Global Consideration Presented by: Kimberly Morton Craig Redford Pamela Galluch Ryan Kloos Logan...
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Global ConsiderationGlobal Consideration
Presented by:Presented by:Kimberly MortonKimberly Morton
Craig RedfordCraig Redford
Pamela GalluchPamela Galluch
Ryan KloosRyan Kloos
Logan CulbertsonLogan Culbertson
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Organizing for International Organizing for International OperationsOperations
5 Steps towards International Operations5 Steps towards International Operations» Commission AgentCommission Agent
» Export ManagerExport Manager
» Export DepartmentExport Department
» Internal CorporationInternal Corporation
» Multinational CorporationMultinational Corporation
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Organizing for International Organizing for International OperationsOperations
Low HighResource Commitment
Commission agent
Export manager
Export Department
International Corporation
Multinational Corporation
Low
High
Com
ple
xity
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Commission AgentCommission Agent
A person or firm who represents businesses A person or firm who represents businesses in foreign transactions in return for a in foreign transactions in return for a negotiated percentage of each transaction’s negotiated percentage of each transaction’s value.value.
Nu Skin InternationalNu Skin International
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Export ManagerExport Manager
An employee who actively searches out An employee who actively searches out foreign markets for the firm’s goods and foreign markets for the firm’s goods and services.services.
– Increase in new, ongoing costsIncrease in new, ongoing costs
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Export DepartmentExport Department
1)1) Represents the interests of foreign customers to Represents the interests of foreign customers to the firm’s other departments and to top the firm’s other departments and to top management.management.
2)2) Meets the increasing demand for services by Meets the increasing demand for services by foreign customers.foreign customers.
3)3) Makes special arrangements for customs Makes special arrangements for customs clearance and international shipping.clearance and international shipping.
4)4) Assists foreign customers with financing of the Assists foreign customers with financing of the good or services that they are purchasing.good or services that they are purchasing.
5)5) Arranges for the collection of accounts receivable Arranges for the collection of accounts receivable from foreign customers.from foreign customers.
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International CorporationInternational Corporation
A firm having significant business interests A firm having significant business interests that cut across national boundaries, often that cut across national boundaries, often focusing on importing and exporting goods focusing on importing and exporting goods or services, and operates production and or services, and operates production and marketing units in other countriesmarketing units in other countries
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Multinational CorporationMultinational Corporation
A firm that takes a worldwide approach to A firm that takes a worldwide approach to markets, services, and products and has a markets, services, and products and has a global philosophy of doing business.global philosophy of doing business.– Coca-ColaCoca-Cola
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Strategies for International Strategies for International BusinessBusiness
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StrategiesStrategies
ExportingExporting
LicensingLicensing
FranchisingFranchising
AlliancesAlliances
MultidomesticMultidomestic
GlobalGlobal
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Exporting StrategyExporting Strategy
Maintaining facilities within a home Maintaining facilities within a home country and transferring goods and services country and transferring goods and services abroad for sale in foreign marketsabroad for sale in foreign markets
Cooley and Cooley , Ltd.Cooley and Cooley , Ltd.
