Business Management Chapter 2

Globalization

• Refers to firms extending sales, ownership, and manufacturing to new markets abroad
• Parochialism: believing one's own way is the best
• Cultural environments include values, morals, customs, and laws of countries
• Cultural variables: individualism, power distance, uncertainty avoidance, quantity of life, and quality of life

Technology

• Includes equipment, tools, operating methods, and communication
• Affects the supervisor's job

E-Business

• Different from e-commerce
• Involves developing strategies, improving communication with suppliers and customers, and collaborating with partners
• E-business venues include the internet, intranet, and extranet

The Changing Workplace

• The line between work and non-work time is blurred
• Globalization created unlimited work hours
• Communication technology creates enhanced business opportunities
• Employees are expected to work longer hours
• Dual-career couples are common

Workforce Diversity

• Includes differences in gender, race, ethnic origin, age group, family status, physical abilities, and more
• The American workforce is diversifying

Changing How Business Operates

• Downsizing, continuous improvement, work process engineering, and thriving on chaos are factors
• Continuous improvement aims to improve processes and reduce waste
• Thriving on chaos is necessary for supervisors

Ethics

• Refers to rules or principles that define right and wrong conduct
• A subjective concept
• Having a code of ethics makes decision-making easier
• Not all companies have an enforceable code of ethics

This quiz covers the challenges of supervision in a modern business environment, including globalization, technology, and workforce changes. It also explores e-business, e-commerce, and continuous improvement.