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Gavin Walton
- July 22, 2024
Would you like to strike out towards the vast ocean of managing an international business with the study.com Business 308: Globalization & International Management course? This is one of the courses that offer you a gateway to cross over to new territories or to unravel the jigsaw of the global business environment. The program is delivered through videos, quizzes, and demonstrations, making you ready to handle the prospects and issues arising from globalization.
When you are in this course, you are aware that it is not going to be a period where you are only taught theories but rather a period where you get to practice them. You will study from learning about the management of culturally diverse workforces to studying international financial markets, specifically the foreign exchange markets. At the end of this journey, you are equipped with competitive knowledge and relevant skills to do well throughout the final proctored exam and beyond in any International Business environment. Therefore, it is time to gear up and prepare for widening the field of vision.
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What to Expect from Business 308 Class📖
Embarking on the study.com Business 308: Globalization & International Management course is like getting a key to approach the global arena of operation. This course is indeed a treasure trove of information and tools that are useful when managing or working for a company operating in an international environment. Here is what you should look forward to in their new release.
Global Business Environment
In this section, you will discover how globalization affects the operation of businesses. This part will outline the advantages and the issues of having operations in many countries and ways of expanding to new markets. Some of the areas of focus mainly are the impacts of globalization on business environments, opportunities and risks of conducting business across borders, and approaches to market entry. Knowledge about basic international trade, the culture of the country and the world, and how the competition impacts business strategies will be essential. Special emphasis should be placed on various examples of the nature of global competition and the strategies of market entry — such sections may often become an object of focus in the exam!
Global Leadership and Management
This part of the course is devoted to the business management of diverse teams, the concept of intercultural competence, and key features of effective international managers. In the next section, you will be introduced to Hofstede’s cultural dimension theory and understand its applicability in managerial contexts. These skills are crucial in the international management environment since they entail more than just dealing with your local employees. You should prepare for such topics as management of the diverse workforce, intercultural communication competence, elements of successful international managers, and the analysis of Hofstede’s cultural dimension. Assign practical scenarios to the different concepts to be learned in order to facilitate their analysis and hence enhance memory.
Foreign Exchange Markets and Purchasing Power
You will be able to analyze concepts such as the exchange rates of different currencies, the balance of trade, and how different policies impact the world economy. Understanding these concepts is essential to any business strategy that has to be implemented beyond national borders. Some of the areas are exchange rates, balance of payments, and consequent monetary policies and how these affect the global economy. Visit the economic news sites or currency converters to observe real-life examples of the implementation of these strategies.
Corporate Social Responsibility (CSR) and Ethics
This section will make you shrink in your seat as it will take you through macro-organizational considerations of business decisions. This course relates to CSR undertakings, ethical considerations in the international business world, as well as the effects of globalization on society and the environment. It is essential to understand these topics so that one can answer the essays on ethical issues and CSR. They are CSR practices, ethics in international business, and the effects of globalization on society and the environment. Be familiar with the present issues in CSR and ethical dilemmas that are prevalent in international newspapers – this will increase the validity of your responses.
Altogether, this course is a catalog of the specter of subjects allowing us to understand globalization and international management at length. If these main parameters are kept in mind while studying- the student will be well-equipped for the final exam.
Week-by-Week Study Plan to Ace Business 308 Exam 📝
The following study plan may help you find your way through the Study.comBusiness 308: Globalization & International Management course. Below is a timetable of weeks and what to cover each week. According to the schedule, you will be ready to face the final proctored exam without stress.
Week 1: Introduction and Global Business Environments
- Tasks:
- Watch all lessons in Chapter 1.
- Take notes on the effects of globalization and internationalization.
- Complete the chapter quiz to test your understanding.
- External Resources:
- YouTube: Globalization Explained
- Quizlet: Global Business Environments Flashcards
Week 2: Global Leadership & Management
- Tasks:
- Watch all lessons in Chapter 2.
- Focus on Hofstede’s cultural dimensions theory and characteristics of international managers.
- Complete the chapter quiz.
- External Resources:
- YouTube: Hofstede’s Cultural Dimensions
- Quizlet: International Management Flashcards
Week 3: Virtual Teams & Project Management
- Tasks:
- Watch all lessons in Chapter 3.
- Pay attention to strategies for building and leading virtual teams.
- Complete the chapter quiz.
- External Resources:
- YouTube: Leading Virtual Teams
- Quizlet: Project Management Flashcards
Week 4: Effect of Globalization on Organizations and Global Trade & Business Law
- Tasks:
- Watch all lessons in Chapters 4 and 5.
- Study the impacts of globalization on organizational behavior and culture.
- Understand the importance of global trade and key trade agreements.
- Complete the chapter quizzes.
- External Resources:
- YouTube: Globalization and Organizations
- Quizlet: Organizational Behavior Flashcards
- YouTube: International Trade Basics
- Quizlet: Business Law Flashcards
Week 5: Global Business, Government & Society and Foreign Exchange Market & Purchasing Power
- Tasks:
- Watch all lessons in Chapters 6 and 7.
