GMS 200 Chapter 3: Schermerhorn Textbook-Chapter 3

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Franklin Ramsoomair

Document Summary

Globalization: the process of growing interdependence among elements of the global economy. International management scholar pankaj ghemawat describes us as moving toward what he calls world 3. 0 (where nations cooperate in the global economy while still respecting one another"s national characters and special interests) Global management: involves managing operations in more than one country. Global manager: one who is culturally aware and informed of international affairs. Global business: conducts commercial transactions across national borders. Companies go global because: greater pro ts, more customers, access to suppliers, lower labour costs, easier access to nancial resources (capital). Global sourcing: the process of purchasing materials, manufacturing components or business services from around the world. Importing: selling locally made products in foreign markets. Exporting: buying foreign made products and selling them in domestic markets. Licensing agreement: where foreign rms pay a fee for rights to make or sell another company"s products in a speci ed region.