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Chapter 3

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Global Management Studies
GMS 200
Jian Guan

Chapter 3 Global Dimensions of Management GMS Notes Globalizationthe process of growing interdependence among elements of the global economy Global managementinvolves managing operations in more than one country Global managerone who is culturally aware and informed of international affairs Global businessconducts commercial transactions across national borders Why companies go global Reasons include greater profits more customers access to suppliers lower labour costs and easier access to financial resources capitalKNOW FIGURE 31 MARKET ENTRY STRATEGIES A common first step into international business is global sourcingthe process of purchasing materials manufacturing components or business services from around the world A second form of international business is importingselling locally made products in foreign markets The opposite of importing is exportingbuying foreign made products and selling them in domestic markets A third form of international business is the licensing agreement where foreign firms pay a fee for rights to make or sell another companys products in a specified region Franchising is a form of licensing in which the foreign firms buy the rights to use anothers name and operating methods in its home countryDIRECT INVESTMENT STRAGTEGIES Firms may decide to make substantial investments in operations in foreign countries Such foreign direct investment or FDI involves set
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