MGMT week 3
Nations are easily able to trade with one another when there aren't any political or economic obstructions hampering the process. This is known as _____.
free trade
The ability to move goods and services among nations without any political or economic obstruction is called _____.
free trade
avlin accepts that differences and similarities exist between home and foreign personnel and practices, and that the company should use whatever techniques are most effective. alvin can be described as
geocentric
The trend of the world economy toward becoming a more interdependent system is referred to as _______.
globalization
Major Trading Blocs
group of nations within a geographic region that have agreed to remove trade barriers with one another
Religion
how does religion influence work-related values?
megafirms and mergers are on the rise
industries are becoming bigger and cross-global, especially automobiles, telecommunications and healthcare.
Globalization is the trend of the world economy becoming a more _______ system.
interdependent
import quotas
limits on the numbers of a product that can be imported
A person from Germany is from a(n) ______ culture, because shared meanings are primarily derived from written and spoken words.
low-context
In a ______ culture, shared meanings are often derived from written and spoken words.
low-context
Foreign companies with manufacturing plants that are allowed to operate in Mexico with special privileges in exchange for employing Mexican citizens are known as _______.
maquiladoras
A preference for doing one thing at a time is characteristic of ______ time.
monochronic
When Matt was meeting with Susan, he focused exclusively on the meeting. He did not check his incoming texts or respond to a phone call. This reflects a preference for ______.
monochronic time
language
more than 7,000 languages are spoken in the world
If Norway decided to reduce import duties for Germany, which allowed Germany to export more cars to Norway at a lower cost, it would create a stronger tie between these two countries. In this situation, Norway is granting Germany _____ trading status.
most favored nation
A company that has operations in several countries is called a(n) ______.
multinational corporation
Wal-MaWal-Mart is an example of a(n) ______ because it is a business with operations in multiple countries.rt is an example of a(n) ______ because it is a business with operations in multiple countries.
multinational corporation
parochialism
narrow view in which people see things solely through their own perspective
multinational organization
nonprofit organization with operations in several countries.
Using suppliers outside of the company to provide materials to make goods and services is called _____.
outsourcing
Another way to describe ethnocentrism is as a narrow view in which people see things solely through their own perspective. This is called _____.
parochialism
Countries grant most favored nation status as a way to ______.
promote strong and more stable ties between countries
high-context culture
rely heavily on situational cues for meaning when communicating with others.
Approximately two-thirds of India's GDP is made up of ______.
services
culture
shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people
polycentric managers
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
the "global village"
the "shrinking" o ftime and space as air travel and the electronic media have made it much easier for the people of the globe to communicate with one another.
During his most recent trip to Mexico, Gerard was able to purchase 15 Mexican pesos for each American dollar he had. This transaction is an example of _____.
the exchange rate
The "shrinking" of time and space as air travel and the electronic media make it easier for people of the world to communicate with one another refers to _____.
the global village
negative effects of global economy
the increasing tendency of the economies of the world to interact with one another as one market instead of many national markets.
Minifirms are operating worldwide
the internet allows almost anyone to be global. small companies can get started more easily. small companies can maneuver faster.
positive effect of global economy
the movement, or outsourcing, of formally well paying jobs overseas as companies seek cheaper labor costs, particulary in manufacturing.
globalization
the trend of the world economy toward becoming a more interdependent system.
the world bank
today, the purpose is to provide low-interest loans to developing nations for improving transportation, education, health, and telecommunications.
The World Trade Organization, the World Bank, and the International Monetary Fund are the three principal organizations designed to facilitate international _____.
trade
The use of government regulations to limit the import of goods and services is called _____.
trade protectionism
An economic community, also known as a _______, is a group of nations within a certain geographical region that have agreed to remove trade barriers with one another.
trading bloc
international management
work with foreign customers, suppliers, employees
developing a global mindset
- Be patient, be quiet, listen, don't use slang, don't talk about wealth - Be global in your focus, but study up on local customs - Learn what is appropriate behavior (gestures, eye contact, etc.) - Learn rituals of respect (shaking hands, dressing appropriately, etc.) - Become at least minimally skilled in the language
The five major emerging economies (BRICS)
Brazil, Russia, India, China, South Africa.
