International Business

by Wild, John J.; Wild, Kenneth L; Han, Jerry C.Y.

Edition:

3rd

ISBN13:

9780131432758

ISBN10:

0131432753

Format:

Paperback

Pub. Date:

1/1/2006

Publisher(s):

Prentice Hall

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Summary

Lively, topical, and accessible, this text is written integrating culture early and often to allow all students to grasp difficult conceptual material. The inclusion of numerous interesting and diverse examples of the intersection of business and culture motivates students to read on and learn. International Business: The Challenges of Globalizationis the fastest growing international business book available today.It presents international business in a comprehensive, yet concise framework. Recent, real-world examples and engaging feature boxes really do bring the concepts of international business to life for readers. User feedback reveals that the reason this book is so popular is that it offers a fresh approach to international business that responds to the readers'requests and needs. A main goal in this third edition is to continue the progress made in the previous twodelivering the most readable, current, and concise international business book on the market.A must-read for anyone involved in International Business.

Preface

xiii

About the Authors

xxiv

part one Global Business Environment

(46)

Globalization

(46)

Breaking Views: The E-Biz Surprise

(1)

Globalization

(4)

Globalization of Markets

(1)

Globalization of Production

(1)

Global Manager's Toolbox: The Keys to International Success

(1)

Forces Driving Globalization

(5)

Falling Barriers to Trade and Investment

(2)

Technological Innovation

(1)

Measuring Globalization

(2)

Untangling the Globalization Debate

(12)

Today's Globalization in Context

(1)

The Current Globalization Backlash

(1)

Global Challenges: Investing In Security Pays Dividends

(1)

Globalization's Impact on Jobs and Wages

(3)

Globalization's Impact on Labor and Environmental Regulation

(1)

Globalization and Income Inequality

(3)

Globalization and National Sovereignty

(1)

Globalization's Influence on Cultures

(1)

Key Players in International Business

(2)

Multinational Corporations

(2)

Entrepreneurs and Small Businesses

(1)

Why International Business is Special

(3)

The Global Business Environment

(1)

Entrepreneur's Survival Kit: Four Myths Keeping Small Businesses from Export Success

(1)

The Road Ahead for International Business

(1)

Bottom Line for Business

(16)

Summary

(1)

Talk It Over

(1)

Teaming Up

(1)

Key Terms

(1)

Take It to the Web

(1)

Ethical Challenges

(2)

Practicing International Management Case: MTV: Going Global with a Local Beat

(1)

Appendix: World Atlas

(9)

part two National Business Environments

(102)

Cross-Cultural Business

(36)

What Is Culture?

(3)

National Culture and Subcultures

(2)

Components of Culture

(21)

Aesthetics

(1)

Entrepreneur's Survival Kit: Give Your Web Site a Local Feel

(1)

Values and Attitudes

(4)

Manners and Customs

(1)

Global Manager's Toolbox: A Globetrotter's Guide to Manners

(1)

Social Structure

(2)

Religion

(4)

Personal Communication

(1)

Global Challenges: Speaking in Fewer Tongues

(2)

Body Language

(1)

Education

(2)

Physical and Material Environments

(1)

Breaking Views: Crossing the Digital Divide

(1)

Classifying Cultures

(4)

Kluckhohn--Strodtbeck Framework

(1)

Hofstede Framework

(3)

Bottom Line for Business

(6)

Summary

(1)

Talk It Over

(1)

Teaming Up

(1)

Key Terms

(1)

Take It to the Web

(1)

Ethical Challenges

(1)

Practicing International Management Case: Modernization or Westernization? You Make the Call

(1)

Politics and Law in Business

(36)

Political Systems

(8)

Politics and Culture

(1)

Political Participation

(1)

Political Ideologies

(5)

Global Challenges: From Civil War to Civil Society

(1)

Political Systems in Times of Change

(1)

Political Risk

(7)

Types of Political Risk

(2)

Global Manager's Toolbox: Your Global Security Checklist

(2)

Managing Political Risk

(2)

Legal Systems

101

(3)

Breaking Views: Governments Take the `E-nitiative'

102

(1)

Types of Legal Systems

103

(1)

Global Legal and Ethical Issues

104

(8)

