6 dimensions of market globalization integration and

Info icon This preview shows pages 2–4. Sign up to view the full content.

6 Dimensions of Market Globalization – Integration and interdependence of national economies Rise of regional economic integration blocs Globalization of production Globalization of services Worldwide reduction of barriers to trade and investment Market liberalization and adoption of free markets Chapter 3 1. Agent - Specialized logistics service provider. 2. Born global firm - Represent a relatively new breed of international SME—those that undertake early and substantial internationalization. Despite the scarce resources typical of most small businesses, born globals usually internationalize
Image of page 2

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

within three years of their founding and may export to twenty or more countries, generating more than 25 percent of their sales from abroad. 3. Customs broker – A facilitator. Assist the focal firm with specialized services required in international transactions. 4. Focal firm - Initiator of an international business transaction; e.g., MNEs and SMEs. 5. Turnkey contractors - A contract in which an operator or drilling contractor agrees to furnish all labor and materials necessary to drill a well to a certain depth or stage of completion for a specified sum of money. The operator or contractor assumes all of the responsibility and risks involved in completing the operation. 6. 4 Types of participants in international business - Focal firm, Distribution channel intermediary, Facilitator, and Governments. 7. 5 Strategies of focal firms for international entry - Foreign direct investment (FDI), International collaborative venture, Exporting and Importing and Sourcing, Licensing, and Franchising. 8. 3 Facilitators in international business - freight forwarders, customs brokers, consultants. Chapter 4 1. Ethnocentric Orientation - Using our own culture as the standard for judging other cultures. 2. Polycentric Orientation - A mindset in which the manager develops a greater affinity for the country in which he or she works than for the home country. 3. Geocentric Orientation - A global mindset in which the manager is able to understand a business or market without regard to national boundaries. 4. Socialization - Learning the behavioral patterns and rules of one’s own society. 5. Acculturation - cultural modification of an individual, group, or people by adapting to or borrowing traits from another culture.
Image of page 3
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern