Summary International Management - lectures, book & theories 2023 Questions and Answers

Ethnocentric - -Style of management that involves the belief that the expatriates manager's native country's methods are the best, ignoring local culture and methods? -Globalization - -The worldwide movement toward economic, financial, trade, and communications integration -International Pros - -1) better access to goods and services 2) increased trade & competition 3) Increased foreign capitol & technology for developing countries 4) Cultural Integration -International Cons - -1) Strain on resources 2) Rich get richer, poor get poorer 3) unethical issues 4) Outsourcing -Geocentric - -Typically the best viewpoint for international managers to have -How should I manage Internationally? - -Ethnocentric - The belief in the superiority of a person's native ethnic group or nation Polycentric - The belief that locals of the host's country know their culture better and should run a business accordingly Geocentric- The belief in the integration of the use of both cultures - the host and the native -World Bank - -The international agency that's purpose is to provide low-interest loans & grants to developing countries to support infrastructure, public administration, and several other areas -Humane Orientation - -GLOBE Project's nine dimensions of culture looks at how kind hearted or caring a society is -Liscensing - -Permission granted by one company to another to use or manufacture its product for specified payment is known as: -Importing; Exporting - -When a country brings in a good or service from a foreign country When the country sends a domestic good or service to a foreign country -Global Sourcing - -The lowest risk option for an organization to expand internationally -Expatriate - -a person living outside their native country -Joint venture - -Going into business with another business that might be in another country - ex. Toyota - native country produces, you have minimal control over the outcomes Splitting cost and partnership Higher risk -Foreign subsidiary - -Taking over a foreign business - lots of costs involved Significant risk -Low Context Culture - -Shared meanings are primarily