Standardization

104

(1)

Intellectual Property

104

(3)

Product Safety and Liability

107

(1)

Taxation

108

(1)

Antitrust Regulations

108

(1)

Entrepreneur's Survival Kit: The Long Arm of the Law

109

(1)

Ethics and Social Responsibility

110

(2)

Business and International Relations

112

(2)

The United Nations

112

(2)

Bottom Line for Business

114

(6)

Summary

115

(1)

Talk It Over

116

(1)

Teaming Up

117

(1)

Key Terms

117

(1)

Take It to the Web

117

(1)

Ethical Challenges

118

(1)

Practicing International Management Case: Caveat Emptor: Who Said Latin Was Dead?

119

(1)

Economic Systems and Development

120

(30)

Economic Systems

122

(10)

Centrally Planned Economy

123

(3)

Global Manager's Toolbox: Guidelines for Good Guanxi

126

(1)

Mixed Economy

127

(1)

Market Economy

128

(4)

Development of Nations

132

(8)

Breaking Views: IT Matters to Productivity

133

(1)

National Production

133

(3)

Purchasing Power Parity

136

(1)

Human Development

137

(1)

Classifying Countries

138

(1)

Global Challenges: Public Health Goes Global

139

(1)

Economic Transition

140

(4)

Obstacles to Transition

140

(2)

Focus on Russia

142

(1)

Entrepreneur's Survival Kit: The Rules of the Game

143

(1)

Bottom Line for Business

144

(6)

Summary

146

(1)

Talk It Over

147

(1)

Teaming Up

147

(1)

Key Terms

147

(1)

Take It to the Web

148

(1)

Ethical Challenges

148

(1)

Practicing International Management Case: Talkin 'Bout a Revolution

149

(1)

part three International Trade and Investment

150

(108)

International Trade

150

(26)

Overview of International Trade

152

(6)

Benefits of International Trade

153

(1)

Volume of International Trade

153

(1)

International Trade Patterns

153

(3)

Global Manager's Toolbox: Building Good Relations in the Pacific Rim

156

(1)

Trade Dependence and Independence

157

(1)

Theories of International Trade

158

(13)

Mercantilism

158

(2)

Absolute Advantage

160

(2)

Comparative Advantage

162

(2)

Factor Proportions Theory

164

(1)

International Product Life Cycle

165

(2)

Entrepreneur's Survival Kit: Five Common Fulfillment Mistakes

167

(1)

New Trade Theory

167

(1)

National Competitive Advantage

168

(3)

Bottom Line for Business

171

(5)

Summary

172

(1)

Talk It Over

173

(1)

Teaming Up

173

(1)

Key Terms

173

(1)

Take It to the Web

174

(1)

Ethical Challenges

174

(1)

Practicing International Management Case: DHL Worldwide Express Is First in Asia and the World

175

(1)

Business--Government Trade Relations

176

(26)

Why Do Governments Intervene in Trade?

178

(5)

Political Motives

178

(2)

Economic Motives

180

(2)

Cultural Motives

182

(1)

Methods of Promoting Trade

183

(4)

Subsidies

183

(1)

Export Financing

184

(1)

Entrepreneur's Survival Kit: Ex-Im Bank: Experts in Export Financing

185

(1)

Foreign Trade Zones

185

(1)

Special Government Agencies

186

(1)

Global Manager's Toolbox: Surfing the Regulatory Seas

187

(1)

Methods of Restricting Trade

187

(5)

Tariffs

187

(1)

Quotas

188

(2)

Embargoes

190

(1)

Local Content Requirements

191

(1)

Administrative Delays

191

(1)

Currency Controls

191

(1)

Global Trading System

192

(4)

General Agreement on Tariffs and Trade (GATT)

192

(2)

World Trade Organization (WTO)

194

(2)

Bottom Line for Business

196

(6)

Summary

197

(1)

Talk It Over

198

(1)

Teaming Up

199

(1)

Key Terms

199

(1)

Take It to the Web

199

(1)

Ethical Challenges

200

(1)

Practicing International Management Case: Unfair Protection or Valid Defense?

