GMS 200 Lecture Notes - Lecture 3: Ethnocentrism, Global Sourcing, Proxemics

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

Document Summary

Global economy: resource supplies, product markets, and business competition are worldwide, rather than local. Globalization: the process of growing interdependence of these components in the global economy. Global sourcing: the practice of sourcing from the global market for goods and services across geopolitical boundaries. Licensing agreement: license means to give permission. Franchising: the practice of using another firm"s successful business model. Foreign direct investment (fdi): a direct investment into production or business in a county by an individual or company of another country, either by. Buying a company in the target country. By expanding operations of an existing business in that country. Insourcing: having people within the company do jobs that would normally be done by contractors. Joint ventures: operates in a foreign country through co-ownership by foreign and local partners. Global strategic alliances: foreign and domestic firms share resources and knowledge. Foreign subsidiaries: local operation completely owned by a foreign firm.