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STMG Ch. 5

STMG191 Exam 2013 - NZ & the Global Context + Ch. 1 & 2 Jones Text

QuestionAnswer
What defines the 'Global Economy'? Resources, markets and competition that are worldwide in scope
Globalization is the...? Worldwide interdependence of resource flows, product markets and business competition.
International Management involves...? Managing operations in more than one country
What type of manager is culturally aware and well informed on international affairs? A Global Manager
The 'global financial crisis' was what? A consequence of sub-prime mortgage defaults in the United States in 2008 and resulted in a worldwide recession.
What does "EU" stand for? European Union
What does "APEC" stand for? Asia-Pacific Economic Cooperation
How many member nations are in the APEC? 21
APEC accounts for how many percent of Australia's total international trade? 70%
New Zealand's top import and export APEC country is: Australia
New Zealand exports how many billion dollars in goods and services through APEC per/yr? $34.9b
New Zealand imports how many billion dollars in goods and services through APEC per/yr? $41.2b
The EU is what? A political and economic alliance of European countries
How many member countries in the EU? 27 (and 3 candidates)
The euro is what? The common European currency
NAFTA stands for...? the North American Free Trade Agreement
What does NAFTA do? It links Canada, the United States and Mexico in a regional economic alliance
What are 'maquiladoras'? Foreign manufacturing plants allowed to operate in Mexico with special privileges in return for employing Mexican labour
Why were Canadian firms reluctant to join NAFTA? They were worried about domination from US manufacturers
Why were American politicians reluctant to join NAFTA? They were worried about potential loss of jobs to Mexico
Why were Mexicans reluctant to join NAFTA? They were worried that free trade would bring a further intrusion of US culture and values to their country
What difference in social standards made America reluctant to ally with Mexico in the NAFTA? Differing viewpoints on environmental protection and child labour
What does AUSFTA stand for? Australia-United States Free Trade Agreement (2005)
The US is New Zealand's _____ largest export market? 2nd
What does NAFTA do? It frees the flow of goods and services, workers and investments within a large region.
What does SADC stand for? Southern Africa Development Community
How many countries are linked in trade and economic development through SADC? 14
What does SADC do? Aims to harmonise and rationalise strategies for sustainable development among member countries.
South Africa accounts for much much of the country's purchasing power? Half (50%)
What does South Africa have to offer? Nearly 50 million people and great natural resources
International businesses do what? Conduct commercial transactions across national boundaries
Privatisation is? The selling of state-owned enterprises into private ownership
What does WTO stand for? World Trade Organization
What does the WTO do? Act as a mediator for nations who agree to negotiate and resolve disputes about tariffs and trade restrictions
A call for tariffs and favorable treatments to protect domestic firms from foreign competition is called what? Protectionism
What are three common forms of market entry strategies? Global sourcing, exporting and importing, licensing and franchising
What is a market entry strategy? A strategy for businesses that are just getting started internationally, that involve the sale of goods or services to foreign markets but do not require expensive capital investments.
What is a direct investment strategy? Joint ventures or wholly owned subsidiaries that require major capital commitments but create rights of ownership and control over other operations in the foreign country
What are two common direct investment strategies? Joint ventures and wholly owned subsidiaries
Joint ventures or wholly owned subsidiaries require major ________ commitments but create rights of ___________ and control over other operations in the foreign country capital / ownership
Joint ventures or wholly owned subsidiaries that require major capital commitments but create rights of ownership and control over other ______________ in the foreign country operations
Global sourcing occurs when? Materials or services are purchased around the world for local use
Exporting involves what? Local products being sold abroad
Importing is the process of...? Acquiring products abroad and selling them in domestic markets
Importing is "acquiring _________ abroad and selling them in _________ markets" products / domestic
When a firm pays a fee for the rights to make or sell another company's products it is called a ____________ _____________? licensing agreement
Franchising provides....? The complete package of support needed to open a particular business
Who buys a franchise? The licensee
Joint ventures do what? Establish operations in a foreign country through joint ownership with local partners
Joint ventures establish operations in a ___________ country through joint ownership with ___________ partners foreign / local
A wholly owned subsidiary is... a local operation completely owned by a foreign firm
A wholly owned subsidiary is a ___________ operation completely owned by a __________ firm local / foreign
MNC stands for? Multi National Company
A multinational company (MNC) is a...? Business with extensive operations in more than one foreign country
A sweatshop does what? Employs workers at very low wages, for long hours and in poor working conditions
Child labour involves what? The full time employment of children for work otherwise done by adults
Meeting the needs of the present without harming future generations' ability to provide for themselves is __________ _____________? sustainable development
Sustainable development is defined as? Meeting the needs of the present without harming future generations' ability to provide for themselves
ISO 14000 offers what? A set of standards for responsible environmental policies
What is culture? A shared set of beliefs, values, and patterns of behavior common to a group of people
"A shared set of beliefs, values, and patterns of behavior common to a group of people" is what? Culture
Culture shock means what? The confusion and discomfort a person experiences when in an unfamiliar culture
The __________ and ____________ a person experiences when in an unfamiliar culture confusion / discomfort
Ethnocentrism is...? The tendency to consider one's culture superior to others
ISO stands for? International Organization for Standardization
Low context cultures are where most of the ______________ takes place via the ____________ or spoken word communication / written
Low context cultures function by...? Emphasizing communication via spoken or written words
______ ____________ cultures rely on non-verbal and situational cues as well as spoken or written words in communication High context
Time orientation is? The way people approach and deal with time.
