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MIB Exam 1

Managing International Business Exam 1

TermDefinition
Global Business Business around the globe including both international business activities covered by traditional IB books and domestic business activities
Multinational Enterprise A firm that engages in foreign direct investment by directly investing in, controlling, and managing value-added activities in other countries
Foreign Direct Investment Direct investment in, controlling, and managing value-added activities in other countries.
Reverse Innovation An innovation that is adopted first in emerging economies and is then diffused around the world
Institutional Framework is made up of: Formal and informal institutions
Regulatory Pillar The coercive power of governments
The two main supportive pillars are: Normative and Cognitive
Cognitive Pillar The internalized values and beliefs that guide individual and firm behavior
Culture The collective programming of the mind that distinguishes the members of one group or category of people from another
Ethical Imperialism A perspective that suggests that ‘there is one set of Ethics (with the capital E), and we have it.”
Social Stratification The hierarchal arrangement of individuals into social categories (strata) such as classes, castes, and divisions within a society.
Cultural Intelligence An individual’s ability to understand and adjust to new cultures.
Institution-based View A leading perspective in global business that suggests that the success and failure of firms are enabled and constrained by institutions
Resource-based View Builds on the SWOT analysis and concentrates on the internal S and W to identify and leverage sustainable competitive advantage
Financial Resources
Opportunities & Threats
Trade Deficit An economic condition in which a nation imports more than it exports
Theory of Absolute Advantage Suggests that under free trade, a nation gains by specializing in economic activities in which it has an absolute advantag
Theory of Comparative Advantage Focuses on the relative (not absolute) advantage in one economic activity that one nation enjoys in comparison with other nations.
Strategic Trade Suggests that strategic intervention by governments in certain industries can enhance their odds for international success.
Ownership Advantage All investments, including both FDI and FPI, entail ownership of assets
Firms Prefer FDI to licensing because: FDI reduces dissemination risks, provides tight control over foreign operations, facilitates the transfer of fact knowledge through "Learning by doing"
When entering foreign markets, basic entry choices include:
Oligopoly Industry dominated by a small number of players
China Price Refers to competition and low costs in China
Wal-Mart's strategy of maintaining low prices could be easily wiped out if: The US dollar depreciates
International Monetary Fund An international organization that was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements.
Foreign Exchange Rate The price of one currency expressed in another.
Regional Economic Integration Efforts to reduce trade and investment barriers within one region.
European Union The official title of European economic integration since 1993.
GATT (General Agreement on Tariffs and Trade) A multilateral agreement governing the international trade of goods (merchandise).
The International Trade of Services
SMEs A firm with fewer than 500 employees in the United States, or with fewer than 250 employees in the European Union
A defining characteristic of entrepreneurship: The identification and exploitation of previously unexplored opportunities
International Entrepreneurship A combination of innovative, proactive, and risk-seeking behavior that crosses national borders and is intended to create wealth in organizations
Microfinance A practice to provide micro loans (US$50–US$300) used to start small businesses with the intention of ultimately lifting the entrepreneurs out of poverty.
Sometimes foreign firms are discriminated against: By the formal rules of the game
The resource-based view argues that foreign firms need to: Excel more than others because of the differences in firm-specific capabilities that make alliances and acquisitions work.
Liability of foreignness is: The inherent disadvantage that foreign firms experience in host countries because of their nonnative status
Agglomeration Clustering of economic activities in certain locations
Created by: joebouhadana
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