updated dec deck 24 Flashcards
What is meant by “management in a global context”?
Managing organizations considering global factors like international markets, diverse cultures, economic conditions, and technological changes.
What is the significance of understanding international business in today’s world?
It helps businesses navigate complexities like global competition, cross-cultural communication, and international trade.
How does global management differ from domestic management?
Global management requires dealing with cultural differences, foreign regulations, international supply chains, and managing a diverse workforce.
Why is cultural awareness important for global managers?
It helps in improving communication, reducing misunderstandings, and building better relationships with international clients and teams.
What are some challenges faced by managers in a global environment?
These include managing cultural diversity, navigating legal differences, understanding global markets, and adapting to international competition
What is a global mindset and why is it crucial for managers?
A global mindset allows managers to think beyond national borders, understand diverse perspectives, and make informed global business decisions.
How do political, economic, and social factors influence global management?
Political instability, economic changes, and social trends can create opportunities or risks for international businesses, requiring adaptive strategies.
: What is the role of technology in global business?
Technology enables global communication, efficient supply chain management, and access to international markets, but also increases competition.
How does understanding global trade influence management strategies?
Knowledge of international trade policies, tariffs, and agreements helps managers make better decisions regarding sourcing, production, and distribution.
What is the concept of “globalization”?
Glocalibation is the adaptation of global products to fit local cultures and needs, balancing global branding with local preferences.
What is the role of international marketing in global business?
International marketing helps companies expand into new markets, tailoring products and strategies to local customer preferences and demands.
How can global managers develop effective leadership strategies across different cultures?
By understanding cultural nuances, adopting flexible leadership styles, and fostering inclusive communication to build trust and respect.
What is the business environment and why is it important for managers?
The business environment consists of all external and internal factors influencing an organization’s operations. Understanding it helps managers anticipate challenges and opportunities.
What are the key components of the external environment?
The key components include political, economic, social, technological, environmental, and legal factors (PESTEL).
: How does PESTEL analysis help in strategic decision-making?
PESTEL analysis helps identify external factors that could impact an organization, allowing managers to adapt strategies accordingly.
What is a SWOT analysis and how is it used in strategy formulation?
SWOT analysis identifies strengths, weaknesses, opportunities, and threats, helping managers understand the internal and external factors affecting their business.
: How do political and legal factors impact business operations?
Political factors like government policies, regulations, and trade agreements can create opportunities or pose risks. Legal factors determine the boundaries of business activities.
What role do social and cultural factors play in the business environment?
Social factors like changing consumer behavior, cultural norms, and demographic shifts influence product demand, marketing strategies, and operations.
How do technological advances influence business strategy?
Technological advancements can create new opportunities for innovation, improve efficiency, and change industry dynamics, making it essential for businesses to adapt.
What are the economic factors that affect business strategy?
Factors like inflation, interest rates, and economic growth influence consumer spending, pricing strategies, and investment decisions.
How do environmental issues affect business operations?
Environmental factors such as climate change and sustainability concerns drive businesses to adopt eco-friendly practices and adapt to changing regulations.
How does the competitive environment influence business strategy?
Competition drives innovation, pricing decisions, and strategic positioning. Understanding competitors’ strategies helps businesses differentiate and maintain a competitive edge.
What is the impact of globalization on the business environment?
Globalization increases competition, opens new markets, and creates opportunities for outsourcing, but also adds complexities like currency fluctuations and cultural differences.
How can businesses anticipate and respond to changes in the external environment?
By conducting regular environmental scans, staying informed about market trends, and being flexible in adapting strategies to meet changing conditions.
What is organizational culture?
Organizational culture refers to the shared values, beliefs, and behaviors within an organization that shape its work environment and influence decision-making.
the concepts
Layout Planning: Why it’s essential for operational efficiency and the four types of layouts.
Big Data, Knowledge Management, and Industry 4.0: Linking these with modern technological advancements in operations.
Path-Goal Model: Using leadership and decision-making concepts to explain House’s theory.
Schein’s Cultural Components: Describing and applying the components of organizational culture and their connection to values.
Teams: Defining teams, explaining key elements like roles, communication, and examples.
How does organizational culture affect employee performance?
A positive culture can increase motivation, job satisfaction, and productivity, while a negative culture can lead to disengagement and high turnover.
How can leaders influence organizational culture?
Leaders shape culture through their actions, communication, and decision-making, setting the tone for values like collaboration, innovation, or performance.
: What is corporate social responsibility (CSR)?
CSR refers to a company’s efforts to contribute positively to society, including environmental sustainability, ethical labor practices, and charitable activities.
How does CSR impact business reputation?
A strong CSR program can enhance a company’s reputation, attract customers and investors, and build loyalty among employees and consumers.
What are the differences between task culture and role culture?
Task culture focuses on teamwork and flexibility, while role culture emphasizes clear roles and procedures to maintain stability and control.
How do cultural components affect organizational values?
Cultural components like rituals, symbols, and values shape how employees view their roles and responsibilities, aligning their behaviors with organizational objectives.
What are the challenges of managing a diverse organizational culture?
Challenges include communication barriers, conflicting values, and resistance to change, which require effective leadership and training programs to manage.
How can organizations create a positive culture?
By promoting shared values, recognizing achievements, and fostering open communication, trust, and collaboration across all levels of the organization.
: What is the link between corporate values and business strategy?
Corporate values guide decision-making and behavior, aligning business strategies with ethical standards and ensuring consistency in actions.
How does organizational culture affect innovation?
A culture that encourages risk-taking, learning, and collaboration fosters innovation, while a risk-averse culture can stifle new ideas and creativity.
How does CSR affect employee satisfaction and engagement?
Employees are more likely to feel engaged and proud to work for an organization that is committed to social and environmental responsibility.
What is strategic management?
Strategic management is the process of defining a company’s strategy, setting goals, and aligning resources to achieve long-term success.
What is the role of SWOT analysis in strategic planning?
SWOT analysis helps identify strengths, weaknesses, opportunities, and threats, enabling organizations to create strategies that leverage strengths and mitigate weaknesses.
What is a competitive advantage and how is it achieved?
Competitive advantage allows a company to outperform its rivals by offering unique products, services, or efficiencies that competitors cannot replicate.
How does PESTEL analysis contribute to strategic decision-making?
PESTEL analysis helps organizations understand the external environment by evaluating political, economic, social, technological, environmental, and legal factors.
What is Porter’s Five Forces model?
Porter’s Five Forces model helps assess the competitive dynamics in an industry by analyzing the power of suppliers, buyers, threat of new entrants, threat of substitutes, and competitive rivalry.
: How do companies formulate corporate and business-level strategies?
Corporate-level strategies involve decisions on mergers, acquisitions, and resource allocation, while business-level strategies focus on gaining a competitive edge within specific markets.
What is the role of corporate governance in strategy?
Corporate governance ensures that strategic decisions align with stakeholders’ interests, providing oversight and accountability in the decision-making process.
