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25 Cards in this Set
- Front
- Back
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What is globalization? |
A trend toward greater: - economic - cultural - political, and - technological interdependence among national institutions and economies |
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Globalization of Markets |
Refers to convergence in buyer preferences in markets around the world |
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Name three benefits of Globalization of Markets: |
1) Reduced marketing costs by standardizing certain marketing activities 2) Creates new market opportunities, and 3) Levels uneven income streams (for example, seasonal products) |
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Globalization of Production |
refers to the dispersal of production activities to locations that help a company achieve its cost-minimization or quality-maximization objectives for a good or service |
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Name three benefits of Globalization of Production: |
1) Access lower-cost workers 2) Access technical expertise, and 3) Access production inputs.T |
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Name the two main forces driving globalization: |
1) Falling barriers to trade and investment 2) Technological innovation |
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What is GATT? |
General Agreement on Tariffs and Trade: a treaty designed to promote free trade by reducing both tariffs and nontariff barriers to trade
Created by 23 nations |
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Three main goals of WTO are: |
1) Help the free flow of trade, 2) Help negotiate the further opening of markets, and 3) Settle trade disputes among its members. |
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What are normal trade relations? |
A requirement that WTO members extend the same favorable terms of trade to all members as they extend to any single member. |
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Countervailing duty is: |
additional tariff placed on an imported product that a nation believes is receiving an unfair subsidy. |
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GNP is: |
GDP plus foreign activities made by domestic firms. |
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What are Export-processing Zones? |
EPZs are special areas in which companies engage in tariff free importing and exporting
176 zones in 47 countries |
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What is culture? |
The set of: - values - beliefs - rules, and - institutions held by a specific group of people |
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Ethnocentricity is: |
the belief that one's own ethnic group or culture is superior to that of others. |
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Name eight components of culture. |
1. Aesthetics 2. Values/Attitudes 3. Manners/Customs 4. Social Structure 5. Religion 6. Personal Communication 7. Education 8. Physical and Material Environments |
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What is cultural imperialism: |
the replacement of one culture's traditions, folk heroes, and artifacts with substitutes from another. |
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Values vs. Attitudes |
Values: Ideas, beliefs, and customs which people are emotionally attached to.
Attitudes: positive or negative evaluations, feelings, and tendencies that individuals harbour toward objects or concepts.
Attitudes are generally more flexible |
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Manners vs. Customs |
Manners are appropriate ways of behaving etc. on a day to day basis
Customs are habits or ways of behaving passed down through generations |
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What is social mobility? |
The ease with which individuals can move up or down a culture's social ladder. |
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Kluckhohn-Strodtbeck framework studies cultural differences along five or six dimensions? |
Six.
Hofstede framework studies it along five. |
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Ethnocentric staffing advantages/disadvantages |
Advantages: -Local people might not be available, - Recreate local operations - Transfer know-how - Look out for company's best interests Disadvantages: - expensive - pressures of cultural differences - can create barriers in host-country |
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Polycentric staffing advantages/disadvantages |
Advantages: - Managers familiar with local environment - better feel for needs of people - no cost of relocation
Disadvantages: - lose control of host country operations - risk of becoming a collection of businesses instead of a unified brand |
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Geocentric staffing advantages/disadvantages |
Advantages: - help develop adaptable managers - encourage global perspective
Disadvantages: - difficult to find right person - costly to relocate |
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Three steps of the HR Planning: |
1. Take inventory of company's current HR 2. Estimate company's future HR needs 3. Managers develop plan for recruiting and selecting people to fill new positions, or develop a plan to downsize. |
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Six steps to Cultural Training: |
1. Environmental Briefing: basic info 2. Cultural Orientations 3. Cultural Assimilation: values, attitudes, etc. --> intro to language 4. Sensitivity Training 5. Language training: getting into local minds 6. Field Experience: visit for short time |
