About This Chapter
Global Business Strategies and Challenges - Chapter Summary
This chapter explores the strategies and challenges of working in the global market. Lessons cover all aspects of global business, including the importance of global trade, how to reach the global market, the forces that affect international trade and the business of importing and exporting goods. You will examine trade protectionism, look at the changing global landscape and learn how to develop and utilize marketing strategies in a global environment.
Several lessons focus on the impact of culture on global business, including how differences in emotions may be a factor. You will examine communications in various cultures and look at ways the business organization may be different. The Global Business Strategies and Challenges chapter will give you an overview of topics that include:
- Hofstede's cultural dimensions theory
- The definition, influence and purpose of regional integration
- Pros and cons of trade protectionism
- The role of the international manager
- International marketing strategies
- International marketing mix
- Globalism and organizational structure, culture and behavior
- How teams differ in international settings
These engaging, brief video lessons are taught by experienced instructors and are formatted to make key topics and passages stand out. You can test what you've learned with the multiple-choice questions found at the end of each lesson and easily review important parts by using the video links that accompany the lessons. Transcripts of each lesson give you another way to get the information.
1. The Importance of the Global Market and Global Trade: Role & Advantages
We all need resources, products and service to live and thrive. Sometimes these things are not readily available locally. In this lesson, you'll learn about the importance of international trade and globalization in fulfilling our needs and wants.
2. Importing and Exporting in a Global Market: Definition, Process & Importance
The lifeblood of the global market is trade. In this lesson, you'll learn about the importance of importing and exporting and related concepts including trade deficits, balance of payments, and formal and informal barriers to trade.
3. Strategies for Reaching Global Markets: Examples & Types
In 2013, the global market had over seven billion potential consumers with needs and wants to be fulfilled. In this lesson, you'll learn about strategies businesses can use to tap this immense market.
4. Forces that Affect Trade in Global Markets
The global marketplace is diverse. While diversity provides opportunity, it also provides challenges. In this lesson, you'll learn about the forces that affect trade in the global market. You'll also have a chance to take a short quiz after the lesson.
5. Hofstede's Cultural Dimensions Theory
Dimensions of culture are an important aspect of international business. Knowing how cultures view different aspects of business can help a manager navigate through the international business market.
6. Regional Integration: Definition, Influence & Purpose
Regional integration is when a group of countries get together and develop a formal agreement regarding how they will conduct trade with each other. There are many different levels of involvement, and in this lesson, we will review the types and how a manager should understand and match them to his or her company's international needs.
7. Advantages and Disadvantages of Trade Protectionism
Countries want to win the game of international trade by exporting more than they import. Some countries pursue trade protectionism to do this. In this lesson, you'll learn about the advantages and disadvantages of this strategy and related concepts.
8. The Changing Landscape of the Global Market
The global market is still developing, and a market that is developing is dynamic. The constant change offers opportunities and presents risks to countries and their domestic industries. In this lesson, you'll learn about some of these risks and opportunities.
9. Characteristics of the International Manager in Global Organizations
Managers need to be able to plan, control, organize, and lead their companies and departments. When we look at international business, there are some additional aspects that come into play for a manager to be successful.
10. Managerial Functions in the International Organization
Every manager focuses on five different aspects of management. These aspects are common knowledge and when used together, they help to create an effective manager. This lesson will address those areas and integrate them into international business.
11. Group Status, Social Loafing & Diversity in Global Groups
Group status changes depending on culture, and as groups become more diverse, different perspectives and opinions will arise. In this lesson, we will address the issues of culture as it relates to group status, social loafing, and diversity.
12. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
13. International External Marketing: Culture, Economics, Tech & More
International marketing plans have a specific marketing mix that will differ tremendously from the domestic version. Marketing managers have to take into account a country's economic, technological, logistical, and sociocultural differences in order to successfully target an overseas market.
14. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
15. Globalization and Organizational Structure
Organizational structure can be influenced by many different aspects of globalization. In this lesson, we will explore organizational structure and the impact globalization can have on it.
16. Globalization and Organizational Culture
Culture influences almost every aspect of an organization. Globalization is one of the forces that influences organizational culture, and in this lesson we will talk about just how globalization impacts organizational culture.
17. Globalization and Organizational Behavior
As the world around us gets smaller, globalization will be in more areas and impact organizations. Organizational behavior is impacted by globalization and in this lesson we will discuss that aspect.
18. How Emotions Differ Across Cultures
Every country and culture expresses emotions in different ways. This is a constantly growing issue for international organizations. In this lesson, we will describe some of these differences.
19. Cross-Cultural Communication: Definition, Strategies & Examples
Cross-cultural communication is imperative for companies that have a diverse workforce and participate in the global economy. It is important for employees to understand the factors that are part of an effective, diverse workforce.
20. How Teams Differ in a Global Setting
Different cultures view teams, or teaming, very differently. Those perspectives are compounded when there are multicultural teams present. This lesson will look at this issue in more detail.
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Other chapters within the High School Marketing for Teachers: Help & Review course
- How Organizations are Structured & Designed
- General Business Management
- Ethics and Social Responsibility in Organizations
- Business Law & Regulation
- Economic Basics
- Business and the Economy
- The Economy and the US Government
- Entrepreneurship & Types of Businesses
- Marketing Basics
- Product Pricing & Selling
- Product Development & Distribution
- Promotion & Advertising
- Selling & Customer Service
- Market Research and Segmentation
- Strategic Planning for Marketers
- Business Communication
- Business Analytics
- Computer Basics for Business
- The Internet and Business
- Marketing Education
- Career Planning for High School Students
- Laying the Foundation for a Marketing Career
- Marketing Employment Skills
- Marketing Career Stages
- Marketing Instruction & Assessment