MGMT 1000 Chapter Notes - Chapter 3: World Trade Organization, Social Capital, Global Sourcing
10 Dec 2017
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Global marketplace presents both opportunities and challenges for managers. Managers must deal with cultural, economic, and political differences. Successful global management requires enhanced sensitivity to differences in national custom and practices. Parochialism: viewing the world solely through your own perspective, leading to an inability to recognize differences among people. Difficult to compete with other managers and organizations around the world. Ethnocentric attitude: the belief that the best work approaches and practices are those of the home country. a. (the country in which headquarters is located) Polycentric attitude: the view that the managers in the host country know the best approaches and practices for running their businesses. a. (the foreign country in which the organization is doing business) Geocentric attitude: a world-oriented view that focuses on using the best approaches and people from around the globe. Best people and work approaches used regardless of origin. Reduced efficiency managers must have both local and global knowledge.
