GMS 200 Chapter Notes - Chapter 3: Geert Hofstede, Child Labour, Body Language

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

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: involves managing operations in more then one country. Global manager: is culturally aware and informed on international affairs. Global business: conducts commercial transactions across national boundaries. Global sourcing: materials or services are purchased around the world for local use. Exporting: local products are sold abroad foreign customers. Importing: involves the selling in domestic markets of products acquired abroad. Licensing agreement: a local firm pays a foreign firm for rights to make or sell its products. Franchising: a fee is paid to a foreign business for rights to locally operate using its name, branding and methods. Foreign direct investments: building, buying all, or buying part ownership of a business in another country. Insourcing: a job creation through foreign directs investment. A joint venture: operates in a foreign country through co-ownership by foreign and local partners.