GMS 200 Chapter Notes - Chapter 3: Egalitarianism, Ethnocentrism, Ingroups And Outgroups

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Global economy: resources, markets and competition are worldwide in scope. Globalization: process of growing interdependence among elements of the global economy. World 3. 0: a world where nations cooperate in the global economy while still respecting difference national characters and interests. Managing operations in more than one country. Sought after--global manager: culturally aware and informed on international affairs. Global business: conducts commercial transactions across national boundaries. Global sourcing: materials/services are purchased around the world for local use (lower costs) Exporting and importing: sell to more markets and create local jobs. Licensing and franchising: local firm pays a fee to a foreign firm for rights to make/sell its products, a fee paid to foreign firm for rights to locally operate its using name, brand, methods. Foreign subsidiaries: local operation completely owned by a foreign firm: greenfield investments: builds an entirely new operation in foreign country, acquisitions: firm purchases a local operation.