PART 1 Flashcards

1
Q

FACTORS THAT SHAPE THE GLOBAL BUSINESS LANDSCAPE
(5-ETPSE)

A
  1. Economic Trends and Globalization
  2. Technological Advances and Digital Transformation
  3. Political and Regulatory Environment
  4. Social and Cultural Factors
  5. Environmental Concerns
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q
  • Greater globalization leads to increased competition and access to new markets.
A

Economic Trends and Globalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q
  • Understanding economic trends is crucial for navigating the international business environment.
A

Economic Trends and Globalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Rapid technological changes impact how businesses operate and compete globally

A

Technological Advances and Digital Transformation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Organizations must keep up with technology to avoid falling behind competitors.

A

Technological Advances and Digital Transformation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Varying laws in different countries affect trade agreements, tax policies, labor regulations, and intellectual property rights.

A

Political and Regulatory Environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Companies operating globally must navigate diverse political and regulatory landscapes.

A

Political and Regulatory Environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Consideration of cultural differences, language barriers, and consumer behavior patterns is essential for global business success.

A

Social and Cultural Factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Corporate social responsibility initiatives gain importance globally.
Stakeholders demand sustainable

A

Environmental Concerns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Stakeholders demand sustainable practices, including ethical sourcing and reducing carbon emissions, influencing global business operations.

A

Environmental Concerns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

STRATEGIES FOR SUCCESS IN THE GLOBAL BUSINESS LANDSCAPE
(8-MASFICC)

A
  1. Market Research and Analysis
  2. Adaptation and Localization
  3. Strategic Partnerships and Alliances
  4. Corporate Social Responsibility (CSR) & Sustainability
  5. Flexibility and Adaptability
  6. Investment in Innovation and Technology
  7. Crisis Management and Contingency Planning
  8. Continuous Learning and Skill Development
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Deep understanding of local markets, competition, and cultural nuances.

A

Market Research and Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Allows adaptation of products, services, and marketing strategies for specific regions

A

Market Research and Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Market Research Process (5-PARDD)

A

Problem definition
Approach formulation
Research design and selection
Data collection
Data processing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Tailoring offerings to meet the needs and expectations of consumers in different countries.

A

Adaptation and Localization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Customizing product features, packaging, pricing strategies, and promotional materials while maintaining brand consistency.

A

Adaptation and Localization

17
Q

Collaboration with companies possessing expertise or resources in specific areas.

A

Strategic Partnerships and Alliances

18
Q

Provides access to new markets or technologies and minimizes risk in global expansion

A

Strategic Partnerships and Alliances

19
Q

CSR initiatives contribute positively to society, building trust with customers.

A

Corporate Social Responsibility (CSR) & Sustainability

20
Q

Emphasis on sustainability measures, such as reducing carbon footprint or plastic usage, for long-term social and financial benefits.

A

Corporate Social Responsibility (CSR) & Sustainability

21
Q

Readiness to adapt strategies based on changing global conditions

A

Flexibility and Adaptability

22
Q

Flexibility in response to environmental shifts, regulatory changes, or market dynamics

A

Flexibility and Adaptability

23
Q

Emphasis on research and development to stay ahead in technological advancements.

A

Investment in Innovation and Technology

24
Q

Incorporating innovative solutions to address global challenges and remain competitive

A

Investment in Innovation and Technology

25
Preparation for potential crises, considering geopolitical issues or natural disasters
Crisis Management and Contingency Planning
26
Implementation of robust contingency plans to ensure business continuity during unforeseen events.
Crisis Management and Contingency Planning
27
Ongoing training and development to adapt to evolving global business trends.
Continuous Learning and Skill Development
28
Ensuring employees possess the skills needed to navigate diverse markets and challenges.
Continuous Learning and Skill Development