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BUSM112 - CH 03
CH 03 : Integrative Managerial Issues
| Term | Definition |
|---|---|
| Global Village | A boundaryless world where goods and services are produced and marketed worldwide. |
| Multinational Corporation | Any type of international company that maintains operations in multiple countries. |
| Multidomestic Corporation | An MNC that decentralizes management and other decisions to the local country where it's doing business. |
| Global Corporation | An MNC that centralizes management and other decisions in the home country. |
| Transnational (Borderless) Organization | A structural arrangement for global organizations that eliminate artificial geographical barriers. |
| Global Sourcing | Purchasing materials or labor from around the world, wherever it is cheapest. |
| Exporting | Making products domestically and selling them abroad. |
| Importing | Acquiring products made abroad and selling them domestically. |
| Licensing | An agreement in which an organization gives another the right, for a fee, to make or sell its products, using its technology or product specifications. |
| Franchising | An agreement in which an organization gives another organization the right, for a fee, to use its name and operating methods. |
| Global Strategic Alliance | A partnership between an organization and a foreign company partner(s) in which both share resources and knowledge in the developing new products or building production facilities. |
| Joint Venture | A specific type of strategic alliance in which the partners agree to form a separate, independent organization for some business purpose. |
| Foreign Subsidiary | A direct investment in a foreign country that involves setting up a separate and independent facility or office. |
| Parochialism | A narrow focus in which managers see things only through their own eyes and from their own perspective. |
| GLOBE | The Global Leadership and Organizational Behavior Effectiveness research program, a program that studies cross-cultural leadership behaviors. |
| Social Responsibility (Corporate Social Responsibility, or CSR) | A business firm's intention, beyond its legal and economic obligations, to do the right things and act in ways that are good for society. |
| Social Obligation | When a business firm engages in social actions because of its obligation to meet certain economic and legal responsibilities. |
| Social Responsiveness | When a business firm engages in social actions in response to some popular social need. |
| Sustainability | A company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies. |
| Ethics | A set of rules or principles that defines right and wrong conduct. |
| Utilitarian View of Ethics | View that says ethical decisions are made solely on the basis of their outcomes or consequences. |
| Rights View of Ethics | View that says ethical decisions are made in order to respect and protect individual liberties and privileges. |
| Theory of Justice View of Ethics | View that says ethical decisions are made in order to enforce rules fairly and impartially. |
| Code of Ethics | A formal document that states an organization's primary values and the ethical rules it expects managers and nonmanagerial employees to follow. |
| Workforce Diversity | Ways in which people in a workforce are similar and different from one another in terms of gender, age, race, sexual orientation, ethnicity, cultural background, and physical abilities and disabilities. |
| Race | The biological heritage (including physical characteristics, such as one's skin color and associated traits) that people use to identify themselves. |
| Ethnicity | Social traits, such as one's cultural background or allegiance, that are shared by a human population. |
| Family-Friendly Benefits | Benefits that provide a wide range of scheduling options and allow employees more flexibility at work, accommodating their needs for work-life balance. |
| Contingent Workforce | Part-time, temporary, and contract workers who are available for hire on an as-needed basis. |
| Explain Globalization | Organizations that exchange goods and services with consumers in other countries, if they use managerial and technical employee talent from other countries, or if they use financial sources and resources outside their home country. |
| What are Global Businesses Referred to As Being? | They're referred to as being an MNC (multinational corporation). As an MNC they may operate as a multidomestic, global or transnational/borderless organization. |
| Explain Globalization's Impact on Organizations | When a business goes global it may start with global sourcing, move to exporting/importing, use licensing/franchising, pursue global strategic alliance or set up a foreign subsidiary. |
| What Do Managers Need to Be Aware of Relative to Globalization? | Different laws and political and economic systems. The biggest challenge is in understanding different country cultures. Two cross-cultural frameworks that managers can use are Hofstede's and GLOBE. |
| Hofstede's Framework | Geert Hofstede's framework is one of the most widely referenced approaches for analyzing cultural variations. His work has had a major impact on what we know about cultural differences among countries. |
| How Do Society's Expectations Influence Managers and Organizations? | Society expects organizations and managers to be responsible and ethical. An organization's social involvement can be from the perspective of social obligation, social responsiveness, or social responsibility. |
| What Has Research Taught Analysts About Social Responsibility and Sustainability? | It's been concluded that managers can afford to be (and should be) socially responsible. Sustainability has become an important societal issue for managers and organizations. |
| What are Factors That Lead to Ethical and Unethical Behavior in Organizations? | Ethics can be viewed from the utilitarian view, the rights view, or the theory of justice view. How a manager acts depends on his/her morality, values, personality and experiences; as well as the organization's culture and ethical issue being faced. |
| How Can Managers Influence Ethical Behavior? | Hiring employees with high ethical standards, establishing a code of ethics, leading by example, linking job goals and performance appraisal, providing ethics training and implementing protective mechanisms for employees facing ethical dilemmas. |
| Describe How the Workforce is Changing and its Impact on the Way Organizations are Managed | Workforce continues to reflect increasing diversity (age, gender, race/ethnicity, disability/ability, religion, sexual orientation & gender ID). Orgs/mgrs responding w/work-life balance programs, contingent jobs & generational difference recognition. |
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