- Understand the interaction between business, government, and society.
- Study exchange rates, purchasing power, and their effects on global business.
- Complete the chapter quizzes.
- External Resources:
- YouTube: Business and Society
- Quizlet: Government and Society Flashcards
- YouTube: Foreign Exchange Markets
Quizlet: Foreign Exchange Flashcards
Week 6: Global Marketing Basics and Crisis Management and International Business
- Tasks:
- Watch all lessons in Chapters 8 and 9.
- Learn about international marketing strategies and the 4 Ps of marketing.
- Understand crisis planning and management in an international context.
- Complete the chapter quizzes.
- External Resources:
- YouTube: Global Marketing Strategies
- Quizlet: Marketing Mix Flashcards
- YouTube: Crisis Management
- Quizlet: Crisis Management Flashcards
Week 7: Culture & Ethics in International Business and Social Responsibility in Corporations
- Tasks:
- Watch all lessons in Chapters 10 and 11.
- Focus on cultural differences, ethics, and corporate social responsibility.
- Study CSR practices and sustainability strategies.
- Complete the chapter quizzes.
- External Resources:
- YouTube: Culture in International Business
- Quizlet: Business Ethics Flashcards
- YouTube: Corporate Social Responsibility
- Quizlet: Corporate Social Responsibility Flashcards
Week 8: Changes in the Global Marketplace and Review
- Tasks:
- Watch all lessons in Chapter 12.
- Learn about the changing landscape of the global market and decision-making strategies.
- Revisit all chapters and focus on areas where you feel less confident.
- Complete the chapter quiz.
- External Resources:
- YouTube: Global Marketplace Trends
- Quizlet: Global Marketplace Flashcards
- YouTube: Exam Preparation Tips
- Quizlet: Comprehensive Review Flashcards
By following this study plan, you’ll be well-prepared to ace the Study.com Business 308: Globalization & International Management final exam. Good luck!
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Free External Resources to Study📂
While you already have access to Study.com’s resources, utilizing additional free resources can give you a broader understanding and help reinforce key concepts. Here are some great external resources to help you ace Study.com Business 308: Globalization & International Management.
YouTube Channels and Videos
1. CrashCourse – Globalization
- This video provides a comprehensive overview of globalization, making complex concepts easy to understand.
2. Hofstede’s Cultural Dimensions – Hofstede’s Cultural Dimensions Theory
- An excellent resource for understanding Hofstede’s theory, which is a crucial part of the course.
3. Khan Academy – Foreign Exchange and Trade
- Offers detailed explanations about foreign exchange markets and trade balance.
Quizlet Flashcards
1. Global Business Environments – Flashcards
- These flashcards cover key terms and concepts from the first chapter.
2. International Management – Flashcards
- Useful for revising the important aspects of global leadership and management.
3. Foreign Exchange – Flashcards
- Great for drilling down into the intricacies of currency exchange rates and purchasing power.
Articles and Blogs
1. Harvard Business Review – Managing Across Cultures
- Provides insights into the challenges and strategies for managing international teams.
2. Forbes – The Importance of Corporate Social Responsibility
- Explains why CSR is crucial and how it impacts businesses and society.
Online Courses and MOOCs
1. Coursera – International Business Essentials
- A free course that complements what you’re learning in Business 308, with a focus on practical applications.
2. edX – Globalization and Business
- Offers additional perspectives on globalization and its effects on business practices.
Using these free resources alongside your Study.com materials will help you solidify your understanding and excel in your course. Happy studying!
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Key Topics to Focus On 🔑
In Study.com Business 308: Globalization & International Management, several important notions for both your comprehension and the final test are as follows. Well, let me try to make these concepts easier to understand with the help of a main idea comparison.
- Hofstede’s Cultural Dimensions Theory
Understanding Hofstede’s cultural dimensions is essential for managing international teams. Here’s a quick comparison of the key dimensions:
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Dimension
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Description
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High Score Characteristics
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Low Score Characteristics
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|---|---|---|---|
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Power Distance
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Acceptance of unequal power distribution
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Hierarchical structures, clear authority
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Egalitarian relationships, decentralized authority
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Individualism vs. Collectivism
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Focus on individual vs. group goals
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Individual achievements, personal freedom
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Group loyalty, collective goals
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Masculinity vs. Femininity
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Preference for achievement vs. quality of life
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Competitive, achievement-oriented
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Cooperative, caring for the weak
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Uncertainty Avoidance
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Comfort with ambiguity and uncertainty
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Strict rules, risk aversion
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Flexibility, risk-taking
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Long-term vs. Short-term Orientation
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Focus on future vs. present/past
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Planning for future, perseverance
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Respect for tradition, short-term results
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- Globalization and Its Effects
Globalization impacts businesses in various ways. Here’s a table to compare the benefits and challenges:
|
Aspect
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Benefits
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Challenges
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|---|---|---|
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Market Expansion
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Access to new markets and customers
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Increased competition
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Cost Efficiency
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Lower production costs in some countries
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Quality control issues
|
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Cultural Exchange
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Diverse perspectives and innovation
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Cultural misunderstandings
|
|
Economic Growth
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Boosts economies, creates jobs
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Economic dependency and inequality
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- Foreign Exchange Markets and Purchasing Power
Understanding currency exchange rates and purchasing power is vital. Here’s a breakdown:
Currency Exchange Rates: The value at which one currency can be exchanged for another.
