[MGMT 310] - Midterm Exam Guide - Comprehensive Notes for the exam (25 pages long!)

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7 Feb 2017
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MGMT 310
MIDTERM EXAM
STUDY GUIDE
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Management
Chapter 2 Lecture Notes: 1/27/17
The Global Business Change
Managing in Difficult Times
Business leaders
o Respond to changes in the global business environment and try to change it
o Lo to ifluee the goeret’s role i usiess
o Identify growing market niches or target consumer segments and invest in
research and development
o Are proactive in adapting their strategies to an ever-changing global
marketplace
o Deal with a broader array of stakeholders including public advocacy groups,
community forums, and the media
Globalization:
Integration and interdependence of economic, technological, sociocultural, and political
systems across diverse geographic regions
Advocated by leading economists and politicians post World War II
Movement led to the creation of several international trade agreements
Global Trade Agreement
o World Bank
o International Monetary Fund
o GATT
European Union
Created a single market by a system of laws that apply in all member states ,
guaranteeing the freedom of movement of people, goods, services, and capital
Opens up an invitation for more investment
Introduced a common currency, the euro
o Designed to build single market
NAFTA
Came into effect in 1994
US, Canada, and Mexico signed the treaty to eliminate tariffs
Maintains trading restrictions on certain agricultural products
Industries have benefitted from the opening of borders
ASEAN
Established in 1967 to support three goals
o Accelerating economic growth
o Promoting social and cultural development
o Ensuring peace and stability
Designed to create freer flow of goods and services within the ASEAN countries
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Management
Chapter 2 Lecture Notes: 1/27/17
MERCOSUR
Established in 1991
Create to promote economic growth and integration through reduction of tariffs and
free flow of goods
Comparative Advantage
Countries should specialize in producing goods for which they have the lowest
opportunity cost of production
o Specialization in a particular product, helps become an efficient producer
Free trade leads to a more efficient allocation of resources
o Results in all countries that are involved in trade benefitting from access to
cheaper goods
The Business Environment
Represets all of the eteral fores that affet the fir’s usiess
o General environment
Includes the technological, economic, political/legal, and socio-cultural
diesios that affet a fir’s eteral environment
o Task environment
Includes entities that directly affect a firm on a constant basis and
include competitors, suppliers, and customers
The General Environment
Technological Dimension
o The processes, technologies, or systems that a firm can use to produce outputs
Economic Dimension
o The general economic environment in the markets where the firm performs
activities
Political Dimension
o Refers to the political events and activities in a market that affect a firm
Legal dimension
o The regulations and laws that a firm encounter in its markets
Sociocultural dimension
o Demographic characteristics as well as the values and customers of society
Social Values
The deeply rooted system of principles that guide individuals in their everyday choices
and interactions
Universal Social Dimensions
o Low vs High Power Distance
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