Practical Introduction to Management (7th) edition chpt.1-4

Philanthropy
Making charitable donations to benefits humankind
Mentor
Experienced person who provided guidance to someone new to the work world.
Controlling
A monitoring performance comparing it with goals and taking corrective actions as needed.
Competitive Advantage
The ability of an organization to produce goods or services more effectively than competitor.
Multinational Corporation
A business firm with operations in several countries.
Wholly Owned Subsidiary
is a foreign subsidiary that is totally owned and controlled by an organization.
Globalization
The trend of the world economy toward becoming a more interdependent system
Global Economy
refers to the increasing tendency of the economies of the world to interact with one another as one market instead of many national markets.
Multinational Organization
is a nonprofit organization with operation in several countries
Ethnocentric Managers
believes that their native country, culture , language, and behavior are superior to all others
Parochialism
Narrow view where people see things only through their own perspective
Offshoring
is defined as using suppliers outside the US to provide labor, goods,or services.
Importing
a company buys goods outside of the country and resells them domestically.
Trade Protectionism
the use of government regulations to limit the import of goods and services.
Free Trade
The movement of goods and services among nations without political or economic obstruction
Tariff
is a trade barrier in the form of a customs duty, or tax, levied mainly on imports.
Embargo
is a complete ban on the import or export of certain products.
Dumping
The practice of a foreign company’s exporting products abroad at a lower price than the price in the home market or even lower then production.
Import Quota
is a trade barrier in the form of a limit on the numbers of product that can be imported.
World Trade organization (WTO)
is designed to monitor and enforce trade agreements.
Trading bloc
also known as an economic community, is a group of nations within a geographical region ;that have agreed to remove trade barriers with one another.
Monochronic time
is a preference for doing one thing at a time.
Ploychronic time
is a preference for doing more than one thing at a time
Expatriates
People living or working in a foreign country.
Classical Viewpoint
Emphasis on ways to manage work more efficiently.
Maslow’s Hierarchy of needs theory
Self actualization, esteem, love safety, and physiological
Quantitative Management
The application to management of quantitative techniques such as statistics and computer simulations.
Management Science
Focuses on using mathematics to aid in problem solving decision making. Sometimes called operations research.
Values
are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior.
Value System
The pattern of values within an organization withing an organization.