MGMT 301: Chapter 4 Questions
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each of the black spaces below before clicking
on it to display the answer.
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| What is Globalization? | Trend of the world economy toward becoming a more interdependent system.
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| What is the Global Village? | Shrinking of time and space as air travel and the electronic media have made it easier for the people around the globe to communicate with one another.
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| What is the Global Economy? | Increasing tendency of the economies of the world to interact with one another as one market instead of many national markets.
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| What are two important results of the World Wide Web and the Internet? | Small companies can get started more easily.
Small companies can maneuver faster.
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| What is Cross-Cultural Awareness? | Ability to operate in different cultural settings.
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| What is a Multinational corporation? | Known as a Multinational enterprise, it is a business firm with operations in several countries.
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| What is a Multinational Organization? | Non-profit organization with operations in several countries.
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| What are Ethnocentric Managers? | Believe that their native country, culture, language, and behavior are superior to all others.
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| What is Parochialism? | Narrow view in which people see things solely through their own perspective
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| What is a Polycentric Manager? | 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.
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| What is a Geocentric Manager? | Accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective.
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| What are the five reasons companies expand internationally? | Availability of supplies, new markets, lower labor costs, access to finance capital, and avoidance of tariffs and import quotas.
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| What are five different ways of expanding internationally? | Global outsourcing, importing, exporting, and countertrading, licensing and franchising, joint ventures, and lastly, wholly owned subsidiaries.
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| What is Outsourcing? | Using suppliers outside the company to provide goods and services.
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| What is Global Outsourcing? | Known as offshoring, using suppliers outside of the U.S. to provide labor, goods, or services.
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| What is Reshoring? | Moving production back home in order to respond faster and more flexibly to consumer trends.
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| What is importing? | Company buys goods outside the country and resells them domestically.
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| What is exporting? | Company produces goods domestically and sells them outside the country.
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| What is countertrading? | Bartering goods for goods.
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| What is Licensing? | Company allows a foreign company to pay it a fee to make or distribute the first company's product or service.
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| What is Franchising? | Form of licensing in 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.
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| What is Joint Ventures? | Also known as a Strategic Alliance, a foreign company is to share the risks and rewards of starting a new enterprise together in a foreign country.
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| What are Wholly Owned Subsidiary? | Foreign subsidiary that is totally owned and controlled by an organization.
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| What is a Greenfield Venture? | Foreign subsidiary that the owning organization has built from scratch.
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| What is a Free Trade? | Movement of goods and services among nations without political or economic obstruction
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| What is Trade Protectionism? | Use of government regulations to limit the imports of goods and services-to protect their domestic industries against foreign competition.
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| Countries exert protectionism consist of? | Tariffs, import quotas, trade embargoes, and sanctions.
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| What is a Tariff? | Trade barrier in the form of a customs duty or tax, levied mainly on imports.
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| What are the two types of tariffs? | Revenue Tariff and Protective Tariff
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| What is a Revenue Tariff? | Raise money for the government, such as a tax on all oil imported into the U.S.
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| What is a Protective Traiff? | Raise the price of imported goods to make the prices of domestic products more competitive.
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