MGMT 425 EXAM 1 STUDY GUIDE EXAM QUESTIONS AND
ANSWERS
Globalization - CORRECT ANSWER✅✅The process of institutions and economies becoming more
integrated and interdependent with each other
International Business - CORRECT ANSWER✅✅the total of all business transactions that cross the
borders of two or more nations
Global product - CORRECT ANSWER✅✅a product that has little to no modification and is sold globally
Global Products ... - CORRECT ANSWER✅✅standardize marketing activities
create market opporunities
level uneven income streams
denationalization - CORRECT ANSWER✅✅the process of transferring ownership or control of assets or
industries from the government to the private sector
4 forces of globalization - CORRECT ANSWER✅✅1) decrease in barriers
2) WTO (World Trade Organization)
3) Regional Trade Agreements
4) Technological Advancements
Ethics - CORRECT ANSWER✅✅principles, values, and beliefs that define what is right or wrong behavior
2 catastrophes that brought international ethical reform: - CORRECT ANSWER✅✅1) 1984 Bhopal
Chemical Plant Accident
2) 1986 Chernobyl
Methods to Improve Ethical Behavior - CORRECT ANSWER✅✅develop a code of conduct
, communicate the code clearly
International Ethical Issues - CORRECT ANSWER✅✅education
poverty
genetically modified food and animals
human cloning
privacy on the internet
child labor
Social Obligation - CORRECT ANSWER✅✅to stay in business and to meet legal requirements
Social Repsonsibility - CORRECT ANSWER✅✅beyond legality (society as a whole) [not specfic]
Social Responsiveness - CORRECT ANSWER✅✅where you pick specific issues that are currently relevant
to society [specific]
U.S. Foreign Corrupt Practices Act - CORRECT ANSWER✅✅It is illegal for a company or employee to
bribe a foreign public official to keep or gain business
Culture - CORRECT ANSWER✅✅a set of values, beliefs, rules, institutions held by a specific group of
people
Components of Culture - CORRECT ANSWER✅✅aesthetics
values
attitude
Attitudes toward culture change
manners and customs
Cultural Literacy - CORRECT ANSWER✅✅learning about other cultures
ANSWERS
Globalization - CORRECT ANSWER✅✅The process of institutions and economies becoming more
integrated and interdependent with each other
International Business - CORRECT ANSWER✅✅the total of all business transactions that cross the
borders of two or more nations
Global product - CORRECT ANSWER✅✅a product that has little to no modification and is sold globally
Global Products ... - CORRECT ANSWER✅✅standardize marketing activities
create market opporunities
level uneven income streams
denationalization - CORRECT ANSWER✅✅the process of transferring ownership or control of assets or
industries from the government to the private sector
4 forces of globalization - CORRECT ANSWER✅✅1) decrease in barriers
2) WTO (World Trade Organization)
3) Regional Trade Agreements
4) Technological Advancements
Ethics - CORRECT ANSWER✅✅principles, values, and beliefs that define what is right or wrong behavior
2 catastrophes that brought international ethical reform: - CORRECT ANSWER✅✅1) 1984 Bhopal
Chemical Plant Accident
2) 1986 Chernobyl
Methods to Improve Ethical Behavior - CORRECT ANSWER✅✅develop a code of conduct
, communicate the code clearly
International Ethical Issues - CORRECT ANSWER✅✅education
poverty
genetically modified food and animals
human cloning
privacy on the internet
child labor
Social Obligation - CORRECT ANSWER✅✅to stay in business and to meet legal requirements
Social Repsonsibility - CORRECT ANSWER✅✅beyond legality (society as a whole) [not specfic]
Social Responsiveness - CORRECT ANSWER✅✅where you pick specific issues that are currently relevant
to society [specific]
U.S. Foreign Corrupt Practices Act - CORRECT ANSWER✅✅It is illegal for a company or employee to
bribe a foreign public official to keep or gain business
Culture - CORRECT ANSWER✅✅a set of values, beliefs, rules, institutions held by a specific group of
people
Components of Culture - CORRECT ANSWER✅✅aesthetics
values
attitude
Attitudes toward culture change
manners and customs
Cultural Literacy - CORRECT ANSWER✅✅learning about other cultures
