List alternatives to paying bribes in international markets and discuss the pluses and minuses of each?

Answer 1

1. Establishing good relationships with the right people

PLUS: problems (especially those related to bribery) would be resolved quickly

MINUS: requires an investment of time and money.

2. Using government lobbying and high level visits

PLUS: promotes fair trade

MINUS: company would rely heavily on government efforts

Answer 2

1. Alternative 1: Seek legal counsel - Consulting with legal experts familiar with local laws can help navigate potential regulatory hurdles without resorting to bribery. However, legal processes can be time-consuming and costly.

2. Alternative 2: Implement robust compliance measures - Developing internal controls and compliance programs can mitigate corruption risks. While this can enhance reputation and trust, it may require significant investment and resources.

3. Alternative 3: Collaborate with ethical partners - Partnering with reputable local entities can help avoid corrupt practices. Yet, this method may limit access to certain markets where corruption is rampant, hence impacting business growth.