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Global Management
management a practical introduction
| Question | Answer |
|---|---|
| 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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