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.