- Factors Influencing Exchange Rates:
- Supply and Demand: High demand for a currency increases its value.
- Interest Rates: Higher interest rates attract foreign capital, raising currency value.
- Economic Stability: Strong economies have stronger currencies.
Purchasing Power: The value of a currency in terms of the amount of goods or services it can buy.
- Big Mac Index: A fun way to compare purchasing power across countries using the price of a Big Mac.
|
Country
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Big Mac Price
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Implied Purchasing Power
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|---|---|---|
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USA
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$5.00
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Baseline
|
|
UK
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£3.00
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£1 = $1.67
|
|
Japan
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¥550
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¥1 = $0.0091
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- Corporate Social Responsibility (CSR)
CSR is about businesses taking responsibility for their impact on society. Here’s a summary of the four levels of CSR:
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Level
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Description
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Example
|
|---|---|---|
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Economic Responsibility
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Be profitable and provide value
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Creating jobs, paying taxes
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|
Legal Responsibility
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Obey laws and regulations
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Adhering to labor laws, environmental regulations
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|
Ethical Responsibility
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Do what is right, just, and fair
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Fair trade practices, ethical labor practices
|
|
Philanthropic Responsibility
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Contribute to the community and improve quality of life
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Charitable donations, community projects
|
These key topics will not only assist you in passing your exams but will also assist you in practical knowledge of International Business. These comparisons and explanations help in making the content more understandable in order to increase their knowledge.
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FAQ❓
Q: Please explain how the final grade is calculated.
A: Your grade for this course shall be computed out of 300 points. The breakdown is as follows:
- Quizzes: 100 points
- Assignment 1: 50 points
- Assignment 2: 50 points
- Proctored Final Exam: 100 points You have to get at least 210 points (70 %) to get college credit.
Q: In what format is the final exam given that is proctored?
A: The last test is a comprehensive one aimed at checking the degree of comprehension of the course. There are going to be multiple-choice questions touching on all the chapters. To pass the exam, you will need at least 70%. Bear in mind though, that you can re-sit the examination as many times as necessary, but not more than two times upon the first attempt.
Q: Can I take this course without having completed the prior courses or do I have to fulfill certain conditions or tests?
A: As such, there are no specific prerequisites to Business 308 as described by the BCIT calendar. However, it is also preferred by many students to finish the tutorial Business 101: Principles of Management before taking this test.
Q: What are the best techniques that I can employ while preparing for the quizzes as well as the assignments?
A:
- Quizzes: Make sure to go over the notes, watch the video lessons, and take the quizzes as many times as you want, this is, you have a total of three attempts.
- Assignments: But, adhering strictly to the guidelines as provided, involving the use of credible sources for your research, and doing neat and clean work with minimal mistakes. Please note that assignments can be resubmitted twice if the student feels that the grades achieved can be improved.
Q: What if I struggle with a particular topic?
A: Don’t worry! There are plenty of external resources to help you. Check out the recommended YouTube videos, Quizlet flashcards, and online articles mentioned earlier in this guide. Also, revisit the lessons on Study.com and use the discussion forums to ask for help.
Q: How can I manage my study time effectively?
A: Follow the week-by-week study plan outlined earlier. Allocate specific times each day for studying and stick to your schedule. Break your study sessions into manageable chunks, and take regular breaks to avoid burnout.
Q: Can I use any study aids during the proctored exam?
A: You are allowed to use blank scratch paper and a pen or pencil. However, you cannot use textbooks, notes, mobile phones, or any other electronic devices during the exam. Make sure to review the list of allowed and prohibited items before your exam.
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Conclusion📄
In conclusion, Study.com’s Business 308: Globalization & International Management course covers all the basic concepts introduced within the scope of modern globalization and international management, and makes studying these topics dynamic and interesting. This is because, through subjects like global business environments, international management, virtual teams, impacts of globalization on organizations, global trade, and business law, you are ready for international business practice.
The course also stresses cross-cultural differences, corporate social responsibility, and issues of ethical nature, which are most vital for an effective manager in the global business environment. By adhering strictly to the week-by-week study schedule, using other sources, and concentrating on the main areas as highlighted in this guide, one will well be placed to excel in the final proctored exam.
Note that, the concept behind passing the exam is to understand the given material and with that understanding to be able to implement it further most importantly. Hugely important, to remain committed, use whatever is at your disposal, and do not shy away from seeking assistance. Good luck, and happy studying!
