Chapter 5 Global Management and Cultural Diversity-(Continued)

These flashcards cover essential vocabulary and concepts from the lecture on global management and cultural diversity, aiding in understanding and retention of key terms.

Globalization

The growing interdependence among elements in the global economy.

Global manager

A manager who has a global perspective, is culturally aware, and informed on current international affairs.

Market entry strategies

Strategies that involve the sale of goods or services to foreign markets without requiring expensive investments.

Global sourcing

The process of purchasing materials, manufacturing components, or locating business services around the world.

Licensing agreement

An arrangement where one firm pays a fee for rights to make or sell another company’s products.

Ethnocentrism

The tendency to consider one’s own culture as superior to others.

Cultural intelligence

The ability to adapt and adjust to new cultures.

Proxemics

The study of how people use space to communicate.

Power distance

Hofstede's dimension relating to the extent to which less powerful members of institutions and organizations accept that power is distributed unequally.

Monochronic cultures

Cultures in which people tend to do one thing at a time, often valuing schedules.

Joint venture

A partnership in which two or more companies engage for a specific project or business opportunity.

Foreign direct investment

Investment made by a company or individual in one country in business interests in another country.

Cultural shock

Confusion and discomfort a person experiences in an unfamiliar culture.

Corruption of Foreign Public Officials Act (CFPOA)

Legislation that makes it illegal for Canadian firms to engage in corrupt practices overseas.

Tight and Loose Cultures

A concept referring to the strength of norms that govern social behavior, with 'tight' cultures being stricter and 'loose' cultures being more tolerant.