International Business and Strategic Management

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Questions and Answers

What is the definition of international?

Involves two or more nations or countries (correct)
Involves trade between companies within the same country
Involves a single global market
Involves only one nation or country

What is the effect of globalization on international business according to the text?

It creates greater opportunities for international business (correct)
It has no effect on international business
It makes international business more difficult
It creates fewer opportunities for international business

Where does globalization take place according to the text?

In terms of production, where manufacturing is being outsourced to other countries
In terms of communication, where technology is improving international connectivity
In terms of markets, where trade barriers are falling, and buyer preferences are changing (correct)
In terms of finance, where capital is flowing more freely across borders

What is the definition of strategy?

The central, integrated, and externally oriented concept of how an organization achieves its performance objectives (D) Signup and view all the answers

What best defines strategic management?

The body of knowledge that answers questions about the development and implementation of good strategies (C) Signup and view all the answers

What is the primary focus of entrepreneurship?

Recognizing opportunities (B) Signup and view all the answers

Which of the following is a key characteristic of an entrepreneur?

Engaging in entrepreneurship (A) Signup and view all the answers

What is the primary aim of stakeholder theory?

To examine the connection between stakeholder interests, management practices, and organizational goals (D) Signup and view all the answers

Which of the following is considered a stakeholder?

One who is involved in or affected by a course of action (B) Signup and view all the answers

What can enhance one's understanding of international business?

The knowledge in strategic management and entrepreneurship (C) Signup and view all the answers

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Study Notes

International Business

Involves two or more nations/countries.

Globalization and International Business

Creates greater opportunities for international business due to:
- Falling trade barriers
- Changing buyer preferences

Strategy and Strategic Management

A central, integrated, and externally oriented concept aimed at achieving an organization's performance objectives.
Strategic management is the body of knowledge that answers questions about developing and implementing good strategies.

Entrepreneurship

Recognizing opportunities
An entrepreneur is a person who engages in entrepreneurship.

Stakeholders and Stakeholder Theory

A stakeholder is an individual involved in or affected by a course of action.
Stakeholder theory examines the connection between:
- Stakeholder legitimate interests
- Stakeholder management practices
- The achievement of an organization's goals