Copyright

Understanding International Business & Culture in Business Flashcards

Understanding International Business & Culture in Business Flashcards
1/33 (missed) 0 0
Create Your Account To Continue Studying

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access
Direct Investment

A method of entering a foreign market that involves purchasing your way into the market. This is a good idea if you are entering a market that has a lot of corruption.

Got it
Hofstede's Cultural Dimensions Theory: Uncertainty Avoidance

We consider this dimension of Hofstede's theory when determining how comfortable cultures are when forced to handle ambiguity.

Got it
Hofstede's Cultural Dimensions Theory: Long-term vs. Short-term Orientation

You can focus on whether a culture is interested in searching for virtue or absolute truth with this dimension of Hofstede's theory.

Got it
Hofstede's Cultural Dimensions Theory: Power Distance

We look at this dimension of Hofstede's theory when assessing the acceptance of how power is distributed in a society. This can control how accessible employees consider managers to be.

Got it
Hofstede's Cultural Dimensions Theory: Individualism vs. Collectivism

The dimension of Hofstede's theory that considers whether a culture encourages people to work alone or together.

Got it
Hofstede's Cultural Dimensions Theory: Masculinity vs. Femininity

This dimension of Hofstede's theory focuses on what societies prefer. Societies can favor material rewards and assertiveness, or cooperation and concern for weaker individuals.

Got it
Hofstede's Cultural Dimensions Theory

This theory focuses on aspects that are unique to different cultures and then compares them based on a ranking system. It includes six categories.

Got it
Global Mindset Attributes: Intellectual

This represents the skill necessary to understand new information as it relates to cultures different from your own.

Got it
Global Mindset Attributes: Social

This attribute is apparent in employees who can show empathy on an intercultural level. Individuals who travel to different countries could develop this.

Got it
Global Mindset Attributes: Psychological

You display this attribute if you want to gain additional knowledge regarding new cultures. This can involve learning new norms.

Got it
Global Business Environment: Cultural Challenges

Challenges that relate to the way the citizens of different countries behave or believe.

Got it
Global Business Environment: Social Challenges

The challenges faced by global businesses that are connected to the norms that dictate standard behavior in different countries.

Got it
Global Business Environment: Ethical Challenges

These challenges focus on deciding what is right or wrong. Cultures have differing views on many of these issues, including bribery, which makes global business difficult.

Got it
Social Norm

Behaviors that a specific society expects you to perform in a given situation. An example would be waiting patiently in line to order your drink at a coffee shop.

Got it
Cultural Intelligence (CQ): Workplace Benefits

Fostering this in employees can raise profits, creativity and production, while lowering barriers to communication and issues that cause interpersonal conflict.

Got it
Cultural Intelligence (CQ)

This refers to an individual's skill with recognizing and becoming comfortable with differences in culture. Those who can attune to cultural norms display this.

Got it
33 cards in set

Flashcard Content Overview

This set of flashcards can help you review the process of globalization, as well as the pros and cons associated with it. You can focus on different kinds of capital and the differences between global and international companies. Cultural intelligence and the global business environment are also addressed by these flashcards. You'll be able to go over Hofstede's Cultural Dimensions Theory. Finally, these cards cover the Costs of Doing Business Abroad (CDBA) and the Liability of Foreignness (LOF).

Front
Back
Cultural Intelligence (CQ)

This refers to an individual's skill with recognizing and becoming comfortable with differences in culture. Those who can attune to cultural norms display this.

Cultural Intelligence (CQ): Workplace Benefits

Fostering this in employees can raise profits, creativity and production, while lowering barriers to communication and issues that cause interpersonal conflict.

Social Norm

Behaviors that a specific society expects you to perform in a given situation. An example would be waiting patiently in line to order your drink at a coffee shop.

Global Business Environment: Ethical Challenges

These challenges focus on deciding what is right or wrong. Cultures have differing views on many of these issues, including bribery, which makes global business difficult.

