Global Business - Test 2

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Corporate Governance

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83 Terms
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Corporate Governance

The system of procedures and processes by which corporations are managed, directed and controlled.

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Sustainability

meeting humanity's needs without harming the ability of future generations to meet their needs

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Relativists

Those who believe ethical truths are differ from group to group

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Normativism

The belief that ethical truths are universal and consistent

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Corruption

the abuse of power to achieve illegitimate or personal gain

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In countries with minimal corruption

financial and accounting information is transparent

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Corporate Social Responsibility

Operating a business to meet or exceed the ethical, legal, commercial, and public expectations of customers, shareholders, employees, and communities.

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Ethics

A system of moral principles / rules regarding right and wrong

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intellectual property

refers to ideas or works created by individuals or firms

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intellectual property rights

are the legal claim through which proprietary assets are protected from unauthorized use by other parties, via trademarks, copyrights, and patents.

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4 risk of international business

Cross-Cultural Risk Commercial Risk Country Currency

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Culture

The learned, shared, and enduring orientation patterns in a society.

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cross-cultural risk

A situation or event where a cultural miscommunication puts some human value at stake. It arises in environments characterized by unfamiliar languages and unique value systems, beliefs, and behaviors

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Socialization

The process of learning the rules and behavioral patterns appropriate to one's society

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What can culture be described like

An iceberg

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individualism

each person emphasizes his or her own self-interest

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collectivism

ties among individuals are important

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Stereotypes

generalizations that may or may not be factual, often overlooking real, deeper differences

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Low context cultures

rely on explicit explanations, with emphasis on spoken words. Direct Communication

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High Context Cultures

emphasize nonverbal or indirect language. Communication aims to promote smooth, harmonious relationships

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How many dimensions are in Hofstede’s Typology

6

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Values

represent a person’s judgments about what is good or bad, acceptable or unacceptable, important or unimportant, and normal or abnormal

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Attitudes

and preferences are developed based on values, and are similar to opinions, except that attitudes are often unconsciously held and may not have a rational basis.

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monochronic

focused on time schedules punctuality

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Polychronic

A flexible, non-linear orientation to time in which the individual takes a long-term perspective; time is elastic, long delays are tolerated before taking action.

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Religion

A system of common beliefs or attitudes regarding a being or system of thought that people consider sacred, divine, or the highest truth; and the associated moral values, traditions, and rituals

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Ethnocentric Orientation

Using our own culture as the standard for judging other cultures

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Polycentric Orientation

A mindset in which the manager develops a greater affinity for the country in which he or she works for than the home country

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Geocentric Orientation

A global mindset in which the manager is able to understand a business or market without regard to national boundaries

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socialization

The process of learning the rules and behavioral patterns appropriate to one's society

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acculturation

The process of adjusting and adapting to a culture other than one's own; commonly experienced by expatriate workers

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Power Distance

describes how a society deals with inequalities in power that exist among people

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Uncertainty Avoidance

refers to the extent to which people can tolerate risk and uncertainty in their lives

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Masculine Culture

cultures value competitiveness, ambition, assertiveness, and the accumulation of wealth.

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Feminine Cultures

nurturing roles, interdependence among people, and caring for less fortunate people – for both men and women

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Long-term orientation

emphasizes the long view in planning and living, focusing on years and decades.

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Short Term Orientation

Want Gratification now

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Attitudes

and preferences are developed based on values, and are similar to opinions, except that attitudes are often unconsciously held and may not have a rational basis.

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Self Reference Criterion

The tendency to view other cultures through the lens of one's own culture- understanding this is the first step

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bribery

refers to offering giving receiving or soliciting anything of value to influence the actions of an government official or corporate manager

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counterfeit

the process of reproducing assets without compensating those who originally created them is known as

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Team

Group of people who collaborate on related tasks toward a common goal

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Teamwork

involves shared responsibility and collaboration toward a common outcome/ cooperative effort of a group of people seeking a common end

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Teamwork Process

Transition Process Action Process Interpersonal Process

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5 Characteristics of effective teamwork

Shared Values Mutual Trust Inspiring Vision Skills Rewards

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Conflict Resolution

Working to resolve different opinions in an team environment

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Conflict

Friction, disagreement or discord arising between individuals or groups

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Cross Function Teams

combine people with different areas of expertise from separate departments such as finance, human resources, and marketing. / Group of people from different dep in an org working towards a common goal

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Diverse

Consisting of many different elements variously

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efficiency

The extent to which a resource such as electricity is used for the intended purpose the ratio of useful work energy expended

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6 types of virtual teams

networked teams parallel teams project development teams functional teams service teams offshore information-systems development teams.

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Groupthink

uncomfortable with challenging others in a group

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leading

predicts the future

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Lagging

Asses the current state of business

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Key Performance Indicators (KPI)

Values that measure your organizational success at meeting its objectives

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KPI's provide insight into

Predictability, Early return on investment, Product quantity and etc

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Wisdom

Knowledge applied

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Information

Data that has been cleaned

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False

Data only applies to quantitative data

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True

Data is best described as raw material

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Dashboard

A good data visualization tool

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Diversity

What can create many challenges

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International Business

Performance of trade and investment activities by firms across national borders

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Development of IB

Existed for some centuries

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International Investment

Transfer of assets to another country or the acquisition of assets in that country

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Cross Border Purchase of Stocks

Not example of an FDI

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GDP

Total value of products and services

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Cost of Production

Not an example of cross cultural factors

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Currency Risk

Fluctuating exchange rates

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Focal Firms

Business that starts business transitions

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Last decisions

Deciding how to best attack competitors

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Visionary Leaders open a firm in India. What should they do 1st

Acquire managers with international mindset showing an openness

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firms that emphasize global integration

Products that require minimal adaptation

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Firm compelled to seek global integration should

Capitalize on converging customer trends and universal needs

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Decentralized Approach

Substantial control over country operations

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Product Structure

Management of international operations is organized by major product line

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The disadvantage of Geographic Areas structures

Potential lack of global orientations for developing and managing products

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Gradual Elimination

the firm starts with numerous prospective target countries and narrows the choices by examining increasingly specific information.

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Market Potential Indications Index

Urban Population and electricity consumption

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company planning to internationalize should

develop a 3 to 5 year forecast of industry sales

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Company sales potential

estimate of the shares of annual industry sales the firm expects to generate in a particular target market

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test marketing

Gauge long term sales potential w/o fully committing

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global market opportunity

A favorable combination of circumstances, locations, or timing that offer prospects for exporting, investing, sourcing, or partnering in foreign markets

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