GMS 200 Chapter Notes - Chapter 3: Culture Shock, Multinational Corporation, Ethnocentrism

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Growing power of global businesses affects all of us in our roles as citizen, consumers, and career-seekers. In the global economy, resources, markets, and competition are worldwide in scope. Globalization is the process of growing interdependence among elements of the global economy. Global management involves managing operations in more than one country. A global manager is culturally aware and informed on international affairs. Global business are the foundations of world trade, helping to move raw materials, finished products, and specialized services from one country to another in the global economy. A global business conducts commercial transactions across national boundaries. When a business is just getting started internationally, global sourcing, exporting/importing, and licensing and franchising are the usual ways to begin. These are market entry strategies that involve the sale of goods or services to foreign markets without expensive investment. Strategic alliances, joint ventures, and wholly owned subsidiaries are direct investment strategies.