Global Business Environment: Social Challenges

The challenges faced by global businesses that are connected to the norms that dictate standard behavior in different countries.

Global Business Environment: Cultural Challenges

Challenges that relate to the way the citizens of different countries behave or believe.

Global Mindset Attributes: Psychological

You display this attribute if you want to gain additional knowledge regarding new cultures. This can involve learning new norms.

Global Mindset Attributes: Social

This attribute is apparent in employees who can show empathy on an intercultural level. Individuals who travel to different countries could develop this.

Global Mindset Attributes: Intellectual

This represents the skill necessary to understand new information as it relates to cultures different from your own.

Hofstede's Cultural Dimensions Theory

This theory focuses on aspects that are unique to different cultures and then compares them based on a ranking system. It includes six categories.

Hofstede's Cultural Dimensions Theory: Masculinity vs. Femininity

This dimension of Hofstede's theory focuses on what societies prefer. Societies can favor material rewards and assertiveness, or cooperation and concern for weaker individuals.

Hofstede's Cultural Dimensions Theory: Individualism vs. Collectivism

The dimension of Hofstede's theory that considers whether a culture encourages people to work alone or together.

Hofstede's Cultural Dimensions Theory: Power Distance

We look at this dimension of Hofstede's theory when assessing the acceptance of how power is distributed in a society. This can control how accessible employees consider managers to be.

Hofstede's Cultural Dimensions Theory: Long-term vs. Short-term Orientation

You can focus on whether a culture is interested in searching for virtue or absolute truth with this dimension of Hofstede's theory.

Hofstede's Cultural Dimensions Theory: Uncertainty Avoidance

We consider this dimension of Hofstede's theory when determining how comfortable cultures are when forced to handle ambiguity.

Direct Investment

A method of entering a foreign market that involves purchasing your way into the market. This is a good idea if you are entering a market that has a lot of corruption.

Joint Venture

You use this method to enter a foreign market when you share business ownership. Some countries expect you to do this to get into their markets.

Franchising

Businesses enter foreign markets in this way when they sell another company the right to use their brand and receive royalties in return.

Linear View of Time

This view of time is seen in cultures that see deadlines as important because they feel that time may be spent and then never gotten back.

Cyclical View of Time

Countries that view time in this way believe it will always continue and, therefore, they should use as much time as they need to bring a project to completion successfully.

Globalization: Disadvantages

This process can cause high competitiveness that lowers labor costs and may cause job insecurity. It may also negatively impact diversity and the unique cultures of different nations.

International Monetary Fund (IMF)

This organization offers countries aid with loans and currency exchange. 188 countries are part of this group.

Liability of Foreignness (LOF)

This reflects what it will cost a company to enter a new market and effectively compete with a country's established businesses.

Costs of Doing Business Abroad (CDBA)

Companies incur these when they enter international markets. If these outweigh potential revenue, the company should not expand in this way.

Political Capital

Countries use this kind of capital if they use force or diplomatic skills to entice others to take actions that are favorable economically.

Human Capital

This capital is dependent on a country's inhabitants and the skills or intelligence they possess. Countries with educated citizens can increase this.

Resource Capital

The type of capital associated with natural assets found in a country, including things like oil or timber.

Financial Capital

A country has this kind of capital if it has a lot of monetary tools or cash.

International Company

A company that mostly focuses on its local market, but makes a certain number of sales in foreign markets.

Global Company

This kind of company sells services or products in a large number of countries, keeping its brand and products the same in different markets.

Going Global: Advantages

Companies may choose to expand in this way to gain a competitive advantage, to access raw materials, to extend the life cycle of products and to get into fresh markets.

Globalization

The process that broadens perspectives beyond nationalism to allow businesses to see the world as interconnected and capable of moving goods, services and capital freely over national borders.

Product Life Cycle

This covers the amount of time it takes to develop a product, bring it to market, and then finally remove it from the market.

To unlock this flashcard set you must be a Study.com Member.
Create your account

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member

Already a member? Log In

Support