GMS200 MIDTERM

what is globalization

the process by which businesses or other organizations develop international influence or start operating on an international scale

what is a shamrock organization

1st leaf- full-time employees- standard career paths
2nd leaf- "freelancers"
3rd leaf- part-time without benefits

what is ethics

the moral standards of what is good and right in ones behaviour

what are the 3 P's of organizational performance

profit- is the decision economically sound?
people- does the decision treat people w respect and dignity
planet- is the decision good for the environment

who is frederick winslow taylor

father of scientific management

max weber

a late 19th century german political economist who had a major impact in the fields of management and sociology

what is intellectual capital

the combined brainpower and shared knowledge of an organization's employees

hawthorne studies

a team led by harvard's elton mayo set out to learn how economic incentives and workplace conditions affected workers' output

abraham maslow

hierarchy of human needs

deficit principle

A satisfied need is not a motivator of behaviour.

progression principle

a need becomes a motivator once the preceding lower-level need is satisfied

why do businesses go global

for customers, suppliers, capital, labour, risk

what are market-entry strategies

global sourcing, exporting and importing, licensing and franchising

what are direct investment strategies

joint ventures, foreign subsidiaries

types of global businesses

global corporation- MNE or MNC with extensive business operations in more than one country
transnational corporation- a global corporation that operates world wide on a borderless basis

meaning of globalization gap

large multinational and industrialized nations gaining disproportionally from globalization

culture

shared set of beliefs, values, and patterns of behaviour that belong to a group of people

culture shock

confusion and discomfort a person experiences when in an unfamiliar culture

culture intelligence

the ability to adapt and adjust to a new culture

what is ethnocentrism

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

stages in adjusting to a new culture

1. confusion
2. small victories
3. honeymoon
4. irritation and anger
5. reality

silent languages of culture

context, time, and space

values and national cultures

power distance, uncertainty avoidance, individualism-collectivism, masculinity-femininity, time orientation

what is data

raw facts and information

what is information

information is data made useful and meaningful for decision making

characteristics of useful information

relevant, complete, timely, understandable, high quality

bounded rationality

rationality is bounded because there are limits to our thinking capacity

what are the problem solving approaches

problem avoiders, solvers, seekers

problem avoider

Inactive in information gathering and solving problems

problem solver

Reactive in gathering information and solving problems

problem seekers

Proactive in anticipating problems and opportunities and taking appropriate action to gain an advantage

planning

process of setting objectives and determining how best to accomplish them

why is planning important

sets the stage for others by providing a sense of direction

types of plans used by managers

long and short term, strategic plans, vision, tactical plans, functional plans, operational plans

Planning tools and techniques

forecasting, contingency planning, scenario planning, benchmarking