Chapter 5 Global Management and Cultural Diversity

Flashcards covering key vocabulary and concepts from the lecture on Global Management and Cultural Diversity.

Global Economy

Resources, supplies, product markets, and competition are worldwide in scope.

Globalization

The growing interdependence among elements in the global economy.

World 3.0

Balancing cooperation in the global economy with national identities and interests.

Global Management

Managing business and organizations with interests in more than one country.

Global Manager

A manager who has a global perspective and is culturally aware of international affairs.

International Businesses

Conducting for-profit transactions of goods and services across national boundaries.

Market Entry Strategies

Involve the sale of goods or services to foreign markets without requiring expensive investments.

Global Sourcing

The process of purchasing materials or services from around the world.

Licensing Agreement

One firm pays a fee for rights to make or sell another company’s products.

Corruption

Illegal practices that further one’s business interests.

Cultural Intelligence

The ability to adapt and adjust to new cultures.

Culture Shock

Confusion and discomfort a person experiences in an unfamiliar culture.

Proxemics

The study of how people use space to communicate.

Monochronic Cultures

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

Tight and Loose Cultures

Cultural tightness-looseness refers to the strength of norms governing social behavior.

Power Distance

The degree of inequality among people in a culture.

Intercultural Competencies

Skills and personal characteristics that help individuals be successful in cross-cultural situations.