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MGMT1101 Global Business Environment
Chapter 5 Summary
Reference: Hill, C., Cronk,T., & Wickramasekera, R. (2014). Global Business Today. Asia-Pacific Edition. 3rd Edition. McGraw-Hill
MGMT1101 Global Business Environment
Chapter 5 Summary
Reference: Hill, C., Cronk,T., & Wickramasekera, R. (2014). Global Business Today. Asia-Pacific Edition. 3rd Edition. McGraw-Hill
MGMT1101 Global Business Environment
Chapter 5 Summary
Reference: Hill, C., Cronk,T., & Wickramasekera, R. (2014). Global Business Today. Asia-Pacific Edition. 3rd Edition. McGraw-Hill
1. Culture is a complex whole that includes knowledge, beliefs, art,
morals, law, customs etc. acquired by people as members of society. 2. Values and norms are the central components of a culture. Values are abstract ideals about what a society believes to be good, right and desirable. Norms are social rules and guidelines that prescribe appropriate behaviour in particular situations. 3. Values and norms are influenced by political and economic philosophy, social structure, religion, language and education. 4. Social structure of a society refers to its basic social organisation. 2 main dimensions along which social structures differ are the individual- group dimension and stratification dimensions. 5. In some societies, individual is the basic building block of social organisation. These societies emphasise individual achievements above all else. In other societies, group is the basic building block. These emphasise group membership and group achievements. 6. All societies are stratified into different classes. Class-conscious societies are characterised by low social mobility and high degree of stratification. Less class-conscious societies characterised by high social mobility and low degree of stratification. 7. Religion a system of shared beliefs and rituals thats concerned with the realm of the sacred. Ethical systems refer to a set of moral principles or values that are used to guide and shape behaviour. a. Major world religions are Christianity, Islam, Hinduism, and Buddhism. b. Confucianism, not a religion, ahs an impact on behaviour as profound as many religions. c. Value systems of different religious and ethical system have different implications for business practise. 8. Language is 1 defining characteristic of a culture. Has spoken and unspoken dimension. In countries with more than one spoken language, there's usually more than one culture. 9. Formal education is the medium through which individuals learn skills and are socialised into the values and norms of a society. Education plays an important role in the determination of national competitive advantage. 10. Hofstede studied how culture relates to values in the workplace, identifying 5 dimensions: a. Power distance b. Uncertainty avoidance c. Individualism vs. collectivism d. Masculinity vs. femininity e. Long-term vs. short-term time orientation 11. Culture isnt constant it evolves. Economic progress and globalisation are 2 important drivers of cultural change 12. To develop cross-cultural literacy, IBs need to employ host-country nationals and guard against the dangers of ethnocentric behaviour.
Students That Are Given The Responsibility To Manage Their Own Expenses Coupled With A Higher Cost of Education Puts The Students in A Situation That It Is Vital To Live On A Restricted Budget