Importance Of Globalization In International Business

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MGT305 – International Business

Module #: Introduction to Globalization

******Page I: What is globalization?
******Page II: The changing global economy
******Page III: Differences in culture
******Page IV: Business and economic implications of differences in culture

COURSE OVERVIEW

This course explains how and why the world’s countries differ, by looking at their demographic, political, legal, economic, and technological environments. Students will be able to learn and apply in practice how these variables affect the business decision-making process. The course also presents a thorough review of the economics of international trade and of the global monetary system. Students will also examine and apply strategies of international business, …show more content…

Moreover, it is essential to know the implications of cultural variations for international business.

Learning Outcomes

1. Understand what is meant by the term globalization.
2. Spot the main causes of globalization.
3. Describe the changing nature of the global economy.
4. Assess the forces that lead to differences in social culture and structure.
5. Know the business and economic implications of differences in culture
6. Understand how the process of globalization is creating opportunities and challenges for business managers.

READINGS

Required:

Chapters 1 & 4 in Global Business Today

DeCarlo, S., and Nicolas Rapp, N. (2016, July 20th). This Chart Shows the World’s 500 Largest Companies. Retrieved from http://fortune.com/global-500-companies-chart/
Baronchelli, G., and Cassia, F. (2014). Exploring the antecedents of born-global companies ' international development. International Entrepreneurship and Management Journal, 10(1), 67-79. doi:http://dx.doi.org/10.1007/s11365-011-0197-9 …show more content…

For example, when there are different norms between how individuals from different countries interact, make purchase decisions and negotiation, the costs of doing business rise as people deal and adapt to unfamiliar ways of doing business.
Different class structures and social mobility also raise the costs of doing business, because they may increase communication deficiencies, impact corporate culture and even increase labor costs. Variations in ethical norms and values can also lead to differences in attitudes towards work, entrepreneurship, honesty, fairness, and social responsibility. Finally, a country 's education system can have important implications for the costs of business and the ability to find a specialized workforce. Therefore, culture can have implications on different aspects of an international business, from communication and ethics, to labor

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