intl mkt exam 2

Power Distance Index (PDI)

The degree to which people defer to superiors and accept inequality in power distribution in society.

Uncertainty Avoidance Index (UAI)

Measures how much people prefer known unchanging systems over changing the way they work or live.

Indulgence vs. Restraint (IND)

Measures allowance for enjoying life and having fun versus strict regulation through social norms.

Cultural Imperatives

Business customs and expectations that must be conformed to or met.

Cultural Electives

Behaviors or customs that can be participated in or conformed to, but are not required.

Cultural Exclusives

Customs or behaviors that foreigners are barred from participating in.

Nationalism

Intense feeling of national pride and unity, prioritizing national interests over international relations.

Confiscation

Seizing of a company’s assets without any compensation.

Expropriation

Government seizure of an investment with some reimbursement for the assets.

Domestication

Gradual gain of control by the host country over foreign investment.

Political Union

The most fully integrated form of regional cooperation involving complete economic and political integration.

Monochronic Time Perspective

A linear view of time where promptness and schedules are emphasized.

Polychronic Time Perspective

A view of time that allows for multi-tasking and prioritizing relationships over strict schedules.

‘Master of Destiny’ Viewpoint

The belief that individuals can control their lives and shape their futures through choices.

‘Set Destiny’ Viewpoint

The belief that a person's life path is predetermined by external forces.