What two things are credited with creating the "global village?"
Convenient air travel Electronic media
What are maquiladoras?
Foreign-owned manufacturing plants that operate in Mexico in exchange for employing Mexican citizens
Low-context culture
Shared meanings primarily derived from written and spoken words
Which are examples of devices countries use to exert trade protectionism?
Tariffs Embargoes Import quotas
What is outsourcing?
Using suppliers outside the company to provide goods and services
History shows that countries used to be concerned only with regulating their own economies. As times have changed, goods, people, and money now move more freely throughout the world. These changes reflect the idea of _____.
a global economy
sanctions
a trade prohibition on certain types of products or services for a specific reason
A group of nations within a geographical region that have agreed to remove trade barriers with one another is called _____.
a trading bloc
geocentric managers
accept that there are differences and similarities between home and foreign personnel and practices and that they should use what ever techniques are most effective .
During her interview, Sicily told the recruiter that she had worked overseas for the past six years where she had to learn a new language, understand the social rules of the country she was living in and adjust to cramped living quarters. This recruiter would see these conditions as a demonstration of Sicily's _____.
adaptability
embargoes
complete bans on trade between one country and another.
The ability to operate in different cultures is the definition of _____.
cross-cultural awareness
A shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people is known as a(n) ______.
culture
Tariffs
customs duty, or tax, levied mainly on imports
International Monetary Fund (IMF)
designed to assist in smoothing the flow of money between nations
World Trade Organization (WTO)
designed to monitor and enforce trade agreements
communication
do you treat business as a "task" (U.S.) or as a "relationship" (China)?
time orientation
doing one thing at a time is monochronic. doing more than one thing at a time is termed polychronic.
jelene sells her art through her own website and her own website and her etsy store. she receives questions from many different countries. jelene is engaged in
e-commerce.
Managers who are ______ believe that their native country, culture, language, and behavior are superior to all others.
ethnocentric
The rate at which the currency of one country can be exchanged for the currency of another country is called the _____ rate.
exchange
Lisette is a Canadian manager working in a foreign country on assignment for her company. Lisette is therefore a(n) ______.
expatriate
True or false: Currently, the United States exports more than it imports.
false
why companies expand internationally
-availability of supplies - new markets - lower labor costs - access to financial capital - avoidance of tariffs and import quotas
Which of these events are credited with setting up the conditions by which the global economy - goods, people, and money moving freely throughout the world - could flourish?
1. Asian countries opening their economies to foreign investors 2. The fall of the Berlin Wall 3.The worldwide trend of governments deregulating their economies
Five ways of expanding internationally
1. Global Outsourcing 2. Importing, exporting, countertrading 3. Licensing and franchising 4. Joint ventures 5. Wholly owned subsidiaries
Which of the following are problems with using expatriate employees?
1.Failure to effectively manage the return of expatriates ultimately reducing the company's return on investment 2.High costs to the organization sending their employees overseas as expatriates 3.Early turnover
Which of the following statements about a nation's culture are correct?
1.It is made up of many nuances. 2.It unconsciously teaches us how to walk, talk, behave, and relate to other people. 3.It operates in large part outside of individual awareness.
What are India's primary economic strengths?
1.Technological and scientific expertise 2.Reputation in services 3.English-speaking population
Identify the principal organizations designed to facilitate international trade.
1.World Trade Organization 2.International Monetary Fund 3.World Bank
Identify the principal organizations designed to facilitate international trade
1.World Trade Organization 2.World Bank 3.International Monetary Fund
interpersonal space
Americans like to conduct business with 3.1 to 3.4 feet of space compared to Asia where the ranges is 3.6 to 4.2 feet
expatriates
Americans living or working in a foreign country.
Which of the following are among the most-imported goods in the United States?
Cell phones TVs Pharmaceuticals
law and political stability
be aware of the foreign corrupt practices act, instability, expropriation, corruption, or labor abuses.
ethnocentric managers
believe that their native country, culture, language, and behavior are superior to all others
multinational corporation
business firm with operations in several countries.