GMS200- Global Management Chapter 5 Global Management and Cultural Diversity

These flashcards cover key terms and concepts from the lecture on global management and cultural diversity, aiding in understanding the complexities of globalization and its impact on management.

Globalization

The growing interdependence among elements in the global economy.

Culture

The shared set of beliefs, values, and patterns of behavior common to a group of people.

Cultural Diversity

The presence of multiple cultural groups and the acknowledgement of their unique differences.

Global Manager

A manager who is culturally aware and informed on international affairs.

Ethnocentrism

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

Global Sourcing

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

Franchising

A fee is paid for rights to use another firm’s name, branding, and methods.

Insourcing

Local job creation that results from foreign direct investment.

Joint Venture

A partnership in which foreign and domestic firms share resources and knowledge for mutual gains.

Monochronic Cultures

Cultures where people tend to do one thing at a time.

Polychronic Cultures

Cultures where time is used to accomplish many different things at once.

Power Distance

Hofstede’s dimension representing the extent of power inequality within a culture.

Trade Agreements

Official arrangements between countries to govern trade relations.

Conflict Minerals

Minerals that are mined in conditions that finance armed conflict.

Cultural Intelligence

The ability to adapt and adjust to new cultures.