Globalisation Flashcards

1
Q

what is globalisation?

A

the process of integrating and interconnecting economies worldwide, creating an interdependent global economy

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2
Q

what are the 3 components of globalisation?

A

Markets, Production and Services

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3
Q

what is the role of market mechanisms and managerial techniques in globalisation?

A

managers use tools likes accounting, finance, HR and operations to efficiently navigate global operations and achieve business goals

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4
Q

what does efficiency mean in the context of globalisation?

A

focuses on:
-maximising resource use (longer working hours)
-doing things right (efficient)
-doing the right things (effective)

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5
Q

why is profit maximisation central to globalisation?

A

drives business growth, increases market share and sustains operations in competitive global markets

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6
Q

how does innovation relate to globalisation?

A

involves creating and improving products or services to remain competitive in dynamic global markets

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7
Q

what is the bottom line focus in globalisation?

A

businesses prioritise net earnings and profits over factors like social and environmental concerns

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8
Q

what is the triple bottom line?

A

-Profit (financial gains)
-People (social impact)
-Planet (environmental sustainability)

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9
Q

what is the ideology of capitalism in globalisation?

A

capitalism is seen as inevitable, focusing on wealth accumulation and private ownership, often prioritising profits over other considerations

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10
Q

what does ethical management focus on in international business?

A

-Parity and equality
-Respect for human rights
-Ecological sustainability

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11
Q

how does globalisation affect supply chains?

A

requires supply chains to focus on ethical practices, sustainability, and ensuring responsible sourcing and distribution

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12
Q

why are social and environmental factors often deprioritised in globalisation?

A

companies prioritise profits and survival, often treating social and environmental considerations as secondary

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13
Q

how is human behaviour viewed in the ideology of globalisation?

A

is considered predictable and manipulable, enabling businesses to influence consumer demand through marketing strategies

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14
Q

what are the market-driven strategies in globalisation?

A

businesses respond to consumer demand and adapt to changes in global market dynamics to remain competitive

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15
Q

what is the role of information and knowledge management in globalisation?

A

involves effectively managing data and insights to support ethical decision-making and efficient global operations

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