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International Business > Test 5 > Flashcards

Test 5 Flashcards

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1
Q

Value creation activities

A

production includes activities involved in creating a product

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2
Q

Improved quality control:

A

reduces costs, increases productivity, lowers rework and scrap costs, and reduces warranty costs and time

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3
Q

Six Sigma

A

Descendent of total quality management; statistically based philosophy that aims to reduce defects, boost productivity, eliminate waste, and cut costs throughout a company

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4
Q

Total quality management (TQM)

A

refers to the management philosophy that takes as its central focus the need to improve the quality of a company’s products and services

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5
Q

International Standards

A

ISO 9000; certification process that requires certain quality standards that must be met

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6
Q

country factors

A

political and economic systems, culture and relative factor costs differ from country to country

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7
Q

technological factors

A

C

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8
Q

minimum efficient scale

A

refers to the level of output at which most plant level scale economies are exhausted

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9
Q

flexible manufacturing and mass customiazation

A

reduces setup times for complex equipment, increases utilization of individual machines through better scheduling, and improves quality control at all stages of manufacturing process.

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10
Q

Production factors

A

product features, locating production facilities, and strategic roles for production facilities

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11
Q

product features

A

value-to-weight ratio influences transportation costs and universal needs

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12
Q

Locating production facilities

A

centralized and decentralized

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13
Q

strategic roles for production facilities

A

importance of global learning, offshore factory, source factory, and server factory

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14
Q

The hidden costs of Foreign locations

A

High employee turnover, shoddy workmanship, poor product quality, and low productivity

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15
Q

make or buy decisions

A

made at both the strategic and operational levels, with the strategic level being focused on the long term and the operational level being focused on level being more focused on the short term

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16
Q

Global logistics

A

global distribution center, global inventory management, transportation, and reverse logistics

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17
Q

global distribution center

A

facility that positions and allows customization of products for delivery anywhere in the world

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18
Q

global inventory management

A

how much inventory to hold, in what form to hold it, and where to locate it in the supply chain

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19
Q

transportation

A

represents the largest percentage of any logistics budget; refers to the movement of raw materials

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20
Q

reverse logistics

A

process of planning, implementing, and controlling the efficient, cost effective flow of raw materials

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21
Q

just in time inventory

A

designed to deliver parts to a production process as they are needed and not before

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22
Q

Electronic data technology (EDI)

A

electronic interchange of data between two or more companies

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23
Q

Enterprise resource planning (ERP)

A

Wide ranging business planning and control system that includes supply chain related subsystems

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24
Q

Coordination in global supply chains

A

integration and coordination are critically important; shared decision making creates a more integrated coherent, effcient, and effective global supply chain

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25
mass producing a standardized output
allows a firm to realize substantial unit cost reductions from experience curve effects and other economies of scale
26
Theodore Levitt's HBR article
importance of technology in globalization; fewer differences in national and regional preferences
27
market segmentation
involves identifying groups of customers whose purchasing behavior differs from others in important ways
28
intermarket segmentation
segment of customers that spans multiple countries, transcending national borders
29
Business analytics include
descriptive, predictive, and prescriptive
30
International market research
involves systematic collection, recording, analysis, and interpretation of data to provide knowledge useful for decision making in a global company
31
Basic data collected
data on the country and potential market segments
32
concentrated retail system
few retailers supply most of market
33
fragmented retail system
many retailers, none with a major share
34
Chennel length
refers to the number of intermediaries between the producer and the consumer
35
channel exclusivity
distribution channel that is difficult for outsiders to access
36
channel quality
not consistent in emerging markets and less developed nations
37
noise level
refers to the number of other messages competing for a potential consumers attention
38
Push strategy
emphasizes personal selling (multilevel marketing companies)
39
Pull Strategy
depends more spending on mass media advertising
40
price discrimination
charging what the market will bear; helps maximize profits
41
predatory pricing
use aggressive pricing to drive out competitors and then raise prices and operate in a monopoly position
42
multipoint pricing strategy
two or more international businesses compete against each other in two or more national markets
43
experience curve pricing
aggressive pricing designed to increase volume and help the firm realize experience curve economies
44
antidumping regulations
set a floor under export prices and limit firms ability to pursue strategic pricing
45
Competition policy
designed to promote competition and to restrict monopoly practices
46
cross functional teams
take a product development project from the initial concept development to market introduction
47
Human resource management
strong link with profitability; tends to be weak in multinational organizations; has a critical impact on the people
48
staffing policy
selecting individuals who have the skills required to do particular jobs
49
types of staffing policies
The ethnocentric, Polycentric, geocentric,
50
The ethnocentric approach
limits advancement opportunities for host country nationals
51
Polycentric approach
requires host country nationals to be recruited to manage subsidiaries, while parent country nationals occupy key positions at corporate headquarters
52
geocentric approach
seeks the best people for key jobs throughout the organization. builds a cadre of international executives who feel at home working in a number cultures
53
Expatriate managers
used by ethnocentric and geocentric staffing policies
54
Inpatriates
a subset of expatriates who are citizens of a foreign country working in the home country of their multinational employer
55
Expatriate failure rates
results in premature return from a foreign posting and high resignation rates
56
Reasons for US failure
managers inability to adjust; inability of family to adjust;
57
Expatriate selection
four dimensions that predict success (Self orientation, others orientation, perceptual ability, and cultural toughness)
58
global mindset
fundamental attribute of a global manager; can deal with high levels of complexity and ambiguity and displays openness to the world
59
training
gives expatriate managers skills for the foreign posting
60
development
intended to develop the managers skills over his or her career with the firm
61
cultural training
seeks to foster an appreciation for the host country's culture, history, politics, economy, religion, and social and business practices
62
language training
exclusive reliance on English diminishes an expatriate managers ability to interact with host country nationals
63
practical training
aimed at helping the expatriate manager and family ease themselves into day-to-day life in the host country
64
Repatriation of expatriates
should be seen as the final link in integrates process; face challenges at the home organization
65
management development and strategy
ongoing management education; increasingly used as a strategic tool; helps build informal management network in firm
66
performance appraisal problems
unintentional bias; distance and lack of experience working abroad by home country managers
67
national differences in compensation
us CEOs earn on average, roughly double the pay of non us CEOs
68
Expatriate Pay
balance sheet approach, Base salary, foreign service premium, allowances, taxation, and benefits
69
Balance sheet approach
includes base salary, a foreign service premium, allowances of various types, tax differentials, and benefits
70
Base salary
same range as the base salary for a similar position in the home country
71
Foreign service premium
extra pay the expatriate receives for working outside his or her country of orgin
72
Allowances
hardships, housing, cost of living, education,
73
Taxation
may have to pay income tax to both home and host country governments
74
Benefits
same level of medical and pension benefits abroad as at home
75
Concerns of organized labor
the company can counter its bargaining power with the power to move production to another country
76
approaches to labor relations
centralized (trend is toward greater centralized control, used to increase competitive advantage); and decentralized

International Business (1 decks)

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