GMS 200 Lecture 5: GMS200MidtermNoteQuestionAnswers

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

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Answer: globalization is the world-wide independence of resource flows, product markets, and business competition that characterizes the new economy. Factors you consider when globalizing are growth opportunities, economies of scale, incentives, resource access and cost savings. The reasons to globalize is that the global market is much larger than the local domestic one, by moving into the larger markets and moving production overseas can reduce costs because of cheap labour as well. Global management refers to the way an organization manages its business internationally business internationally, including its sales, marketing, hiring an finance practices. Answer: competitive advantage is a core competency that sets an organization apart from competitors and gives it an advantage over them in a market place. Companies can achieve competitive advantage by controlling cost efficiency, producing higher quality products, better delivery of products and greater flexibility. Answer: management is the process of reaching organizational goals by working with and through people and other organized resources.