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MGMT 301: Chapter 4

MGMT 301: Chapter 4 Questions

What is Globalization? Trend of the world economy toward becoming a more interdependent system.
What is the Global Village? Shrinking of time and space as air travel and the electronic media have made it easier for the people around the globe to communicate with one another.
What is the Global Economy? Increasing tendency of the economies of the world to interact with one another as one market instead of many national markets.
What are two important results of the World Wide Web and the Internet? Small companies can get started more easily. Small companies can maneuver faster.
What is Cross-Cultural Awareness? Ability to operate in different cultural settings.
What is a Multinational corporation? Known as a Multinational enterprise, it is a business firm with operations in several countries.
What is a Multinational Organization? Non-profit organization with operations in several countries.
What are Ethnocentric Managers? Believe that their native country, culture, language, and behavior are superior to all others.
What is Parochialism? Narrow view in which people see things solely through their own perspective
What is a Polycentric Manager? 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.
What is a Geocentric Manager? Accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective.
What are the five reasons companies expand internationally? Availability of supplies, new markets, lower labor costs, access to finance capital, and avoidance of tariffs and import quotas.
What are five different ways of expanding internationally? Global outsourcing, importing, exporting, and countertrading, licensing and franchising, joint ventures, and lastly, wholly owned subsidiaries.
What is Outsourcing? Using suppliers outside the company to provide goods and services.
What is Global Outsourcing? Known as offshoring, using suppliers outside of the U.S. to provide labor, goods, or services.
What is Reshoring? Moving production back home in order to respond faster and more flexibly to consumer trends.
What is importing? Company buys goods outside the country and resells them domestically.
What is exporting? Company produces goods domestically and sells them outside the country.
What is countertrading? Bartering goods for goods.
What is Licensing? Company allows a foreign company to pay it a fee to make or distribute the first company's product or service.
What is Franchising? Form of licensing in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first company's brand name and a package of materials and services.
What is Joint Ventures? Also known as a Strategic Alliance, a foreign company is to share the risks and rewards of starting a new enterprise together in a foreign country.
What are Wholly Owned Subsidiary? Foreign subsidiary that is totally owned and controlled by an organization.
What is a Greenfield Venture? Foreign subsidiary that the owning organization has built from scratch.
What is a Free Trade? Movement of goods and services among nations without political or economic obstruction
What is Trade Protectionism? Use of government regulations to limit the imports of goods and services-to protect their domestic industries against foreign competition.
Countries exert protectionism consist of? Tariffs, import quotas, trade embargoes, and sanctions.
What is a Tariff? Trade barrier in the form of a customs duty or tax, levied mainly on imports.
What are the two types of tariffs? Revenue Tariff and Protective Tariff
What is a Revenue Tariff? Raise money for the government, such as a tax on all oil imported into the U.S.
What is a Protective Traiff? Raise the price of imported goods to make the prices of domestic products more competitive.
Created by: DavidMV2014
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