Doing business globally

What does globalization involve in business?

• Focusing on local markets

• Expanding operations worldwide

• Reducing production costs

• Hiring only local employees

Which of the following is an advantage of global business?

• Low cost production

• Risk of foreign takeovers

• Access to new customers

• Economies of scale

Which is a disadvantage of conducting business globally?

• Different social & cultures

• Higher economies of scale

• Increased domestic support

• Complex monetary system

What is a multinational corporation (MNC)?

• A business that operates in one country

• A business that hires only local workers

• A nonprofit organization

• A business that operates across national borders

What challenge can language differences create in global business?

• Legal complications
  

• Barriers to communication

• Increased production costs

• Reduced customer demand

What does ‘economies of scale’ mean in global business?

• Increasing production to lower costs

• Reducing product variety

• Expanding operations locally

• Hiring more local workers

How does American business culture generally view time?

What is the concept of 'Wa' in Japanese business culture?

• Individualism

• Competition

• Harmony and group loyalty

• Profit maximization

In Indian business culture, how is punctuality viewed?

• It is not valued

• It is crucial for respect and trust

• It is flexible and optional

• It is a rare practice

What is protectionism in global trade?

• Reducing tariffs on foreign goods

• Increasing foreign competition

• Creating international partnerships

• Supporting domestic businesses through tariffs and regulations