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Licensing StrategyLicensing Strategy
A firm (licensor) in one country giving A firm (licensor) in one country giving other domestic or foreign firms (licensees) other domestic or foreign firms (licensees) the right to use a patent, trademark, the right to use a patent, trademark, technology, production process, or product technology, production process, or product in return for the payment of a royalty or feein return for the payment of a royalty or fee
US and Canadian book publishers allow US and Canadian book publishers allow translationstranslations
Pepsi and Coca-Cola with bottle companies, Pepsi and Coca-Cola with bottle companies, distributorsdistributors
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Franchising StrategyFranchising Strategy
A parent organization (franchiser) granting A parent organization (franchiser) granting other companies or individuals other companies or individuals (franchisees) the right to use its (franchisees) the right to use its trademarked name and to produce and sell trademarked name and to produce and sell its goods or servicesits goods or services
McDonalds, Holiday InnMcDonalds, Holiday Inn
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Alliance StrategyAlliance Strategy
Agreeing with other companies to pool Agreeing with other companies to pool physical, financial, and human resources to physical, financial, and human resources to achieve common goalsachieve common goals
Chinese-foreign joint venturesChinese-foreign joint ventures
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Reasons for AlliancesReasons for Alliances
Share and lower costs of Share and lower costs of high risks, technologyhigh risks, technology
Lower costs by sharing Lower costs by sharing the large fixed-costs for the large fixed-costs for manufacturing plantsmanufacturing plants
Desire to learn another Desire to learn another firms technology, or firms technology, or advantages, benchmarkingadvantages, benchmarking
Desire to participate in Desire to participate in evolution of competitive evolution of competitive activity in growing global activity in growing global industriesindustries
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Multidomestic StrategyMultidomestic Strategy
Adjusting products, services, and practices Adjusting products, services, and practices to individual countries or regionsto individual countries or regions
Frito Lays and Campbell FoodsFrito Lays and Campbell Foods
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Global StrategyGlobal Strategy
Stressing worldwide consistency, Stressing worldwide consistency, standardization, and low relative coststandardization, and low relative cost
Black and Decker subsidiary manufacture Black and Decker subsidiary manufacture certain parts for families of products in one certain parts for families of products in one countrycountry
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Needs for a Multinational Global Needs for a Multinational Global StrategyStrategy
Significant competitorSignificant competitor
New goods and services New goods and services must be developed for must be developed for whole worldwhole world
Profit targets need to be Profit targets need to be based on product linesbased on product lines
Decisions need to be Decisions need to be based on global based on global considerationsconsiderations
Narrow minded attitudes Narrow minded attitudes need to be overcomeneed to be overcome
Foreign managers need to Foreign managers need to be promoted to senior be promoted to senior ranks at corporate head ranks at corporate head quartersquarters
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Strategies for International OperationsStrategies for International Operations
Resource Commitment
Complexity
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Political-Legal ForcesPolitical-Legal Forces
Political Risk.Political Risk.
Assessing Political Risk.Assessing Political Risk.
Political Mechanisms.Political Mechanisms.
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Political RiskPolitical Risk
Political risk- the probability that political Political risk- the probability that political decisions or events in a country will decisions or events in a country will negatively affect the long-term profitability negatively affect the long-term profitability of an investmentof an investment
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Assessing Political RiskAssessing Political Risk
DomesticInstability
ForeignConflict
Poitical Climate EconomicClimate
Tools for Assessing
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Domestic InstabilityDomestic Instability
Amount of subversion, revolution, Amount of subversion, revolution, assassinations, guerrilla warfare, and assassinations, guerrilla warfare, and government crisis in a country.government crisis in a country.
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Foreign ConflictForeign Conflict
Degree of hostility that one nation Degree of hostility that one nation expresses to othersexpresses to others
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Political ClimatePolitical Climate
Likelihood that a government will swing to Likelihood that a government will swing to the far left or far right politicallythe far left or far right politically
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Economic ClimateEconomic Climate
Reflects the extent of government control of Reflects the extent of government control of markets and financial investments, as well markets and financial investments, as well as government support services and as government support services and capabilities.capabilities.
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Political MechanismsPolitical Mechanisms
ProtectionismProtectionism TariffTariff QuotaQuota SubsidySubsidy CartelCartel BriberyBribery ExtortionExtortion
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ProtectionismProtectionism Covers the many mechanisms designed to Covers the many mechanisms designed to
help a home-based industry or firms avoid help a home-based industry or firms avoid (or reduce) potential/actual competitive or (or reduce) potential/actual competitive or political threats from abroad.political threats from abroad.
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TariffTariff
A government tax on goods and services A government tax on goods and services entering the countryentering the country
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QuotaQuota
A restriction on the quantity of a country’s A restriction on the quantity of a country’s imports (or sometimes on its exports).imports (or sometimes on its exports).
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SubsidySubsidy
A direct or indirect payment by a A direct or indirect payment by a government to its country’s firms to make government to its country’s firms to make selling or investing abroad cheaper for selling or investing abroad cheaper for them- thus more profitable.them- thus more profitable.
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CartelCartel
An alliance of producers engaged in the An alliance of producers engaged in the same type of business, formed to limit or same type of business, formed to limit or eliminate competition and control eliminate competition and control production and pricesproduction and prices
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BriberyBribery
An improper payment made to induce the An improper payment made to induce the recipient to do something for the payer.recipient to do something for the payer.
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ExtortionExtortion
Payment made to ensure that the recipient Payment made to ensure that the recipient doesn’t harm the payer in some way.doesn’t harm the payer in some way.
