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Management
Chapter 4
| Question | Answer |
|---|---|
| Globalization | The trend of the world economy toward becoming a more interdependent system |
| Ethnocentric managers | believe that their native country, culture, language, and behavior are superior to all others |
| Parochialism | narrow view in which people see things solely through their own perspective |
| Polycentric managers | take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone |
| Geocentric managers | accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective |
| 5 Ways of Expanding Internationally | 1. Global outsourcing 2. Importing, exporting, and counter trading - Bartering goods for goods 3. Licensing & franchising 4. Joint Ventures 5. Wholly-owned subsidiaries |
| Licensing | a company allows a foreign company to pay it a fee to make or distribute the firms product or service |
| Franchising | a company allows a foreign company to pay it a fee and a share of the profit in return for using the company's brand name and a package of materials and services |
| Joint ventures or strategic alliance | formed with a foreign company to share the risk and rewards of starting a new enterprise together in a foreign country |
| Wholly-owned subsidiary | foreign subsidiary that is totally owned and controlled by an organization |
| Tariffs | customs duty, or tax, levied mainly on imports |
| import quotas | limits on the numbers of a product that can be imported |
| embargoes | complete bans on trade between one country and another |
| sanctions | a trade prohibition on certain types of products or services for a specific reason |
| Organizations Promoting International Trade | 1. World Trade Organization (WTO) 2. The World Bank 3. International Monetary Fund (IMF) |
| Trading Bloc | a group of nations within a geographic region that have agreed to remove trade barriers with one another |
| Trans-Pacific Partnership (TPP) | Trade agreement among 12 pacific rim countries |
| Most favored nation trading status | describes a condition in which a country grants other countries favorable trading treatment such as the reduction of import duties |
Created by:
wtterry41
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