GMS 200 Chapter 5: Chapter 5 - Global Dimensions of Management

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

Document Summary

Age of global economy: resources, markets and competition are worldwide in scope. Globalization: process of growing interdependence among elements of the global economy. Global economy offers great opportunities for worldwide sourcing, production and sales capabilities. Term used to describe management in organizations with business interests in more than one country is international management. Global manager: is culturally aware and informed about international affairs. International business: conducts commercial transactions across national boundaries. International business of all types and sizes are the foundation of world. Engines of moving raw material, finished products and specialized services from 1 country to another. 1st step into international business is global sourcing: materials or services are purchased around the world for local use. 2nd form involves exporting which is selling local products in foreign markets or importing which is a process of acquiring products abroad and selling them in domestic markets.