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Grease PaymentsGrease Payments
Small payments- almost gratuities- used to Small payments- almost gratuities- used to get lower level government employees to get lower level government employees to speed up required paperwork. speed up required paperwork.
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Competitive ForcesCompetitive Forces
Rivalry among existing firms in industry(competitors)Rivalry among existing firms in industry(competitors) Supplier bargaining power(suppliers)Supplier bargaining power(suppliers) Threat of goods or services(substitute goods and services)Threat of goods or services(substitute goods and services) Threat of new competition(new entrants)Threat of new competition(new entrants) Customer bargaining power(customer)Customer bargaining power(customer)
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Rivalry Among Existing Firms in Rivalry Among Existing Firms in IndustryIndustry
Competitors are the single most important Competitors are the single most important day-to-day force facing organizations.day-to-day force facing organizations.
Rivalry among competitors produces Rivalry among competitors produces strategies such as:strategies such as:
Price cuttingPrice cutting
Advertising promotionsAdvertising promotions
Enhanced customer service or warrantiesEnhanced customer service or warranties
Improvements in product or service qualityImprovements in product or service quality
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Supplier Bargaining Power:Supplier Bargaining Power:
The bargaining power of supplies often The bargaining power of supplies often controls how much they can raise prices controls how much they can raise prices above their costs or reduce the quality of above their costs or reduce the quality of goods or services they provide before losing goods or services they provide before losing customerscustomers
All businesses play the role of supplier and All businesses play the role of supplier and customer in their competitive environments.customer in their competitive environments.
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Threats of Goods or Services Threats of Goods or Services (Substitute goods and services)(Substitute goods and services)
In general sense, all competitors produce In general sense, all competitors produce substitute goods or services, or goods or substitute goods or services, or goods or services that can easily replace another’s services that can easily replace another’s goods or services.goods or services.
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Threat of New CompetitionThreat of New Competition(New Entrants)(New Entrants)
The threat or reality of increased competition in an The threat or reality of increased competition in an industry depends on the relative ease with which new industry depends on the relative ease with which new firms can compete with established firms.firms can compete with established firms.
In an industry with low barriers to entry competition will In an industry with low barriers to entry competition will be fierce. (e.g., the photocopy industry or fast food be fierce. (e.g., the photocopy industry or fast food industry)industry)
Customer Bargaining Power (Customers)Customer Bargaining Power (Customers)Customers for goods or services naturally try to force down Customers for goods or services naturally try to force down
prices, obtain more or higher quality products, and prices, obtain more or higher quality products, and increase competition among sellers by playing one against increase competition among sellers by playing one against the other.the other.
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Three Major Trade AgreementsThree Major Trade Agreements
The General Agreement on Tariffs and The General Agreement on Tariffs and trade(GATT)trade(GATT)
North American Free Trade Agreement (NAFTA)North American Free Trade Agreement (NAFTA) European Union (EU)European Union (EU)
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General Agreement on Tariffs and TradeGeneral Agreement on Tariffs and Trade
GATT represents series of negotiated understandings regarding trade GATT represents series of negotiated understandings regarding trade and released issues among the participating countries.and released issues among the participating countries.
Twenty three countries signed the first GATT in 1974.Twenty three countries signed the first GATT in 1974. GATT proposed to cut tariffs and other barriers to trade on 8000 GATT proposed to cut tariffs and other barriers to trade on 8000
categories of manufactured goods.categories of manufactured goods. GATT attempted to strengthen intellectual property right GATT attempted to strengthen intellectual property right
protections(copyright, trademark, patent).protections(copyright, trademark, patent). GATT attempted to extend world trade rules to services.GATT attempted to extend world trade rules to services.
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GATT Principles in NegotiationsGATT Principles in Negotiations
Favored nation principle-Country A grants Favored nation principle-Country A grants tariff concession to country B, the same tariff concession to country B, the same concession automatically applies to all other concession automatically applies to all other countries that are members of GATT.countries that are members of GATT.
Reciprocity principle-each member country Reciprocity principle-each member country will not be forced to reduce tariffs will not be forced to reduce tariffs unilaterally.unilaterally.
Transparency principle-tariffs are to be Transparency principle-tariffs are to be readily visible to all countries.readily visible to all countries.
