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International Business > Exam 3 > Flashcards

Exam 3 Flashcards

Based on terms in Exam 3 study guide. Macrotrends = 1-3, Module 9/Chapter 8 = 4-22, Module 10/Chapter 13 = 23-46, Module 11/Chapter 14 = 47-69, Module 12/Chapter 15 = 70-80

1
Q

Macrotrends

A

U.S.-China Rivalry
Countries Bolstering Domestic Industries
Rise of Nationalism Worldwide

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2
Q

U.S.-China Rivalry

A

The rivalry is both economic and militarily.
Both countries want other countries aligned with them.
The West is looking for supply chains outside of China.

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3
Q

Countries Bolstering Domestic Industries

A

All countries are promoting protectionist policies. (This is called “Industrial Policy”)
In the US:
Infrastructure Bill
Chips Act
Inflation Reduction Act (Significant money to domestic industries to fight climate change)

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4
Q

Organizational Design

A

How organizations structure subunits.
How organizations use control and coordination to get the work of the firm done.
The names of positions and to whom do employees report in a firm.
Where and by whom are decisions made in a firm.

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5
Q

Organizational Chart

A

Visual representation of organizational design

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6
Q

Functional Structure

A

It is the most common and easiest to understand.
Organized around traditional business functions.
-finance/accounting
-marketing
-human resources
-research and development
-product development
-legal

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7
Q

Product Structure

A

Organized by the product or service a firm sells.
The product or service is a defining element for the firm.
A good example is the Walt Disney Company.

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8
Q

Geographic Structure

A

Organized around a country or region in the world where the products or services are sold.
Most popular for a Multinational Company (MNC).
Helps to respond to needs of customers and clients in a particular geographic region.
Based on the fact that different countries and regions have different needs.

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9
Q

Customer Structure

A

Organized by the type of customer firms sell to.
-Business Customers (B2B)
-Customers that buy in BULK
-Customers that buy the product OFTEN
-SINGLE USE Customers

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10
Q

Matrix Structure

A

Employees are organized into teams from across subunits.
Can be for a short duration or permanently.

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11
Q

Hybrid Structure

A

Use of a variety of the different structures.

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12
Q

Evolution of Organizational Design for MNC

A

Passive Export
Licensing
Export Department
International Division
Foreign Subsidaries
Transnational Network

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13
Q

Passive Export

A

no change in organizational design

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14
Q

Licensing

A

no change in organizational design

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15
Q

Export Department

A

new entry on the organizational chart
may start to have employees in foreign country

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16
Q

International Division

A

new entry on the organizational chart
may start to have employees in foreign country

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17
Q

Foreign Subsidiaries

A

stand-alone entities in foreign country

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18
Q

Transnational Network

A

organizational design that does not follow a traditional model but is trying to take advantage of (and address needs in) foreign countries and markets

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19
Q

Control

A

Measure performance within a division or subunit.
Vertical

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20
Q

4 types of Control

A

Output control
Bureaucratic control
Decision-making control
Cultural control

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21
Q

Coordination

A

Monitor performance across divisions or subunits.
Horizontal

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22
Q

Ways to Coordinate

A

Textual Communication
Direct Contact (Face to Face)
Liaison Roles
Task Forces
Integrators

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23
Q

Negotiating with someone from a different country or who speaks a different language is difficult. Some issues to consider are:

A

-Relationship between language and culture.
-Cultural differences in communication styles.
-Nonverbal communication
-How and when to use interpreters

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24
Q

Whorf Hypothesis

A

A society’s language determines and dominates a country’s culture.
The words available to us in our language shape the way we think.

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25
Q

__ is the dominant language around the world in which to do business.

A

English

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26
Q

Institutions like __ and __ help with negotiations between people who do not speak the same language.

A

World Bank and IMF

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27
Q

Low-context Languages

A

People speak in a direct and explicit way.
One does not have to know the context of what is being said.
U.S., Germany, Canada, Australia

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28
Q

High-context Languages

A

People speak in an indirect way.
The context in which the words are being spoken is important.
Many Asian and Middle Eastern countries.

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29
Q

Nonverbal Communication

A

Much is communicated without using words.

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30
Q

Kinesics

A

Communication through body movements such as posture and facial expressions.

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31
Q

Proxemics

A

How close people are to each other when they speak.

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32
Q

Haptics

A

How often (and the degree to which) people touch when they speak.

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33
Q

Oculesics

A

The use of eye contact while speaking.

34
Q

Interpreters are…

A

Often used when there is a non-native English speaker.

35
Q

Successful tips for Interpreter use

A

Spend time with them so they can get used to your voice and accent.
Go over technical terms before the negotiation begins.
Discuss the overall message before the negotiation begins.
Read over transcripts daily.

36
Q

How to make Cross-Cultural Communication Easier and more Accurate.

A

-use the most common words with their most common meanings
-select words with few alternative meanings
-strictly follow the rules of grammar
-speak with clear breaks between words
-avoid slang, metaphors, sports expressions, or references from movies, literature, or music
-talk slowly
-summarize
-repeat basic ideas often
-confirm important aspects in writing

37
Q

Negotiation

A

It can be competitive or more consensus (competitive negotiation vs problem solving).
Know what your company wants and what areas it is willing to compromise.

38
Q

Steps of Negotiation

A

Preparation
Building the Relationship
Exchanging Information and First Offer
Persuasion
Concessions
Agreement
Postagreement

39
Q

Preparation

A

Essential questions and issues to consider before negotiating.
-Determine if the negotiation is possible
-Know exactly what your company wants
-Be aware of what can be compromised
-Know the other side
-What communication style to use
-Prepare for a long negotiation when in international settings

40
Q

Building the Relationship

A

Negotiators do not focus on business issues but on social and interpersonal matters.
Negotiation partners get to know one another, develop opinions regarding the personalities of the negotiations, and decide if they can be trusted.
The duration and importance of this step vary by culture.
The U.S. and Germany are notorious for getting straight down to business after brief socialization.

