About This Chapter
ILTS Business: Global Business - Chapter Summary
The lessons in this chapter deal with international business operations. After establishing why global trade is important, the videos examine various strategies for reaching and working with the global markets. Other lessons explore cultural influences and how culture and business are linked. These lessons prepare you for the exam by looking at topics including:
- Forces that affect global trade
- Hofstede's Cultural Dimensions Theory
- The definition, influence and purpose of regional integration
- Trade protectionism
- Characteristics of the international manager
- Changes in the landscape of the global market
- International marketing strategies
- Diversity and group status in global groups
You'll be guided through these video lessons by experienced instructors who know how to instill knowledge while making learning fun. With this information about global business theory and strategies, you will be prepared for the test.
Objectives of the ILTS Business: Global Business Course
Anyone who wants to teach a business-related subject in Illinois must take the Illinois Licensure Testing System's (ILTS) Business, Marketing and Computer Education test. This test consists of 125 multiple-choice questions, divided into six subareas. The global business questions are in the subarea of entrepreneurship, management, law and international business. By completing the self-assessment tests found at the conclusion of each video lesson, you can gauge your knowledge of the subject matter and become accustomed to the test format.
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.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Applied Accounting
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Business Partnerships
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Pricing & Selling
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Entrepreneurship
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Business Law
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards