GMS 200 Lecture Notes - Lecture 3: Economic Community Of West African States, Free Trade Area Of The Americas, Global Sourcing

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamidele Adekunle

Document Summary

Global dimensions of management: key concepts in the challenges of globalization: global economy, globalization, Increasing involvement in ownership and control of foreign operations. Criteria for choosing a joint venture partner: familiarity with your firms major business, strong local workforce, future expansion possibilities, strong local market for partner"s own products, good profit potential, sound financial standing. Popular dimensions of culture: language, low context cultures and high context cultures. Interpersonal space: time orientation, monochromic (uptight) and polychromic (relaxed) cultures, religion, contracts and agreements, values and national cultures (hofstede), power distance, uncertainty avoidance, individual-collectivism, masculinity- femininity, time orientation. Understanding cultural differences (trompenaars): relationship with people, universalism vs particularism, individualism vs collectivism, neutral vs affective, specific vs diffuse, achievement vs prescription, attitude towards time- sequential and synchronic views, attitudes towards environment- inner directed and outer directed cultures. Geocentric attitudes: be alert, open, inquiring, but always cautious. Rrsp= registered retirement savings account (whatever you invest from total income will be subtracted from taxable income)