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World Trade OrganizationWorld Trade Organization
WTO set up by GATT and replaced GATTWTO set up by GATT and replaced GATT Difference b/t GATT and WTO, under GATT, US and other nations Difference b/t GATT and WTO, under GATT, US and other nations
were able to block adverse rulings by arbitration panels, but cannot do were able to block adverse rulings by arbitration panels, but cannot do so under WTOso under WTO
WTO membership up to 144 countriesWTO membership up to 144 countries WTO rules and agreements are result of negotiations between WTO rules and agreements are result of negotiations between
members.members. Current rules and agreements set were the outcome of the 1986-1994 Current rules and agreements set were the outcome of the 1986-1994
Uruguay Round negotiations which included a major revision of Uruguay Round negotiations which included a major revision of original General Agreement on Tariffs and trade (GATT)original General Agreement on Tariffs and trade (GATT)
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WTO Agreements cover:WTO Agreements cover:
GoodsGoods Services and intellectual propertyServices and intellectual property Spell out principles of liberalization, and permitted Spell out principles of liberalization, and permitted
exceptionexception Include individual country commitments to lower customs Include individual country commitments to lower customs
tariffs and other trade barriers, and to open and keep open tariffs and other trade barriers, and to open and keep open service marketsservice markets
Set procedures for settling disputesSet procedures for settling disputes Prescribe special treatment for developing countries.Prescribe special treatment for developing countries. Require governments to make their trade policies Require governments to make their trade policies
transparenttransparent
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WTOWTO
Only international organization dealing with Only international organization dealing with global rules of trade between nationsglobal rules of trade between nations
Main function-ensure trade flows smoothly, Main function-ensure trade flows smoothly, predictable and freely as possiblepredictable and freely as possibleKey goal is to progressively reduce the remaining Key goal is to progressively reduce the remaining trade barriers (making more free will increase trade barriers (making more free will increase competitive forces throughout world)competitive forces throughout world)
Assurance to consumers of secure supplies and Assurance to consumers of secure supplies and greater choice of finished products, and producers greater choice of finished products, and producers that foreign markets will remain open to themthat foreign markets will remain open to them
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WTO Benefits and WTO Benefits and MisunderstandingsMisunderstandings
BenefitsBenefits Promotes peacePromotes peace Disputes are handled Disputes are handled
constructivelyconstructively Freer trade cuts cost of Freer trade cuts cost of
livingliving More choice of products More choice of products
and qualitiesand qualities Trade stimulates Trade stimulates
economic growth and economic growth and creates jobscreates jobs
MisunderstandingsMisunderstandings WTO dictatesWTO dictates Ignores DevelopmentIgnores Development Wrecks JobsWrecks Jobs Small left outSmall left out Weak forced to joinWeak forced to join
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North American Free Trade North American Free Trade Agreement (NAFTA)Agreement (NAFTA)
NAFTA went into effect in 1994 to increase NAFTA went into effect in 1994 to increase free trade among US, Canada, and Mexicofree trade among US, Canada, and Mexico
Extension of US-Canada free trade Extension of US-Canada free trade agreement, which went into effect in 1989agreement, which went into effect in 1989
Over 50 year period, NAFTA reducing Over 50 year period, NAFTA reducing numerous tariffs and most other barriers numerous tariffs and most other barriers among three countriesamong three countries
70% of Goods imported from Mexico may 70% of Goods imported from Mexico may now enter US without tariffsnow enter US without tariffs
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NAFTA cont...NAFTA cont... Retains protectionist provisionsRetains protectionist provisions Temporarily protects sensitive industries by stretching out Temporarily protects sensitive industries by stretching out
the phase in timethe phase in time Service industries like finance, insurance, transportation, Service industries like finance, insurance, transportation,
and telecommunications received a lot of attentionand telecommunications received a lot of attention NAFTA and GATT (WTO) do not eliminate all trade NAFTA and GATT (WTO) do not eliminate all trade
problems, but do provide framework through which such problems, but do provide framework through which such problems can be resolvedproblems can be resolved
Increasing competitive forces that act on firms, the Increasing competitive forces that act on firms, the ultimate intent is to achieve greater efficiency and ultimate intent is to achieve greater efficiency and consumer satisfactionconsumer satisfaction
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European Union (EU)European Union (EU)
European Union was formally known as European Union was formally known as European Community until 1994European Community until 1994
15 country membership15 country membership Goals include:Goals include:
– Create a single market among member Create a single market among member countries through removal of trade barriers countries through removal of trade barriers (tariffs)(tariffs)
– Establishing the free movement of goods, Establishing the free movement of goods, people, services and investment capitalpeople, services and investment capital
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EU goals cont...EU goals cont...
