what must managers be able to do to compete in today's global marketplace course hero

What motivates managers to go global?

In other situations, management may have exclusive market information about foreign customers, marketplaces, or market situations. In this case, although exclusivity can provide an initial motivation for going global, managers must realize that competitors will eventually catch up.

Which analysis technique must managers use to make strategic decisions?

C. Managers must apply sophisticated analysis techniques, such as Porter's strategies or forecasting, to make strategic decisions. D. All of these are correct Which of the following is NOT included in the decision-making process?

What makes an effective global leader?

Effective global leaders know their management style and how it might be received by different cultures. For example, most of us have experienced both the micromanaging boss and the hands-off boss. In some cultures, teams will expect a manager to keep a tight rein and will feel abandoned by a boss who allows more independence.

What makes a firm successful in international business?

If a firm has a unique product or technological advantage not available to other international competitors, this advantage should result in major business successes abroad. In other situations, management may have exclusive market information about foreign customers, marketplaces, or market situations.

What are the 4 C's of global leadership?

To be an effective global leader—one with a global mindset—you need what I call the “4 C’s”: Cultural sensitivity. You need to be able to be open to different viewpoints and ways of doing things. Collaborative skills. You need to be able to work with others toward a goal. Comfort with the uncomfortable.

What is global mindset?

Global mindset is truly having the desire, knowledge, and skills to operate effectively in business today. It is a critical skill parallel to legal, marketing, sales, or strategy, and we need to take it as seriously as we do other business operations.

What to do if you don't have training?

Thankfully, if you don’t have training in place, there are actions you can take right now to help you and your leaders successfully navigate in multiple environments to achieve your organization’s goals: Live and travel abroad. Leaders need to experience what it’s like to live and exist in another country.

Can you manage a business across borders?

You may have people working globally, working virtually, doing business with people from other regions or countries, or employing workers from other cultures. The ability to successfully manage a business across borders cannot be overstated. Without it, you and your organization are destined to fall behind.

What is the least complicated and least risky alternative to entering the global market?

When a company decides to enter the global market, usually the least complicated and least risky alternative is exporting or selling domestically produced products to buyers in another country. A company, for example, can sell directly to foreign importers or buyers. Exporting is not limited to huge corporations such as General Motors or Apple. Indeed, small companies typically enter the global marketplace by exporting. China is the world’s largest exporter, followed by the United States. 16 Many small businesses claim that they lack the money, time, or knowledge of foreign markets that exporting requires.

What are the barriers to international trade?

The major obstacles to international trade are natural barriers, tariff barriers, and nontariff barriers.

What is the difference between the value of a country's exports and the value of its imports during

The difference between the value of a country’s exports and the value of its imports during a specific time is the country’s balance of trade. A country that exports more than it imports is said to have a favourable balance of trade, called a trade surplus.

How did the terrorist attacks affect global trade?

The Impact of Terrorism on Global Trade. The terrorist attacks on America on September 11, 2001, and the Charlie Hebdo terrorist attacks in Paris in 2015 have changed the way the world conducts business. The immediate impacts of these events have included a short-term shrinkage of global trade. Globalization, however, will continue because ...

Why will globalization continue?

Globalization, however, will continue because the world’s major markets are too vitally integrated for globalization to stop. Nevertheless, terrorism has caused the growth to be slower and costlier. 2. Companies are paying more for insurance and security for overseas staff and property.

Which countries are not members of the WTO?

Only a few countries, such as North Korea, Turkmenistan, and Eritrea, are not members of the WTO. 7. One of the biggest disputes before the WTO involves the United States and the European Union. The United States claims that Europe has given Airbus $15 billion in aid to develop airplanes.

What is the advantage of a country?

A country has an absolute advantage when it can produce and sell a product at a lower cost than any other country or when it is the only country that can provide a product.