In monochronic cultures people tend to do what? They do one thing at a time
In polychronic cultures people tend to do what? Use time to accomplish many different things at once
In what culture is time used to do more than one thing at once? Polychronic
In what culture is time used to do one thing at a time? Monochronic
Who wrote 'Culture's Consequences: International Differences in Work-Related Values' ? Geert Hofstede
Hofstede's POWER-DISTANCE MODEL CONSIDERS the ... Degree to which a society accepts or rejects the unequal distribution of power in organizations
Hofstede's UNCERTAINTY-AVOIDANCE MODEL CONSIDERS the ... Degree to which a society tolerates risk and situational uncertainties
Hofstede's INDIVIDUALISM-COLLECTIVISM MODEL CONSIDERS the ... Degree to which a society emphasizes individual accomplishment and self interests, versus collective accomplishments and the greater good
Hofstede's MASCULINITY-FEMININTY MODEL considers the ... Degree to which a society values assertiveness and material success, versus feelings and concern for relationships
Hofstede's TIME-ORIENTATION MODEL considers the ... Degree to which a society emphasizes short-term considerations versus greater concern for the future
Trompenaars's UNIVERSALISM VS. PARTICULARISM considers the ... Degree to which a culture emphasizes rules and consistency in relationships, or accepts flexibility and the bending of rules to fit circumstances
Trompenaars's INDIVIDUALISM VS. COLLECTIVISM considers the ... Degree to which a culture emphasizes individual freedoms and responsibilities in relationships, or focusses more on group interests and consensus
Trompenaars's NEUTRAL VS. AFFECTIVE considers the ... Degree to which a culture emphasizes objectivity and reserve detachment in relationships, or allows more emotion and expressed feelings
Trompenaars's ACHIEVEMENT VS. PRESCRIPTION considers the ... Degree to which a culture emphasizes an earned or performance-based status in relationships, or awards status based on social standing and nonperformance factors
Cultures that take a _______________ view consider time to be a continuous and passing series of events Sequential
Cultures that take a _______________ view consider time to be linear, with an interrelated past, present, and future. Synchronic
_______-directed people tend to see themselves as quite separate from nature Inner
_______-directed people tend to see themselves as part of nature Outer
Comparative management studies... how management practices differ between countries and cultures
Currency risk is based on...? The value of the dollar in an unpredictable market
Political risk is based on...? The possible loss of investment or control over a foreign asset because of political changes in the host country
Political-risk analysis forecasts how political events may affect __________ investments foreign
What are expatriates? People that live and work in a foreign country
The 'global area structure' arranges ____________ and _________ functions into separate _________________ structures production / sales / geographical
The 'global product structure' gives __________________ responsibilities to product group managers, who are assisted by __________ specialists and the ___________________ staff worldwide / area / corporate
What is a keiretsu? a group of Japanese manufacturers, suppliers, and finance firms with common interests
True MNC's are...? Global firms with worldwide mission and strategies that earn a substantial part of their revenues abroad
Global firms with worldwide mission and strategies that earn a substantial part of their revenues abroad are...? MNC's
Benefits of MNC's for host countries are...? Broader tax bases, new technologies, and employment opportunities
Disadvantages to host countries of MNC's are....? Possible interference with local government, extraction of excess profits, and domination of local economy
The 'labour force participation rate' is...? a measure indicating how many are willing to work, are working, or are actively looking for work
What is 'industrial relations'? The structure and processes of control over enterprise and workplace relations
What was the Employment Contracts Act 1991 designed to do? Increase the efficiency of the operation of the labour market based on freedom of association and the implementation of legally binding employment contracts
What was the Employment Relations Act 2000 meant to do? Develop productive employment relationships based on 'good faith bargaining'
What does ERA stand for? Employment Relations Act
Employment Relations Law Reform Bill Introduced to Parliament by the government to amend specific aspects of the ERA
Human Resource Management is defined as....? "the strategic management of an organization's employees through a series of related activities aimed at increasing organizational effectiveness and the achievement of the organization's goals"
Mixed Member Proportional System (MMP) is what? A voting system where voters cast one vote for a party, and one vote for a person to represent the electorate
What is the Treaty of Waitangi? A legal agreement between the Crown and Maori tribes in 1840, often referred to as the founding document of the nation, which set out the rights and responsibilities for both parties, but resulted in conflict over its interpretation and implementation.
Define whanau the basic social unit in Maori society, akin to the family
Define hapu the extended family unit
Define iwi the tribe
Define whakapapa one's ancestors or family lineage
Brief overview of Maori Land Wars? 19th century military conflict between the Crown and Maori - Crown confiscated land - Maori grievances and claims - not dealt with until latter part of 20th century - ongoing
Describe the Waitangi Tribunal? It is a permanent commission of enquiry established in 1975 to consider claims lodged by Maori regarding grievances against the Crown regarding the Treaty of Waitangi
What is urbanization in the NZ context? The process in which Maori left their traditional rural centres and marae and moved into major urban areas, often resulting in alienation from traditional values and culture
What is the Fisheries Settlement 1992? A settlement between the Crown and Maori returning all fisheries assets to Maori
What did the Waikato Raupatu Settlement 1995 do? Settlement between Crown and North Island Maori iwi Tainui regarding land grievances - it resulted in large financial settlement for the iwi
Ngai Tahu settlement 1998 Settlement between the crown and South Island iwi Ngai Tahu
What is Asianisation? The process of the assimilation of Asian peoples, values and cultures into New Zealand society
Created by: ginamaye