In addition, the changes also include social In addition, the changes also include social changes:changes:– A directive was issued that recognizes diplomas A directive was issued that recognizes diplomas
of higher education across national boundaries. of higher education across national boundaries. This action makes it easier for professionals to This action makes it easier for professionals to work in different countries.work in different countries.
– Most member countries have developed master’s Most member countries have developed master’s degree programs in business administration that degree programs in business administration that are compatible with other countries and the are compatible with other countries and the United States.United States.
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Cultural ForcesCultural Forces
Views of Social ChangeViews of Social Change– Passive or ActivePassive or Active
Time OrientationTime Orientation– Scarce or UnlimitedScarce or Unlimited
LanguageLanguage– Verbal and NonverbalVerbal and Nonverbal
Value SystemsValue Systems– Individualism Vs. CollectivismIndividualism Vs. Collectivism
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Views of Social ChangeViews of Social Change
Passive or ActivePassive or Active Western cultures – ActiveWestern cultures – Active
– Change can be shaped and controlled to achieve Change can be shaped and controlled to achieve their own goals and aspirations.their own goals and aspirations.
– Try to introduce innovation to rapidlyTry to introduce innovation to rapidly Non-Western Cultures – Passive/ReactiveNon-Western Cultures – Passive/Reactive
– New ways of doing things must go hand in New ways of doing things must go hand in hand with a painstaking concern for their effect hand with a painstaking concern for their effect on interpersonal relationshipson interpersonal relationships
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Time OrientationTime Orientation
Scarce or UnlimitedScarce or Unlimited U.S. and Canada – Time is scarceU.S. and Canada – Time is scarce
– ““Time is money”Time is money”– ““There is too little timeThere is too little time
India – Time is unlimited and unendingIndia – Time is unlimited and unending– Hindus believe in reincarnation Hindus believe in reincarnation – Better use your time wisely so you won’t come Better use your time wisely so you won’t come
back and use spend your time as a ratback and use spend your time as a rat
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Time Orientation Cont.Time Orientation Cont.
U.S. sticks to the deadlines for U.S. sticks to the deadlines for accomplishing tasks accomplishing tasks
India is quite casual about keeping India is quite casual about keeping deadlines and appointments deadlines and appointments
Can be FrustratingCan be Frustrating
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LanguageLanguage
Verbal and NonverbalVerbal and Nonverbal Language serves as a bind as well as to Language serves as a bind as well as to
separate culturesseparate cultures A manager must be able to recognize and A manager must be able to recognize and
interpret the nuances of phrases, sayings, interpret the nuances of phrases, sayings, and nonverbal gestures. and nonverbal gestures.
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Decoding Some Body LanguageDecoding Some Body LanguageCOMBATIVECOMBATIVE
LYING LYING – touches face touches face
– hand over mouthhand over mouth
– pulls earpulls ear
– eyes down eyes down
– glances at you glances at you
– shifts in seat shifts in seat
– looks down and to leftlooks down and to left
AGGRESSIVEAGGRESSIVE– leaning forwardsleaning forwards
– finger pointingfinger pointing
– fists clenchedfists clenched
DEFIANT DEFIANT – (standing)(standing)
– hands on hipshands on hips
– frownfrown
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Decoding Some Body Language Decoding Some Body Language cont….cont….
ResponsiveResponsiveENGAGED ENGAGED
– leaning forwardleaning forward
– open bodyopen body
– open armsopen arms
– open handsopen hands
EAGER (sprint EAGER (sprint position)position)
open legsopen legs feet under chairfeet under chair on toeson toes leaning forwardleaning forward
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Decoding Some Body Language Decoding Some Body Language cont….REFLECTIVEcont….REFLECTIVE
LISTENING LISTENING – head tilted head tilted
– lots of eye contact lots of eye contact
– nodding nodding
– high blink ratehigh blink rate
EVALUATING EVALUATING – sucks glasses/pencilsucks glasses/pencil
– strokes chin strokes chin
– looks up and rightlooks up and right
– legs crossed in 4 pos.legs crossed in 4 pos.
