Class notes BUSI 1011 Management Ch.5, ISBN: 9781119715061
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Course
BUSI 1011
Institution
Lakehead University (LakeheadU
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Book
Management
Introduction to management ch. 5. Global management and cultural diversity. Includes key concepts in the challenges of globalization, market entry strategies, global sourcing, joint venture, legal and political systems, trade agreements and trade barriers, types of global businesses, host country c...
Test Bank For Management, 5th Canadian Edition by John R. Schermerhorn Jr., Daniel G. Bachrach, Barry Wright Chapter 1-18
Solution Manual For Management, 5th Canadian Edition by John R. Schermerhorn Jr., Daniel G. Bachrach, Barry Wright Chapter 1-18
TEST BANK for Management, 5th Canadian Edition John Schermerhorn Jr, Daniel Bachrach & Barry Wright. . (Complete Chapters 1-18)
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Introduction to Management
BUSI 1011
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Management Ch. 5
Global Management and Cultural Diversity
Key concepts in the challenges of globalization
- Global economy
- Globalization
- World 3.0
- Global management
- Global manager
Global Economy
- Resources, 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
- Is culturally aware and informed on international affairs
International Businesses
- Conducting for-profit transactions of goods and services across national boundaries
Reasons why Businesses go Global
- Customers
- Suppliers
- Capital
- Labour
- Risk
Market Entry Strategies
- Involve the sale of goods or services to foreign markets but do not require expensive
investments
Types of Market Entry Strategies
- Global sourcing
- Exporting
- Importing
- Licensing agreement
- Franchising
Types of Direct Investment Strategies
- Joint venture
- Strategic alliance
- Owned subsidiary
How Companies go Global
- Global sourcing
- The process of purchasing materials or services around the world for local use
- Exporting
- Selling locally made products in foreign markets
- Importing
- Buying foreign-made products and selling them domestically
, - Licensing Agreement
- One firm pays fee for rights to male or sell another company’s products
- 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
Types of Insourcing
- Joint Ventures
- Operates in a foreign country through co-ownership by foreign and local partners
- Strategic Alliances
- A partnership in which foreign and domestic firms share resources and knowledge for
mutual gains
- Foreign Subsidiaries
- Local operation completely owned by a foreign firm
Criteria for Choosing a Joint Venture Partner
- Familiarity with your firm’s major business
- Strong local workforce
- Values its customers
- Future expansion possibilities
- Strong local market partner’s own products
- Good profit potential
- Sound financial standing
Global Business Environments
- Legal and political systems
- Trade agreements and trade barriers
- Regional economic alliances
Legal and Political Systems
- Differing laws and practices regarding
- Business ownership
- Negotiation and implementation of contracts
- Foreign currency exchange
- Protection of intellectual property rights
- Counterfeit merchandise
- Political Risk
- Potential loss in value of a foreign investment due to instability and political changes
in the host country
- Political Risk Analysis
- Forecast political disruptions that threaten the value of a foreign investment
Trade Agreements and Trade Barriers
- World Trade Organization
- Most favored nation status
- Tariffs
- Non Tariff barriers
- Protectionism
Regional Economic Alliances
- NAFTA
- North american free trade agreement
- EU
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