Chapter 4 - Part 1

Flashcards covering key concepts of globalization, the global economy, international organization types, and management perspectives from lecture slides.

What six steps are recommended for developing cultural awareness when working successfully abroad?

1. Do Your Research. 2. Check Your Attitude. 3. Learn the Appropriate Behavior. 4. Become at Least Minimally Skilled in the Language. 5. Pack Wisely. 6. Finally, Be Prepared.

What is the definition of globalization?

The trend of the world economy toward becoming a more interdependent system, where time and distance have virtually collapsed.

What does the term "global village" refer to?

The "shrinking" of time and space as air travel and electronic media make worldwide communications easier.

How many smartphones are expected worldwide by 2027?

7 billion smartphones.

Out of the 8 billion people in the world, what percentages are Internet users and social media users?

Around 63% are Internet users and around 59% use social media.

What were U.S. e-commerce sales in 2022, and what are they projected to reach by 2027?

Sales surpassed $900 billion in 2022 and are projected to reach $1.7 trillion by 2027.

What are the positive effects of the global economy described in the lecture?

Innovations lessen the "friction of distance," shrinking the world and eliminating borders; rapid technological improvements increase communication and information sharing; electronic transfers increase access to capital; and foreign firms in some industries build plants in the United States.

What are the negative effects of the rise of the global economy?

Much-publicized job losses across the United States; potential threats to information security because data must be shared; and instant regional or global instability if a heavily depended-on nation's economy falters.

What is a multinational corporation?

A business firm with operations in several countries.

What is a multinational organization?

A nonprofit organization with operations in several countries.

What three reasons are given for learning about international management?

You may deal with foreign customers or partners, deal with foreign employees or suppliers, or work for a foreign firm in the United States.

How is an ethnocentric manager characterized?

By the belief: "We know best."

How is a polycentric manager characterized?

By the belief: "They know best."

How is a geocentric manager characterized?

By the belief: "What's best is what's effective, regardless of origin."