41
Q

Exchanging Information and the First Offer

A

Parties exchange specific information on their needs for the agreement.
Both sides formally present what they desire out of the relationship and agreement.
Both then present their first offer/proposal of what they expect from the agreement.

42
Q

Persuasion

A

Heart of Negotiation process.
Each side in the negotiation attempts to get the other side to agree to its position.
Standard verbal and nonverbal negotiation tactics and potential dirty tricks are used here.

43
Q

Concessions

A

Concession-making requires that each side relax some of its demands to meet the other party’s needs.
The sequential approach means each side reciprocates concessions made by the other side.
A holistic approach means each side makes very few, if any, concessions until the end of the negotiation.

44
Q

Agreement

A

Successful negotiations result in the final agreement, a signed contract agreeable to all sides.
The agreement must be consistent with the chosen legal system.
People from different national and business cultures must understand the principle of the contract and have a true commitment beyond legal.

45
Q

Postagreement

A

Oftentimes, this step does not occur.
Evaluation of the success of a completed negotiation.
Can be beneficial because it allows the garnering of insights into the strengths and weaknesses of the approach used during negotiations.

46
Q

Characteristics of a Successful Negotiator

A

Tolerance for ambiguity
Flexibility
Humor
Stamina (negotiations are often long and tedious)
Speak a foreign language
Respect for cross-cultural settings

47
Q

What is the first step in motivating employees?

A

Look at the role of work in people’s lives in the country you are doing business.

48
Q

Work Centrality

A

Degree of importance that work has in the life of the individual.
How important someone’s work is to their identity and emotional well-being.
“Work to Live” VS “Live to Work”

49
Q

Extrinsic Work Values

A

Income (salary)
Job Security
Title and Power

50
Q

Intrinsic Work Values

A

Growth
Creativity
Enjoying the People with whom you Work

51
Q

Motivation

A

A psychological process that results in an individual taking certain actions to fulfill a need.

52
Q

Need

A

A deficit in our lives that we try to correct and satisfy.

53
Q

Two Types of Motivational Theory

A

Need Theory
Process Theory

54
Q

Need Theory

A

People are motivated to work because their jobs satisfy basic needs like income, health insurance, and retirement.

55
Q

Maslow’s Hierarchy of Needs

A

5 basic needs.
A lower-order need must first be met before a higher-order need.
(organized from the top of the pyramid to the bottom)
Self-Actualization
Esteem
Affiliation
Security
Physiological

56
Q

ERG Theory

A

Clayton Alderfer
Condenses down to 3 needs
Needs do not build on each other
1- Existence
2- Relatedness
3- Growth

57
Q

Motivator-Hygiene Theory

A

Motivating factors are higher-level needs.
Hygiene factors are lower-level needs. Once these are met, they no longer motivate us because we just assume they will always be there.

58
Q

Achievement Motivation Theory

A

People (at least some) are motivated to achieve and win, no matter the situation

59
Q

Process Theory

A

People are motivated by the context and environment.

60
Q

Expectancy Theory

A

People are motivated by their belief of what happens when they work hard.

61
Q

Expectancy

A

A belief that your effort will lead to some good results.

62
Q

Valence

A

The value oneplaces to the outcomes of efforts.

63
Q

Instrumentality

A

One can see a link between the hard work and the later results of that hard work.

64
Q

Equity Theory

A

People are motivated by their perceived standard of fairness related to things.
(examples include pay, benefits, and work assignments)

65
Q

Goal Setting Theory

A

People are motivated by setting specific goals.
Goals must be challenging but realistic.

66
Q

Reinforcement Theory

A

Conditioning to elicit a response with positive or negative reinforcement.

67
Q

Positive Reinforcement

A

Something good and of value is given when good behavior occurs.

68
Q

Negative Reinforcement

A

Something bad is removed when good behavior occurs.

69
Q

Job Characteristics Model

A

The following job dimensions will help to motivate employees:
-skill variety
-task identity
-task significance
-autonomy
-feedback

70
Q

Leadership

A

The ability of an individual to influence, motivate, and enable others to contribute toward the effectiveness of the organizations of which they are members.
Significantly different styles of leadership.
While some personality types lead more naturally to leadership, it is something hat can be learned and something of which you can get better.

71
Q

Characteristics of a Global Leader

A

Skilled at intercultural communication
Capable of rapid acculturation
Respectful of different cultures
Emotionally intelligent
Reasonably high levels of cognitive ability

72
Q

3 Basic Models of Leadership

A

Leadership Traits
Leadership Behaviors
Contingency Theory

73
Q

Leadership Traits

A

While some people are more natural leaders, it is something you can learn and get better at with practice
-high intelligence
-self-confidence
-high levels of initiative
-persistence
-a desire to influence others

74
Q

Leadership Behaviors

A

Task-centered Behaviors
Person-centered Behaviors
Performance Maintenance

75
Q

Task-centered Behaviors

A

Leaders give specific directions to subordinates.
Focus on “getting the job” done.

76
Q

Person-centered Behaviors

A

Leader focuses on meeting the social and emotional needs of the employee.

77
Q

Performance Maintenance (PM)

A

A balance between task and person-centered behaviors.

78
Q

Contingency Theory

A

The appropriate style of leadership depends on the situation.

79
Q

Fiedler’s Theory of Leadership

A

Success depends on the
-the relationship between leader and subordinates
-the degree to which subordinates’ tasks are clearly defined
-the officially granted power of leaders.

80
Q

Path-Goal Theory

A

The style of a leader can change depending on the situation.

International Business (3 decks)

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