GMS 200 Lecture Notes - Culture Shock, Franchising, Ethnocentrism

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

Global economy resources, markets and competition worldwide scope. Globalization process of growing interdependence among elements of the global economy. Global management involves managing operations in more than one country. Global manager culturally aware and informed on international affairs. Customers offer new markets to sell products. Suppliers access to needed products and services. Global business conducts commercial transactions across national boundaries. Global sourcing materials or services are purchases around the world for local use. Exporting (local products are sold abroad to foreign customers) Importing (selling in domestic markets of products acquired abroad) Licensing local firm pays a fee to a foreign firm for rights to make or sell its products (ex. Franchising - a fee is paid to a foreign business for rights to locally operate using its name, branding and methods (ex. Foreign direct investment building, buying all or buying part ownership of a business in another country.