Podcast
Questions and Answers
What is global management?
What is global management?
The process of applying management concepts and techniques in a multinational environment and adapting management practices to different economic, political and cultural environments.
Which of the following are competencies of global leaders? (Select all that apply)
Which of the following are competencies of global leaders? (Select all that apply)
What drives globalization?
What drives globalization?
Why should you learn about international management?
Why should you learn about international management?
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Match the following primary attitudes among international managers:
Match the following primary attitudes among international managers:
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What are some reasons companies expand internationally?
What are some reasons companies expand internationally?
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Culture is the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people. Cultural misunderstandings can lead to ______ in international business.
Culture is the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people. Cultural misunderstandings can lead to ______ in international business.
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What are the five ways to expand internationally?
What are the five ways to expand internationally?
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Study Notes
Global Management Overview
- Global management involves applying management concepts in multinational contexts while adapting practices to diverse economic, political, and cultural landscapes.
- A global engineer must possess human skills, technical competence, and conceptual skills to effectively advance objectives.
Competencies of Global Leaders
- Key competencies include:
- Strategic Mindset: Ability to align resources and goals across borders.
- Customer Focus: Understanding and responding to international customer needs.
- Analytical Thinking: Spotting trends and making data-driven decisions.
- Engagement and Team Collaboration: Promoting teamwork in diverse groups.
- Risk-taking: Willingness to embrace calculated risks in uncertain environments.
- Deep Knowledge and Expertise: Comprehensive understanding of industry specifics and global markets.
Globalization
- Globalization refers to the integration of international trade, investment, technology, and cultures.
- Government policies facilitating open economies aim to boost development in poorer countries, thereby enhancing living standards.
Importance of International Management
- Learning about international management is crucial due to potential interactions with:
- Customers or partners from varied cultural backgrounds.
- Foreign suppliers for components, raw materials, or services.
- Superiors from different countries.
- Employment in foreign subsidiaries or international firms.
Attitudes Among International Managers
- Ethnocentric: View native culture as superior and apply home-country practices universally.
- Polycentric: Trust local managers to understand their market and practices, advocating for autonomy from the home office.
- Geocentric: Recognize and value both home and foreign practices, utilizing the most effective techniques across contexts.
Reasons for International Expansion
- Companies expand internationally to:
- Access a greater availability of supplies.
- Explore new market opportunities.
- Reduce labor costs.
- Source financial capital more easily.
- Avoid tariffs and import quotas.
Methods of International Expansion
- Five primary methods include:
- Global Outsourcing: Subcontracting tasks globally to reduce costs.
- Importing and Exporting: Trading goods across borders.
- Licensing and Franchising: Allowing foreign entities to use branding or products under specified conditions.
- Joint Ventures: Collaborating with foreign firms to share resources and risks.
- Wholly-owned Subsidiaries: Establishing fully owned operations in foreign markets.
Understanding Cultural Differences
- Culture encompasses shared beliefs, values, knowledge, and behaviors of a group.
- Cultural misunderstandings can lead to miscommunication in international business, making cultural awareness vital for effective management.
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Description
This quiz explores the fundamental concepts of global management, focusing on the essential competencies required for global leaders. It reviews strategic mindset, customer focus, analytical thinking, and collaboration in diverse environments. Assess your understanding of globalization and its impact on management practices.
