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Ch 26: ILTS Business: Global Business

About This Chapter

We can help you understand the strategies, theories and challenges of doing business on a global scale. With these video lessons and self-assessment quizzes, you'll be ready for questions on global business on the ILTS Business, Marketing and Computer Education exam.

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.

14 Lessons in Chapter 26: ILTS Business: Global Business
Test your knowledge with a 30-question chapter practice test
The Importance of the Global Market and Global Trade: Role & Advantages

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.

Importing and Exporting in a Global Market: Definition, Process & Importance

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.

Strategies for Reaching Global Markets: Examples & Types

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.

Forces that Affect Trade in Global Markets

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.

Hofstede's Cultural Dimensions Theory

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.

Regional Integration: Definition, Influence & Purpose

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.

Advantages and Disadvantages of Trade Protectionism

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.

The Changing Landscape of the Global Market

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.

Characteristics of the International Manager in Global Organizations

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.

Managerial Functions in the International Organization

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.

Group Status, Social Loafing & Diversity in Global Groups

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.

Breaking Into Foreign Markets: International Marketing Strategies

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.

International External Marketing: Culture, Economics, Tech & More

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.

International Marketing Mix and the 4 Ps of Marketing

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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