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Intro to business > Week 2: Module 2 > Flashcards

Week 2: Module 2 Flashcards

1
Q

What are the two definitions for International Business

A
  1. Firms engaging in international activities
  2. Activity of doing business abroad.
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2
Q

What is an MNE

A

Multinational Enterprise = company that invests in value-adding activities abroad (Foreign direct investments)

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3
Q

What are emerging markets

A

Markets that only recently adopted regulatory frameworks to facilitate international trade and that are growing faster than average.

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4
Q

What is GDP

A

Gross domestic product = the sum of all value added in a country by it’s residents, government and resident firms

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5
Q

What is GNP

A

GDP + non-resident earnings (people working overseas sending money back home) - money sent overseas by foreigners working in this country

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6
Q

What is purchasing power parity

A

This metric considers the exchange rates between different countries to adjust for the cost of living. This gives a better view for comparisons

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7
Q

What is the institution-based view on what determines the success of businesses?

A

From an institution-based view, success depends on formal and informal rules (laws vs culture)

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8
Q

What is the resource-based view on what determines success for businesses?

A

Success is based on internal resources and capabilities

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9
Q

What is liability of outsidership?

A

Inherent disadvantage in a market through lack of familiarity

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10
Q

What is Industry 4.0

A

Digital technologies disrupting supply chains and operations

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11
Q

What is globalization?

A

Process of creating increasing interdependence between financial, political and social units worldwide. This happens in waves (pendulum swings)

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12
Q

What is the Triad?

A

Triad is the strong trade network between North America, Europe and Japan.

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13
Q

What is risk management?

A

Identifying and assessing risks of bad events. This gained importance after financial crisis.

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14
Q

What is an ethnocentric perspective?

A

Perspective through our own culture. Different cultures may require different approaches.

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15
Q

What is the not-invented-here syndrome

A

Distrust in external solutions

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16
Q

Cosmopolitans

A

People who embrace globalization

17
Q

How should global managers engage non-cosmopolitans

A
  1. Integration of global and local thinking
  2. Engage in discussions with people not in favour of globalization
18
Q

What is an environment

A

Everything outside of the company that influences it. Environment is always changing and defines success for a company. Look out for gradual developments

19
Q

Elements of the Macro-environment

A
  1. Technological changes
  2. Political changes
  3. Economic changes
  4. Ecological changes
  5. Societal changes
20
Q

Elements of industry/task environment

A
  1. Customers
  2. Suppliers
  3. Competitors
  4. Government
  5. Social interest groups
21
Q

Technological developments and how to deal with them

A

Digitalization and technological developments can change business models and processes.

22
Q

Economic and political developments influencing business models and profitability

A
  1. Emerging markets are growing quickly
  2. Regulations and cross-border control

Politics and economics are often interrelated. Political uncertainty decreases international trade and investments.

22
Q

Recent socio-cutural developments influencing business success

A

BLM and Me2. These developments influence thinking about corporate issues.

23
Q

ecological developments influencing business success

A

Ecological environment is the natural context we exploit and in which we live

24
Q

Effects of rising globalization

A

Rising in trade, FDIs, international capital, knowledge exchange, circulation of people

Disadvantage is that global supply chains are more vulnerable to local or global crises.

24
Q

Elements influencing globalization

A
  1. Political changes like liberalization
  2. International collaborations like trade agreements and EU
  3. Social changes due to cultural exchanges
  4. Technological factors such as communication and transport innovations
24
Q

Regionalization

A

More regional approach to business, influenced by political and societal developments.

25
Q

What is the VUCA model

A

The VUCA model explains the consequences of globalization on the world. It has become more:
1. Volatile
2. Uncertain
3. Complex
4. Ambiguous

Intro to business (11 decks)

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