International Business Strategy Exam 1 (Chapter 1,2,3, &14) Questions with Correct Answers

International human resource management - ANSWER-is the study and application of all human resource management activities as they impact the process of managing human resources in enterprises in the global environment. Strategic management refers to... - ANSWER-the approaches that managers employ in running a company and that are derived from the firm's vision and objectives. In an ideal world, how would a firm be conducting international business? - ANSWER-A firm conducting international business will be actively engaged in strategic planning and strategic management process on a global basis. Two ways in which strategies are developed... - ANSWER-pro-actively reactively pro-actively - ANSWER-as a forward-looking plan to deal with anticipated market forces reactively - ANSWER-as a response to what the firm is experiencing in the marketplace. What are the most trustworthy signs of good management? - ANSWER-good strategy and good strategy execution How did the Japanese company, Takeda, change in preparation of going international? - ANSWER-hired key non-Japanese executives with outside experience, changing the core language to English, first at the top and increasingly throughout the organization, and recruiting Japanese employees who had studied abroad. Historically, what has been the initial step of internationalization for most firms? - ANSWER-Exporting What happens in stage one of the internationalization process? - ANSWER--Portfolio Investment -Exporting What happens in stage two of the internationalization process? - ANSWER--Sales Subsidiary/Local Sales Office What happens in stage three of the internationalization process? - ANSWER--Operations through Licensing -Operations through Franchising