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Global Business
V4 Study Guide
| Question | Answer |
|---|---|
| What opportunities to businesses are brought by globalization? | foreign investments, cheaper resources, cheaper labor, larger market, increase revenue, decrease production costs, become more competitive in the international market |
| What are the economic effects of globalization? | Trade, Investment, and Information Technology |
| What are the political effects of globalization? | Reduce the importance of nation-states, some countries don't like political integration and might create isolationist policies, nongovernmental organizations (NGOs). |
| What are the cultural effects of globalization? | Transmission of ideas, meanings, and values around the world. |
| What are the arguments for globalization from a country's perspective? | economic growth; increased well-being of human society; increased trade and investment |
| What are the arguments against globalization from a country's perspective? | benefits the rich at the expense of the poor; job loss in developed countries; environmental damage and unethical practices of labor; loss of power of local government |
| What are the five stages of entering a global market? | Stage 1-market entry-companies enter new countries Stage 2-product specialization-full production to a single, low-cost location Stage 3-value chain disaggregation-complete each activity in the most advantageous location Stage 4-value chain reengineering-companies seek further cost savings, substituting lower cost labor for capital Stage 5-creation of new markets-market expansion |
| What are the four drivers of globalization? | Market-opportunity for scale; convergence of needs Cost-economies of scale and scope; exploiting cost of factors of production Competition-new markets; increased levels of trade Government-favorable policies; support for industry |
| What are the benefits of global expansion from multinational companies' (MNC) perspective? | larger market; lower cost; advanced technologies |
| What are the costs of global expansioin from multinational companies' (MNC) perspective? | ethical business practice concerns; organizational structure; public relations; leadership; legal and regulatory structure |
| What are the International Monetary Fund's (IMF) major functions? | |
| What are the International Monetary Fund's (IMF) major goals? | stabilize exchange rates, |
| What are the International Monetary Fund's (IMF) major conditionalities? | |
| What are the criticisms on the International Monetary Fund (IMF)? | |
| What are the World Bank's major functions? | |
| What are the World Bank's major goals? | |
| What are the World Bank's major criticisms? | |
| What are the World Trade Organization's (WTO) major functions? | |
| What are the World Trade Organization's (WTO) major rules? | |
| What are the World Trade Organization's (WTO) major rounds of negotiations? | |
| What are the World Trade Organization's (WTO) major criticisms? | |
| List each international trade theory. | |
| What are the concerns on free trade's impact on manufacturing jobs in developed nations? | |
| What are the concerns on free trade's impact on labor rights in developing nations? | |
| List the types of tariffs. | |
| How does tariff impact import prices? | |
| How does tariff impact quantity of imported products? | |
| How does tariff impact consumers? | |
| How does tariff impact domestic businesses? | |
| List the types of quota. | |
| How does quota impact import prices? | |
| How does quota impact quantity of imported products? | |
| How does quota impact consumers? | |
| How does quota impact domestic businesses? | |
| What is the rationale for governments to utilize trade barriers to manage trade? | |
| Compare portfolio investment and foreign direct investment. | |
| List the reasons that governments restrict FDI. | |
| List the strategies that governments use to restrict FDI. | |
| List the reasons that governments promote FDI. | |
| List the strategies that governments use to promote FDI. | |
| List the benefits of being a multinational company. | |
| List the impacts of multinational companies. | |
| List the five stages of regional economic integration. | |
| List the benefits of regional economic integration. | |
| List the costs of regional economic integration. | |
| List the major real-world regional integration bolcs. | |
| List the reasons behind strengthening currency. | |
| List the reasons behind weakening currency. | |
| How does strengthening currency impact international trade? | |
| How does weakening currency impact international trade? | |
| List 3 exchange rate policies. | |
| How does a monopoly hurt consumers? | |
| How are Antitrust Laws implemented in the U.S.? | |
| What is the major function of the National Environmental Protection Act (NEPA)? | |
| List three international labor conventions that help protect workers. | |
| List three ways to protect intellectual properties. | |
| What are WIPO's major functions? | |
| Why are business ethics important to global businesses? | |
| What is the goal of Corporate Social Responsibility (CSR)? | |
| How does culture impact business ethics standards? | |
| List examples of unethical practices in business operation. | |
| What is the function of the Sarbanes-Oxley Act? | |
| Why are protections needed for whistle-blowers? | |
| What are the functions of an internal control system? | |
| How can one prevent discrepancies and irregularities? | |
| List four types of organizational structures. | |
| What are the advantages of | |
| What are the disadvantages of | |
| What are the advantages of | |
| What are the disadvantages of | |
| What are the advantages of | |
| What are the disadvantages of | |
| What are the advantages of | |
| What are the disadvantages of | |
| List the advantages of Centralized decision-making methods. | |
| List the disadvantages of Centralized decision-making methods. | |
| List the advantages of Decentralized decision-making methods. | |
| List the disadvantages of Decentralized decision-making methods. | |
| List the various strategies for entering foreign markets. | |
| List the various associated risks for entering foreign markets. | |
| Compare the entry speed for all entry strategies. | |
| Compare the cost level for all entry strategies. | |
| Compare the risk level for all entry strategies. | |
| What are the three marketing strategies to enter a foreign market? | |
| List each of Hofstede's six cultural dimensions. | |
| What are the significant cultural features in China? | |
| What are the significant cultural features in Latin American countries? | |
| How can verbal language cause issues in business communication? | |
| How can body language cause issues in business communication? | |
| What are the reputable primary sources for learning about foreign cultures? | |
| What are the reputable secondary sources for learning about foreign cultures? | |
| How does culture influence staffing strategies? | |
| How does culture influence performance evaluation? | |
| What are the challenges expatriates might encounter? | |
| How is expatriate's compensation package determined in global business? | |
| What are the pros of hiring expatriates? | |
| What are the cons of hiring expatriates? |
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