Miderm Review Material-Answers.docx

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Global Management Studies
GMS 200
Shavin Malhotra

Chapter 1 Introducing ManagementDiversitydescribes the differences among in gender raceethnicity religion and sexual oritentation Globalizationworldwide interdependence of resource flows product markets and business competion Competitive advantageallows an organization to deal with market and environmental forces better than its competitors Environmental uncertaintylack of complete info about the environmentIntegrity and ethical leadership at all levelsChapter 2 Management Learning from Past to Present Major branches in the classical approach to managementassumption people are ration breaks up to 3 groups Scientific management by Taylor Administrative principles by Fayol and Bureaucratic organization by Weber Contingency thinkingtries to match management practices with situational demandsHawthornestudiedgroups and inviduals in organizationsTaylorScientific Management which emphasizes careful selection and training of workers and supervisory supportFayolAdministrative principles 14 principles 5 rules foresight organization command coordination and controlWeberBureaucraticrational and efficient form of organization founded on logic order and legitmate authorityGilbrethFollectorganizations as communities combine talents cooperating McGregorTheory X and Y X dislikes work and Y willing to workMaslowphysiological or psychological deficiency that a person wants to satisfyAgryrisadult personalityinhibit worker maturation and are inconsistent with mature adult personalityChapter 3 Global Dimensions of Management Global economyresources markets and competition are worldwide in scope OR Resource supplies product markets and business competition are worldwide rather than local Globalizationprocess of growing interdependence among element of global economyGlobal managementinvolves managing operations in more than one country OR Management in organizations with business interests in more than one country Global managerculturally aware and informed on international affairs Types of market entry strategies Global sourcingmaterial or services are purchase around the world for local use Exportinglocal products are sold aboard to foreign customers Importinginvolves selling in domestic markets of products acquired aboardLicensing agreementlocal firm pays a fee to foreign firm for rights to make or sell its products Franchisingfee is paid to foreign business for rights to locally operate using its name branding and methods Foreign Direct Investment is building buying all or buying part ownership of a business in another country
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