– (ankle on knee)(ankle on knee)
ATTENTIVEATTENTIVE– (standing)(standing)
– arms behind backarms behind back
– Smile open feetSmile open feet
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Decoding Some Body Language Decoding Some Body Language cont….FUGITIVEcont….FUGITIVE
BORED BORED – staring into space staring into space
– slumped posture slumped posture
– doodlingdoodling
– foot tappingfoot tapping
LET ME GO LET ME GO – feet towards doorfeet towards door
– looking aroundlooking around
– buttoning jacketbuttoning jacket
REJECTION REJECTION – sitting/moving back sitting/moving back
– arms folded arms folded
– legs crossed 11 poslegs crossed 11 pos
– (thigh on knee)(thigh on knee)
– head downhead down
– frownfrown
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Value SystemsValue Systems
Individual Vs. CollectivismIndividual Vs. Collectivism 5 value dimensions:5 value dimensions:
– Power distance Power distance – Uncertainty avoidanceUncertainty avoidance– IndividualismIndividualism– MasculinityMasculinity– Confucian dynamicsConfucian dynamics
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Power DistancePower Distance
The measure of the degree to which The measure of the degree to which influence and control are unequally influence and control are unequally distributed among individuals and distributed among individuals and institutions within a particular culture institutions within a particular culture
Examples of highly ranked societies Examples of highly ranked societies – Mexico, France, Malaysia, and the PhilippiansMexico, France, Malaysia, and the Philippians
Examples of lower ranked societiesExamples of lower ranked societies– United States, Canada, Sweden, AustriaUnited States, Canada, Sweden, Austria
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Uncertainty AvoidanceUncertainty Avoidance
The measure of the degree to which members of a The measure of the degree to which members of a society attempt to avoid ambiguity, risk, and the society attempt to avoid ambiguity, risk, and the indefiniteness of the future.indefiniteness of the future.
Great deal of energy trying to avoid or minimize Great deal of energy trying to avoid or minimize ambiguous situationsambiguous situations
US and Canada are ranked lowUS and Canada are ranked low Taiwan and Japan are ranked high Taiwan and Japan are ranked high
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IndividualismIndividualism
The measure of the degree to which society expects The measure of the degree to which society expects people to take care of themselves and their immediate people to take care of themselves and their immediate families and the degree to which individuals believe families and the degree to which individuals believe they are masters of their own destinythey are masters of their own destiny
The opposite is Collectivism which is tight social frame-The opposite is Collectivism which is tight social frame-work in which group members focus on the common work in which group members focus on the common welfare and feel strong loyalty toward one anotherwelfare and feel strong loyalty toward one another
High Individualism – U.S. and CanadaHigh Individualism – U.S. and Canada High Collectivism – Taiwan and JapanHigh Collectivism – Taiwan and Japan
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MasculinityMasculinity
The degree to which assertiveness and the The degree to which assertiveness and the acquisition of money and material things acquisition of money and material things are valued, as well as the degree of are valued, as well as the degree of indifference to others’ quality of lifeindifference to others’ quality of life
The Opposite is femininity, which is a more The Opposite is femininity, which is a more nurturing, people-oriented approach to life.nurturing, people-oriented approach to life.
U.S. and Canada are now ranked lowU.S. and Canada are now ranked low Mexico, Japan Austria, and Italy are ranked Mexico, Japan Austria, and Italy are ranked
high high
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Confucian DynamicsConfucian Dynamics
The Stability of society is based on unequal The Stability of society is based on unequal relationships between peoplerelationships between people
The family is the prototype of all social The family is the prototype of all social organizationsorganizations
People should treat others as they would like to be People should treat others as they would like to be treatedtreated
A person’s tasks in life consist of acquiring skills, A person’s tasks in life consist of acquiring skills, and education, working hard, not spending more and education, working hard, not spending more than necessary, being patient, and preserving the than necessary, being patient, and preserving the values of the societyvalues of the society
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Confucian Dynamism Cont…Confucian Dynamism Cont…
High Confucian culture – Japan, Hong High Confucian culture – Japan, Hong Kong, Taiwan, and KoreaKong, Taiwan, and Korea– Practice thrift, gift giving, good manners, and Practice thrift, gift giving, good manners, and
saving face saving face – Thrift leads to saving which provides capital for Thrift leads to saving which provides capital for
reinvestmentreinvestment
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Tie Back to Value SystemsTie Back to Value Systems
The differences in cultural values affect The differences in cultural values affect how managers and professionals function in how managers and professionals function in international business.international business.
There are different definitions on what the There are different definitions on what the word “Won” meansword “Won” means