressing both men and women by their professional title. The probability of success of the team depends on a lot of factors. One of the most important aspects of the virtual team project is to have excellent communications among the team