GMS 200 Lecture Notes - Lecture 3: North American Free Trade Agreement, Southern African Development Community, Insourcing

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

Document Summary

In the global economy, resources, markets and competition are worldwide in scope. Globalization is the process of growing interdependence among elements of the global economy. World 3. 0 is a world where nations cooperate in the global economy while still respecting different national characters and interests. Global management involves managing operations in more than one country. A global manager is culturally aware and informed on international affairs. Suppliers- offer access to needed products and services. Global business conducts commercial transactions across national boundaries. When companies get started for global business, they use market-entry strategies that involve the sale of goods or services to foreign markets without expensive investments. Then, for direct investment strategies, they require major capital commitments. Global sourcing is when materials or services are purchased around the world for local use. Exporting is when local products are sold abroad to foreign customers. Importing involves the selling in domestic markets of products acquired abroad.