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Global Management

management a practical introduction

globalization the trend of the world economy toward becoming a more interdependent
global village refers to the "shrinking" of time and space as air travel and the electronic media have made it easier for the people of the globe to communicate with one another
global economy refers to the increasing tendency of the economies of the world to interact with one another as one market instead of many national markets
multinational corporation is a business firm with operations in several countries
multinational organization is a nonprofit organization with operations in several countries
ethnocentric managers believe that their native country, culture, language, and behavior are superior to all others
parochialism is a narrow view in which people see things solely through their own perspective
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
maquiladoras manufacturing plants allowed to operate in Mexico with special privileges in return for employing Mexican citizens
global outsourcing is defined as using supplies outside the United States to provide labor, goods, or services
Importing a company buys goods outside the country and resells them domestically
exporting a company produces goods domestically and sells them outside the country
countertrading is bartering foods for goods
licensing a company allows a foreign company to pay it a fee to make or distribute the first company's product or services
franchising is a form of licensing on 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
joint venture or strategic alliance with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country
wholly-owned subsidiary is a foreign subsidiary that is totally owned and controlled by an organization
greenfield venture is a foreign subsidiary that the owning organization has built from scratch
free trade the movement of goods and services among nations without political or economic obstruction
trade protectionism the use of government regulations to limit the import of goods and services
tariff is a trade barrier in the form of a customs duty, or tax, levied mainly on imports
import quota is a trade barrier in the form of a limit on the numbers of a product that can be imported
dumping the practice of a foreign company's exporting products abroad at a lower price than the price in the home market-or even below the costs of production-in order to drive down the price of the domestic product
embargo is a complete ban on the import or export of certain products
World Trade Organization (WTO) is designed to monitor and enforce trade agreements
world bank is to provide low-interest loans to developing nations for improving transportation, education, health, and telecommunications
international monetary fund (IMF) is designed to assist in smoothing the flow of money between nations
exchange rate the rate at which one country's currency can be exchanged for another country's currency
trading bloc/economic community is a group of nations within a geographical region that have agreed to remove trade barriers with one another
North American trade agreement is a trading bloc consisting of the US, Canada, Mexico
European Union 27 trading partners in Europe
Asia-pacific economic cooperation is a group of 21 pacific rim countries whose purpose is to improve economic & political ties
association of southwest Asian nations is a trading bloc consisting of 11 countries is Asia
mercosur is the largest trade bloc in Latin America and has 4 core member--Argentina, Brazil, Paraguay, and Uruguay, with Venezuela scheduled to become a full member upon ratification by other countries-and five associate member: Bolivia, Chile, Colombia, Ecuador
Central america free trade agreement involves the US and costa rica, the dominican republic, el salvador, guatemala, honduras, and nicaragua- is intended to reduce tariffs and other barriers to free trade
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
culture is the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people
low-context culture in which shared meaning are primarily derived from written and spoken words
high-context culture in which people rely heavily on situational cues for meaning when communication with others
hofestede model of four cultural dimensions identified four dimensions along which national cultures can be placed. 1) individualism/collectivism 2) power distance, 3) uncertainty avoidance and 4) masculinity/femininty
GLOBE project is massive and ongoing cross-cultural investigation of nine cultural dimensions involved in leadership and organizational processes
monochronic time is a preference for doing one thing at a time
polychronic time is a preference for doing more than one thing at a time
expatriates people living or working in a foreign country
Created by: blearly
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