BUS101 Notes.docx - BUS101 Notes 21st century business...

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BUS101 Notes 21 st century business: Complex Fast-paced Global in its orientation Structured around team decision-making Global mindset : Understanding how to communicate your product or service in the cultural context you are sending it into Good businessman/global learner - The ability to learn quickly so one can be informed and make a choice decision Globalization : the increase in the permeability of traditional boundaries, not just those around business organizations, but those around countries, economies, industries, people, and ideas. Factors that have made this globalization different: Digital communication Cheap transportation Technology Open Markets Globalization has been a shift towards a more integrated and interdependent world economy Ultimately, businesses must learn to interact and compete in a global world, not a local one Other characteristics of a global economy: Market volatility Tension between free traders (NAFTA, TPP) and protectionists Constant downward pressure on wages Accelerators of modern globalization: The internet Teams (collaborate – to build coalitions, projects, and products together) Uploading (communities talk to each other through blogging, podcasting, tweets) Supply chaining Outsourcing – refers to an organization contracting work (service and manufacturing activities) into components which could be subcontracted and performed in the most efficient, cost-effective way out to a 3 rd party (hiring an outside law firm to review contracts instead of maintaining an in-house staff of lawyers) Offshoring – refers to moving any business process to a foreign location, usually to leverage cost advantages (a dell customer service center in India to serve American clients lmao)
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Insourcing – refers to establishing shared service centers within your own company -benefits are cost savings, standardizing processes, streamlining projects and reporting, reallocating resources into one location, and gaining efficiency The steroids – digital, mobile, personal Economy of scale - the cost advantage that arises with increased output of a product. Economies of scale arise because of the inverse relationship between the quantity produced and per-unit fixed costs; i.e. the greater the quantity of a good produced, the lower the per-unit fixed cost because these costs are shared over a larger number of goods. COSTS GO DOWN AS YOU MAKE MORE OF SOMETHING. What is different when interacting internationally – Language Social/religious customs Architecture History World view/priorities Differences & distinctions among people are shaped by influencers and culture – Influencers in producing culture: language, social/religious customs, architecture, history, world view/priorities, family, geography, food, and gender Culture: learned, shared, enduring, powerful, systematic, organized, and invisible Much of culture is invisible—it’s not comprised of the physical symbols that are above the surface (do you really understand the U.S. if you’ve only been to McDonalds? Seen the statue of
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