Summary International Management - lectures, book & theories Questions and Answers 2023

Strategic Management - -The process of determining an organization's basic mission and long-term objectives, then implementing a plan of action for pursuing the mission and attaining objectives -Economic Imperative - -worldwide strategy based on cost leadership. Also used when product is regarded as generic and therefore is not sold on name brand or support service. Used for products that are homogeneous and requires no alteration to fit the needs of the specific country, management uses a worldwide strategy that is consistent on a country- to country basis. -Political Imperative - -country-responsive; approach designed to protect local market niches . These MNCs often use country-centered or multi-domestic strategy. Success of product or service depends heavily on Marketing, Sales, and Service