GMS 200 Lecture Notes - Lecture 3: Culture Shock, Protectionism, Proxemics

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

Document Summary

Global economy: resources, markets and competition are worldwide in scope. Globalization: is the process of growing interdependence among elements of the global economy. Global management: global management: involves managing operations in more than one country, global manager: is culturally aware and informed on international affairs, key concepts in the challenges of globalization. Asia and pacific (china and india) Africa south africa development community (sadc) and economic. Why companies go global: profits, customers new markets, suppliers offer access to needed products, capital financial resources, labour lower labour costs. Global sourcing: materials or services are purchased around the world for local use. Take advantage of international wage gaps by producing products in countries that can produce them at lowest cost. Exporting: local products are sold abroad to foreign customers. Importing: involves the selling in domestic markets of products acquired abroad. Licensing agreement: a local firm pays a fee to foreign firm for rights to make or sell its products.