Managing International Business Exam 1
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| Global Business | Business around the globe including both international business activities covered by traditional IB books and domestic business activities
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| Multinational Enterprise | A firm that engages in foreign direct investment by directly investing in, controlling, and managing value-added activities in other countries
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| Foreign Direct Investment | Direct investment in, controlling, and managing value-added activities in other countries.
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| Reverse Innovation | An innovation that is adopted first in emerging economies and is then diffused around the world
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| Institutional Framework is made up of: | Formal and informal institutions
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| Regulatory Pillar | The coercive power of governments
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| The two main supportive pillars are: | Normative and Cognitive
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| Cognitive Pillar | The internalized values and beliefs that guide individual and firm behavior
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| Culture | The collective programming of the mind that distinguishes the members of one group or category of people from another
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| Ethical Imperialism | A perspective that suggests that ‘there is one set of Ethics (with the capital E), and we have it.”
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| Social Stratification | The hierarchal arrangement of individuals into social categories (strata) such as classes, castes, and divisions within a society.
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| Cultural Intelligence | An individual’s ability to understand and adjust to new cultures.
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| Institution-based View | A leading perspective in global business that suggests that the success and failure of firms are enabled and constrained by institutions
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| Resource-based View | Builds on the SWOT analysis and concentrates on the internal S and W to identify and leverage sustainable competitive advantage
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| Financial Resources |
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| Opportunities & Threats |
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| Trade Deficit | An economic condition in which a nation imports more than it exports
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| Theory of Absolute Advantage | Suggests that under free trade, a nation gains by specializing in economic activities in which it has an absolute advantag
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| Theory of Comparative Advantage | Focuses on the relative (not absolute) advantage in one economic activity that one nation enjoys in comparison with other nations.
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| Strategic Trade | Suggests that strategic intervention by governments in certain industries can enhance their odds for international success.
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| Ownership Advantage | All investments, including both FDI and FPI, entail ownership of assets
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| 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"
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| When entering foreign markets, basic entry choices include: |
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| Oligopoly | Industry dominated by a small number of players
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| China Price | Refers to competition and low costs in China
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| Wal-Mart's strategy of maintaining low prices could be easily wiped out if: | The US dollar depreciates
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| International Monetary Fund | An international organization that was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements.
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| Foreign Exchange Rate | The price of one currency expressed in another.
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| Regional Economic Integration | Efforts to reduce trade and investment barriers within one region.
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| European Union | The official title of European economic integration since 1993.
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| GATT (General Agreement on Tariffs and Trade) | A multilateral agreement governing the international trade of goods (merchandise).
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| The International Trade of Services |
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| SMEs | A firm with fewer than 500 employees in the United States, or with fewer than 250 employees in the European Union
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| A defining characteristic of entrepreneurship: | The identification and exploitation of previously unexplored opportunities
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| International Entrepreneurship | A combination of innovative, proactive, and risk-seeking behavior that crosses national borders and is intended to create wealth in organizations
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| 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.
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| Sometimes foreign firms are discriminated against: | By the formal rules of the game
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| 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.
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| Liability of foreignness is: | The inherent disadvantage that foreign firms experience in host countries because of their nonnative status
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| Agglomeration | Clustering of economic activities in certain locations
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