Home > Flashcards > Management > Ch 5 - Global Mgnt

Details Title: Ch 5 - Global Mgnt Description: Global dimesions of managment Total Flash Cards: 41 Created: 06/03/2007 08:38:48	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term global economy Definition recourses marks and competition are worldwide in scope Term globalization Definition is the process of growing interdependence among elements of the global economy Term international managment Definition involves managing operations in more than one country Term global manager Definition culturally aware and informed on international affairs Term European Union Definition is a political and economical alliance of European countries Term Euro Definition the new common European currency Term NAFTA Definition North American Free Trade Agreement - linking Canada, the United States, and Mexico in an economic alliance Term Maquiladoras Definition foreign manufacturing plants that operate in Mexico with special privileges Term international business Definition conducts commercial transactions across national boundries Term global sourcing Definition materials or services are purchaes around the world for local use Term exporting Definition local products are sold abroad Term importing Definition the process of acquiring products abroad and selling them in domestic markets Term licensing agreement Definition one firm pays a fee for the rights to make or sell another company's products Term franchising Definition a fee is paid for rights to use another firm's name and operating methods Term joint venture Definition operates in a foreign country through co-ownership with local partners Term foreign subsidiary Definition is a local operation completely owned by a foreign firm Term World Trade Organization Definition member nations agree to negotiate and resolve disputes about tariffs and trade restrictions Term Most favored nation status Definition gives a trading partner most favorable treatment for imports and exports Term Protectionism Definition is a call for tariffs and favorable treatments to protect domestic firms from foreign competition Term multinational corporation Definition is a business with extensive international operations in more than one foreign country Term transnational corporation Definition in an MNC (Multinational Corp) that operates worldwide on a borderless basis Term corruption Definition involves illegal practices to further one's business interests Term Sweatshops Definition comply workers at very low wages for long hours and in poor working condition Term child labor Definition is the full-time employment of children for work otherwise done by adults Term Sustainable development Definition meets the needs of the present without hurting future generations Term ISO (International Standards Organization) 14000 Definition offers a set of certification standards for responsible environment policies Term culture Definition is a shared set of beliefs, values, and patterns of behavior common to a group of people Term culture shock Definition is the confusion and discomfort a person experiences when in an unfamiliar culture Term Ethnocentrisum Definition is the tendency to consider one' culture as superior to others Term Low-Context cultures Definition emphasize communication via spoken or written words Term High-Context Cultures Definition rely on nonverbal and situational cues as well as spoken or written words in communications Term monochronic cultures Definition people tend to do one thing at a time Term Polychronic cultures Definition time is used to accomplish many different things at once Term comparative management Definition Studies how management practices differ among countries and cultures Term currency risk Definition is possible loss because of fluctuating exchange rates Term political risk Definition is the possible lose of investment in control over a foreign asset because of instability and political changes in the host country Term political-risk analysis Definition forecasts how political events may impact foreign investments Term expatriate Definition lives and works in a foreign country Term Ethnocentric attitudes Definition consider practices of the home country the best Term polycentric attitudes Definition assume locals know best ways to manage in their countries Term geocentric attitudes Definition value talent and best practices from all over the world