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Factors that influence ethical decision-making

Factors that influence ethical decision-making. Three essential components of good business ethics are competing fairly and honestly, communicating truthfully, and not causing harm to others. Three major influences on ethical decision making are culture, knowledge, and organizational culture. When facing an ethical dilemma, you can often find clarity by starting with universal standards of justice, considering the rights of everyone involved, being as objective as possible, not assuming that other people think the way you do, and avoiding conflicts of interest.

(1) If you go to work tomorrow morning and your boss asks you to do something you consider unethical, what factors will you take into consideration before responding? (2) How can you balance the business need to inspire employees to compete aggressively with the moral need to….

Business Ethics and Corporate Social Responsibility

Business Ethics and Corporate Social Responsibility

1 Discuss what it means to practice good business ethics and highlight three factors that influence ethical decision making

2Define corporate social responsibility (CSR) and explain the difference between philanthropy and strategic CSR

3Distinguish among the four perspectives on corporate social responsibility

4Discuss the role of business in protecting the natural environment and define sustainable development

5Identify four fundamental consumer rights and the responsibility of business to respect them

6Explain the responsibilities businesses have toward their employees

Balance of trade Critical Thinking Questions

Balance of trade

1. How can a company use a licensing agreement to enter world markets?

2. What two fundamental product strategies do companies choose between when selling their products in the global marketplace?

3. What is the balance of trade, and how is it related to the balance of payments?

4. What is protectionism?

5. What is a floating exchange rate?

Questions for Analysis

6. Why would a company choose to work through intermediaries when selling products in a foreign country? 7. How do companies benefit from forming international joint ventures and strategic alliances? 8. What types of situations might cause the U.S. government to implement protectionist measures? 9. How do tariffs and quotas protect a country’s own industries? 10.Ethical Considerations…..

Strategic choices for international markets

Strategic choices for international markets

Discuss the strategic choices that must be considered before entering international markets

(1) If a multidomestic approach gives local managers the most flexibility for responding to local market conditions, why wouldn’t every international company use this strategy? (2) How might the choice of overall organizational strategy affect a company’s staffing plans in each country?

(1) Have you ever purchased an imported product that seemed poorly adapted to the U.S. market? (2) If so, what would you advise that the company do in order to satisfy U.S. customers more effectively?

Entering international markets and strategic choices

Entering international markets and strategic choices.

Expanding internationally is obviously not a decision any business can take lightly. The rewards can be considerable, but the costs and risks must be analyzed carefully during the planning stage. This section offers a brief look at overall organizational strategies for international expansion, followed by strategic questions in the various functional areas of the business.

When a firm decides to establish a presence in another country, it needs to consider its long-term objectives, the nature of its products, the characteristics of the markets into which it plans to expand, and the management team’s ability to oversee a geographically dispersed operation.

forms of international business activity

forms of international business activity

The major forms of international business activity are importing and exporting (buying and selling across national boundaries), licensing (conferring the rights to create a product), franchising (selling the rights to use an entire business system and brand identity), strategic alliances and joint ventures (forming partnerships with other companies), and foreign direct investment (buying companies or building facilities in another country).

(1) Can a company successfully export to other countries without having staff and facilities in those countries? Why or why not? (2) Why does so much foreign direct investment take place between the industrialized nations?

(1) What connotations does the word imported have for you? (2) On what do you base your reaction?

major forms of international business activity.

major forms of international business activity. Beyond cultural and legal concerns, companies that plan to go international also need to think carefully about the right organizational approach to support these activities. The five common forms of international business are importing and exporting, licensing, franchising, strategic alliances and joint ventures, and foreign direct investment; each has varying degrees of ownership, financial commitment, and risk.

Depending on their goals and resources and the opportunities available, companies can choose from five different ways to conduct business internationally.

Many countries now have foreign trade offices to help importers and exporters interested in doing business within their borders. Other helpful resources include professional agents, local businesspeople, and the International Trade Administration of the U.S. Department of Commerce (http://export.gov), which offers a….

cultural and legal differences in global business

cultural and legal differences in global business environment

Elements of culture include language, social values, ideas of status, decision-making habits, attitudes toward time, use of space, body language, manners, religions, and ethical standards. Awareness of and respect for cultural differences is essential to avoiding communication breakdowns and fostering positive working relationships. Understanding differences in legal systems and specific laws and regulations in other countries is another vital aspect of successful international business. One of the most confusing and frustrating aspects of international trade law is the issue of bribery.

(1) What steps could you take to help someone from another country adapt to U.S. business culture? (2) How can you convey respect for another person’s culture even if you don’t agree with it or even understand….

LEGALality IN THE GLOBAL BUSINESS ENVIRONMENT

LEGALality IN THE GLOBAL BUSINESS ENVIRONMENT

Differences in national legal systems may not be as immediately obvious as cultural differences, but they can have a profound effect on international business efforts. For instance, the legal systems in the United States and the United Kingdom are based on common law, in which tradition, custom, and judicial interpretation play important roles. In contrast, the system in countries such as France and Germany is based on civil law, in which legal parameters are specified in detailed legal codes. One everyday consequence of this difference is that business contracts tend to be shorter and simpler in civil law systems, since the existing legal code outlines more aspects of the transaction or relationship. A third type of legal system, theocratic law, or law….

importance of understanding cultural and legal differences

importance of understanding cultural and legal differences in the global business environment.. Doing business internationally can be a boon for many companies, but it also presents many challenges. Every country has unique laws, customs, consumer preferences, ethical standards, labor skills, and political and economic forces. Understanding cultural and legal differences is an essential first step for any business contemplating international operations.

CULTURAL DIFFERENCES IN THE GLOBAL BUSINESS ENVIRONMENT

Culture is a shared system of symbols, beliefs, attitudes, values, expectations, and norms for behavior.