GMS 200 Chapter 3: GMS200 CH3

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

Document Summary

Global economy resources, markets and competition are worldwide in scope. Globalization the process of interdependence among elements of the global economy. World 3. 0 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. Global manager culturally aware and informed on international affairs. Global business conducts commercial transactions across national boundaries. Global sourcing materials and services are purchased around the world for local use. Licensing agreements local firms pay a fee to foreign firms for the rights to make or sell their products. Franchising a fee is paid to a foreign business for the rights to locally operate using its name, branding and methods. Foreign direct investment building, buying all or buying part ownership of a business in a foreign country: insourcing job creation through foreign direct investment. Joint venture operates in a foreign country through co-ownership by foreign and local partners.