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International Business is an authoritative and engaging voice on conducting business in international markets. This text not only describes the ideas of international business but it also uses contemporary examples, scenarios, and cases to help students effectively put theory into practice. This edition features updated author-written cases, including ten entirely new cases, and expanded coverage on emerging economies. Request a copy.
Download instructor resources. Alternative formats. International Business is an authoritative and engaging voice on conducting business in international markets. This text not only describes the ideas of international business but it also uses contemporary examples, scenarios, and cases to help students effectively put theory into practice.
This edition features updated author-written cases, including ten entirely new cases, and expanded coverage on emerging economies. MyManagementLab for International Business is a total learning package. MyManagementLab is an online homework, tutorial, and assessment program that truly engages students in learning.
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Preface About the Authors I. Background for International Business 1. Comparative Environmental Frameworks 2. The Cultural Environments Facing Business 3. Theories and Institutions: Trade and Investment 5. International Trade and Factor-Mobility Theory 6.
Governmental Influence on Trade 7. World Financial Environment 8. Global Foreign-Exchange Markets 9. The Determination of Exchange Rates Global Capital Markets V. Global Strategy, Structure, and Implementation The laws governing business operations also apply primarily along national lines.
Within the bounds of a nation are people who largely share essential attributes, such as values, language, and race. However, these shared attributes do not mean that everyone in a country is alike, nor do they suggest that each country is unique in all respects.
Diff: 3 Skill: Critical Thinking Objective: 1 AACSB: Diverse and multicultural work environments 92 In a short essay, describe the various affiliations upon which a person's status can be based and discuss how social stratification affects such business functions as marketing and employment practices.
Answer: a. A person's status is partly determined by individual factors and partly by the person's affiliation or membership in a given group. Affiliations determined by birth—known as ascribed group memberships—include those based on gender, family, age, caste, and ethnic, racial, or national origin. Affiliations not determined by birth are called acquired group memberships and include those based on religion, political affiliation, and professional and other associations.
Social stratification affects marketing as companies choose to use people in their advertisements whom their target market admires or associates with. Further, stratification affects employment practices such as hiring, promotion, compensation, and staff-reduction. Employers in different countries are differently influenced by social stratification as they make employment decisions.
Materialism and Leisure: Historically, there is strong evidence that the desire for material wealth is a prime incentive for the work that leads to economic development. Expectation of Success and Reward: Generally, people have little enthusiasm for efforts that seem too easy or too difficult, where the probability of either success or failure seems almost certain. The greatest enthusiasm for work exists when high uncertainty of success is combined with the likelihood of a very positive reward for success and little or none for failure.
Masculinity-Femininity Index: The average interest in career success varies substantially among countries.
In one study, employees with a high masculinity score were those who admired the successful achiever, had little sympathy for the unfortunate, and preferred to be the best rather than be on a par with others. Needs Hierarchy: According to this theory, people try to fulfill lower-order needs sufficiently before moving on to higher ones.
People will work to satisfy a need, but once it is fulfilled, it is no longer a motivator. Diff: 3 Learning Outcome: Explain how differences in culture affect the international business environment Skill: Application Objective: 3 AACSB: Diverse and multicultural work environments 94 What are the characteristics of individualist and collectivist cultures?
Answer: Attributes of individualism are low dependence on the organization and a desire for personal time, freedom, and challenge.
Attributes of collectivism are dependence on the organization and a desire for training, good physical conditions, and benefits. In those countries with high individualism, self-actualization will be a prime motivator because employees want challenges. However, in countries with high collectivism, the provision of a safe physical and emotional environment will be a prime motivator. How do these differences affect communication in international business dealings? Answer: Low-context cultures are environments in which most people consider relevant only firsthand information that bears directly on the decision they need to make.
In business, they spend little time on "small talk. When managers from the two types of cultures deal with each other, the low-context individuals may believe the high-context ones are inefficient and time-wasters.
The high-context individuals may believe the low-context ones are too aggressive to be trusted. Diff: 2 Learning Outcome: Explain how differences in culture affect the international business environment Skill: Synthesis Objective: 2, 3 AACSB: Written and oral communication 96 What is the difference between a monochronic and polychronic culture? How do such cultural differences affect business practices for international firms?
Answer: Cultures such as those in Northern Europe are called monochronic. People prefer to work sequentially, such as finishing with one customer before dealing with another. Conversely, polychronic Southern Europeans are more comfortable working simultaneously with all the tasks they face.
Such cultural differences affect the degree of multitasking with which people are comfortable. International companies and individuals must evaluate their business and personal practices to ensure that their behavior may fit with the culture. What factors influence how much cultural adjustment organizations must make in foreign countries?
Answer: Individual and cultural values and customs may evolve over time. Change may come about through choice or imposition. Change by choice may take place as a reaction to social and economic changes that present new alternatives. Change by imposition, sometimes called cultural imperialism, has occurred, for example, when countries introduce legal systems into colonies by prohibiting established practices and defining them as criminal.
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