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Thinking Globally
Management Exam #2
| Term | Definition |
|---|---|
| Forces for Internationalization | - communication technology; modern vs dated - air travel - corporate globalism; increasing critical mass of business people who travel, speak, many languages |
| Stages of Internationalization Process | Exporting --> Cooperative Contracts --> Strategic Alliances --> Wholly Owned Affiliates --> |
| Exporting Stage | make product local, sell it globally |
| Cooperative Contracts | Licensing Agreement - Foreign business operator pays YOU a royalty to receive access to your intellectual property Franchise Agreement - Foreign operator pays company a franchise fee to operate in their country |
| Stage 3: Strategic Alliances | Two companies hq'd in different countries, agree to share expertise and costs, liabilities, profits equally |
| Stage 4: Wholly Owned Affiliates | buy another company in a different country |
| Problem W/ Mustang Jeans | Miscommunication between the two culture values; High-Context Cultures - Nonverbal + situational messages convey meaning, Prioritize interpersonal relationships, Group harmony > individuality Low-Context Culture - Words convey primary meaning |
| Mongrel (Zachary Article) | Mongrel = person comfortable in multiple cultures Combining old ideas in new ways, |
| Hofstede's Dimensions | Long-term vs Short-term orientation Uncertainty avoidance Masculinity vs Femininity Individualism vs Collectivism Power Distance |
| Long Term vs Short Orientation | Plan for the future (China) OR Live in the now (U.S) |
| Uncertainty avoidance | To what extent do people in this culture feel comfortable with unstructured, ambiguous, risky situations --> Seek security and stability OR welcome the unknown |
| Masculinity vs Femininity | To what extent does the culture value traditionally masculinity or femininity values |
| Individualism vs Collectivism | To what extent does society expect others to be self-sufficient OR group care |
| Power Distance | To what extent are people comfortable with unequal distribution of power, resources, and opportunities |
| Trade Barriers | government imposed regulations that increase the cost and restrict the # of imported goods |
| Two Kinds of Trade Barriers | Tariff; direct tax on imported goods + increase cost of imported goods relative to that of domestic goods Non-Tariff; non tax methods of increasing the cost / reducing the volume of imported goods --> 5 Types |
| 5 Types of Non-Tariffs | Quotas, Voluntary Export Restraints, Government Import Standards, Subsidies, Customs Classifications |
| Why do Managers Need to Know About Tariffs + Trade? | free trade agreements create new business opportunity, but they also intensify competition |
| Characteristics of An Attractive Foreign Business Climate | 1. Growing Market --> determine through purchasing power + foreign competition 2. Choosing an Office / Manufacturing Location --> workforce quality + company strategy 3. Minimizing Political Risk --> political + policy uncertainty |
| Preparing for an International Assignment | Increase success by... - cross cultural training - Three Methods; documentary training, cultural simulations, field simulation - Spouse + Family + Dual Career Issues - Adaptability Screening |
Created by:
Zetiris
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