Chapter 1 6 Review

Topics: International trade, Economics, Globalization Pages: 12 (1685 words) Published: March 1, 2015
Chapter 1-6 Review
Challenges of Globalization
International Business
Carla Santos

Define Globalization
A trend towards greater economical, cultural, political and technological interdependence. What is the difference between denationalization and internationalization? Denationalization = outgrowing national borders. They cooperate for their well being. Internationalization = source of interdependence comes from pressure. What is meant by the Globalization of Markets?

The convergence of buyer preferences, emergences of global producers, new market opportunities. Globalization of Markets helps in...
Marketing and Production
What is the Globalization of Production?
Producing at locations where it is low cost or quality maximizing. (Access to low cost workers, access to expertise)

Globalization of production efficiency lowers...
Costs of production
Name 3 factors causing Globalization.
(1) Falling barriers to investment and trade
(2) Technological innovations
(3) Increase in Global Competition

What is the WTO?
World Trade Organization; A contract between member nations to maintain fair and open trade policies. What are the 3 goals of the WTO?
(1) Help free flow of trade
(2) Help negotiate further opening of markets
(3) Settle trade disputes between members Name 4 impacts of technology innovation
(1) Accelerate Data
(2) Accelerate Goods
(3) Equipment
(4) People Globalization impacts countries through....(5)
(1) Jobs and Wages
(2) Income inequality
(3) Labor and environment
(4) National sovereignty
(5) Culture 3 points to support "Globalization causes Jobs and lowers wages" (1) Eliminates Jobs in developed nations
(2) Wages lower in developed nations
(3) Exploits workers in developing nations 3 points to support "Globalization creates jobs and boosts wages" (1) Increases wealth and efficiency
(2) Generates labor market flexibility
(3) Creates jobs in developing nations Name 3 types of inequality as an effect of Globalization.

(1) Inequality within nations
(2) between nations
(3) Global inequality Name 2 key players in International Business
International corporations, entrepreneurs and small businesses Multinational corporations are important in Globalization because... They employ many people
Entrepreneurs are important in Globalization because...
They are more active in international business (because of technology) What is culture?
Backgrounds, assumptions, expectation, ways of communication, values beliefs, rules. Define ethnocentricity.
The belief that one's culture is superior to another’s.

Define Cultural Literacy.
Knowledge and understanding of another’s culture which helps improve collaborative work. What is National Culture?
Mostly linked to national territory. Governments try to promote this. What is subculture?
Groups of people who share unique ways of life within a larger, dominant culture. Sometimes exists across national borders. Define culture.
Set of values, beliefs, rules and institutions held by a specific group of people. What are 4 aspects in creating a Global-Mind-Set?
(1) Cultural Adaptability
(2) Bridging the gap
(3) Building global mentality
(4) Flexibility Name 5 aspects of culture to consider when launching a product. (1) Aesthetics
(2) Social structure
(3) Values and attitudes
(4) Manners and customs
(5) Physical environments Name 2 components of Aesthetics.

Symbols and colors, and wording.

Name 3 types of attitudes towards.......that can affect business (cultural aspects) (1) Time
(2) Work
(3) Cultural change
Define Manners
Manners are appropriate ways of behaving, speaking, dressing. Define Customs
Customs are habits or ways of behaving which are passed down through ggenerations. Name 3 important elements that differ across cultures. (Social ____(1,2,3)_____. Social Group, Social Status, Social Mobility.

Name 2 types of communication that can be misinterpreted
(1) Spoken language
(2) Body Language
Name 6 aspects of the Kluckhohn-Strodtbeck Framework....
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