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managment in a global context > exam dec 24 > Flashcards

exam dec 24 Flashcards

1
Q

What is the primary focus of “Management in a Global Context”?

A

Understanding how businesses operate in diverse global environments and how managers handle global challenges.

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2
Q

Define globalisation.

A

The process by which businesses or other organisations develop international influence or start operating on an international scale.

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3
Q

: Name three drivers of globalisation

A

Technological advancements, trade liberalisation, and the expansion of multinational corporations.

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4
Q

What is the significance of cross-cultural management in a global context?

A

It focuses on managing differences in culture, communication, and business practices across borders.

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5
Q

Why is ethical management important in global contexts?

A

Global operations require managers to navigate different cultural norms and legal systems, making ethical decision-making critical.

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6
Q

What is the difference between a domestic and global business?

A

Domestic businesses operate in a single country, while global businesses operate in multiple countries.

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7
Q

How does global competition impact businesses?

A

It increases the pressure to innovate, lower costs, and improve product quality to maintain a competitive edge.

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8
Q

What are emerging markets?

A

Economies that are in the process of rapid growth and industrialisation, like China and India.

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9
Q

What are the risks associated with global management

A

Political instability, exchange rate volatility, and differences in regulatory environments.

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10
Q

Define international trade.

A

The exchange of goods and services across international borders or territories.

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11
Q

What role does technology play in global business?

A

Technology enables faster communication, logistics, and collaboration across countries.

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12
Q

What is the business environment?

A

The external and internal factors that influence a company’s operations, including economic, legal, technological, and social forces.

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13
Q

Name the two types of business environments.

A

Internal and external environments.

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14
Q

What is the PESTEL framework used for?

A

To analyse the macro-environmental factors affecting a business: Political, Economic, Social, Technological, Environmental, and Legal factors.

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15
Q

How do political factors impact businesses?

A

Political stability, government policies, and regulations can affect business operations and profitability.

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16
Q

What is the significance of economic factors in the business environment?

A

Economic conditions like inflation, unemployment, and exchange rates influence consumer spending and business costs.

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17
Q

Define legal environment in business.

A

It includes laws, regulations, and legal systems that govern business practices.

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18
Q

How does the technological environment influence businesses?

A

Advances in technology can create new opportunities for innovation, efficiency, and market expansion.

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19
Q

What is meant by the social environment in business?

A

The demographic and cultural aspects that affect consumer needs and behaviours, such as age, education, and social trends.

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20
Q

Define the competitive environment.

A

The number and strength of a company’s competitors, and how easily new competitors can enter the market.

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21
Q

What is globalisation’s impact on the business environment?

A

It intensifies competition, increases the speed of innovation, and forces businesses to adapt to new market conditions.

22
Q

Why is environmental sustainability important for businesses?

A

Businesses are increasingly expected to operate in ways that are environmentally responsible to reduce their ecological footprint.

23
Q

What role do stakeholders play in the business environment?

A

Stakeholders like customers, employees, suppliers, and governments have a vested interest in the company’s success and can influence its strategy.

24
Q

Define organisational culture.

A

The shared values, beliefs, and norms that shape how employees within an organisation interact and work.

25
Q

What are the elements of organisational culture?

A

Values, rituals, symbols, language, and habits.

26
Q

What is corporate social responsibility (CSR)?

A

: The responsibility businesses have towards society to act ethically and contribute to economic development, while improving the quality of life of the workforce, community, and environment.

27
Q

Name three types of CSR activities.

A

Philanthropy, environmental sustainability efforts, and fair labour practices.

28
Q

How does organisational culture affect employee behaviour?

A

It influences decision-making, communication styles, work ethics, and teamwork.

29
Q

What is the difference between strong and weak organisational cultures?

A

Strong cultures are deeply ingrained and widely shared, whereas weak cultures are less consistent and have little impact on employees’ behaviour.

30
Q

How does culture affect international business?

A

Cross-cultural differences can create challenges in communication, management, and collaboration across different countries.

31
Q

Why is CSR important for global businesses?

A

CSR improves brand reputation, ensures legal compliance, and meets the expectations of socially conscious consumers.

32
Q

Define ethics in business.

A

The moral principles that guide behaviour in the business world.

33
Q

What is the role of leadership in shaping organisational culture?

A

Leaders set the tone for organisational culture through their behaviours, decisions, and the values they promote.

34
Q

How can companies measure the impact of their CSR efforts?

A

Through sustainability reports, stakeholder feedback, and performance metrics on social, environmental, and economic outcomes.

35
Q

What is a sustainable business model?

A

A business model that focuses on long-term value creation through responsible use of resources and minimal environmental impact.

36
Q

What is business strategy?

A

A plan of action designed to achieve long-term organisational goals.

37
Q

Name the three levels of strategy in an organisation.

A

Corporate strategy, business unit strategy, and operational strategy.

38
Q

What is the PESTEL analysis?

A

A tool used to evaluate external factors (Political, Economic, Social, Technological, Environmental, Legal) that affect a business.

38
Q

How do political factors influence strategy?

A

They include government policies, regulations, and political stability, which can impact market entry and operational decisions.

39
Q

What is SWOT analysis?

A

A framework that identifies a business’s Strengths, Weaknesses, Opportunities, and Threats.

40
Q

Define competitive advantage.

A

The unique advantage a company has over its competitors that allows it to generate greater sales or margins.

41
Q

What is the role of strategic planning?

A

It helps organisations set long-term objectives, allocate resources, and anticipate changes in the market environment.

42
Q

What is a mission statement?

A

A statement that defines the organisation’s purpose and primary objectives.

43
Q

How do economic factors influence strategy?

A

Economic trends like inflation, exchange rates, and economic growth can affect costs, demand, and profitability.

44
Q

Why is environmental scanning important for strategic planning?

A

It helps identify external opportunities and threats that may impact the organisation’s success.

45
Q

What is the difference between strategic and operational planning?

A

strategic planning is long-term and focuses on achieving broad goals, while operational planning is short-term and focuses on day-to-day operations.

46
Q

: How does technology influence business strategy?

A

Technological innovations can disrupt industries, create new opportunities, and require businesses to adapt their strategies.

47
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48
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49
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managment in a global context (2 decks)

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