201

(1)

Foreign Direct Investment

202

(26)

Patterns of Foreign Direct Investment

204

(4)

Ups and Downs of Foreign Direct Investment

204

(3)

Entrepreneur's Survival Kit: Cowboy Candy Rides into Manchuria

207

(1)

Worldwide Flows of FDI

207

(1)

Explanations for Foreign Direct Investment

208

(2)

International Product Life Cycle

208

(1)

Market Imperfections (Internalization)

209

(1)

Eclectic Theory

209

(1)

Market Power

210

(1)

Management Issues in the FDI Decision

210

(5)

Control

210

(2)

Purchase-or-Build Decision

212

(1)

Production Costs

212

(1)

Global Manager's Toolbox: Investing Abroad? Be Prepared for Surprises

213

(1)

Customer Knowledge

214

(1)

Following Clients

214

(1)

Following Rivals

215

(1)

Government Intervention in Foreign Direct Investment

215

(4)

Balance of Payments

216

(1)

Reasons for Intervention by the Host Country

217

(1)

Reasons for Intervention by the Home Country

218

(1)

Government Policy Instruments and FDI

219

(2)

Host Countries: Restriction

219

(1)

Host Countries: Promotion

220

(1)

Home Countries: Restriction

221

(1)

Home Countries: Promotion

221

(1)

Bottom Line for Business

221

(7)

Summary

223

(1)

Talk It Over

224

(1)

Teaming Up

224

(1)

Key Terms

225

(1)

Take It to the Web

225

(1)

Ethical Challenges

225

(2)

Practicing International Management Case: Mercedes-Benz: Footloose in Tuscaloosa

227

(1)

Regional Economic Integration

228

(30)

What Is Regional Economic Integration?

230

(2)

Levels of Regional Integration

230

(2)

Effects of Regional Economic Integration

232

(3)

Benefits of Regional Integration

232

(1)

Drawbacks of Regional Integration

233

(2)

Integration in Europe

235

(6)

European Union

235

(3)

Entrepreneur's Survival Kit: Czech List

238

(2)

European Free Trade Association (EFTA)

240

(1)

Integration in the Americas

241

(7)

North American Free Trade Agreement (NAFTA)

241

(2)

Andean Community

243

(2)

Latin American Integration Association (ALADI)

245

(1)

Southern Common Market (MERCOSUR)

245

(1)

Central America and the Caribbean

245

(1)

Free Trade Area of the Americas (FTAA)

246

(1)

Transatlantic Economic Partnership (TEP)

247

(1)

Integration in Asia

248

(2)

Association of Southeast Asian Nations (ASEAN)

248

(1)

Asia Pacific Economic Cooperation (APEC)

249

(1)

Global Manager's Toolbox: The Ins and Outs of ASEAN

250

(1)

Integration in the Middle East and Africa

250

(2)

Gulf Cooperation Council (GCC)

251

(1)

Economic Community of West African States (ECOWAS)

251

(1)

Bottom Line for Business

252

(6)

Summary

253

(2)

Talk It Over

255

(1)

Teaming Up

255

(1)

Key Terms

255

(1)

Take It to the Web

255

(1)

Ethical Challenges

256

(1)

Practicing International Management Case: Tainted Trade: Increasing Imports Brings Increase in Illness

257

(1)

part four The International Financial System

258

(58)

International Financial Markets

258

(28)

International Capital Market

260

(5)

Purposes of National Capital Markets

260

(1)

Purposes of the International Capital Market

261

(1)

Forces Expanding the International Capital Market

262

(1)

Entrepreneur's Survival Kit: Where Microcredit Is Due

263

(1)

World Financial Centers

263

(2)

Main Components of the International Capital Market

265

(2)

International Bond Market

265

(1)

International Equity Market

266

(1)

Eurocurrency Market

267

(1)

Foreign Exchange Market

267

(3)

Functions of the Foreign Exchange Market

268

(2)

How the Foreign Exchange Market Works

270

(5)

Quoting Currencies

270

(3)

Spot Rates

273

(1)

Forward Rates

274

(1)

Swaps, Options, and Futures

275

(1)

Foreign Exchange Market Today

275

(4)

Trading Centers

276

(1)

Important Currencies

276

(1)

Institutions of the Foreign Exchange Market

277

(1)

Global Manager's Toolbox: Five Strategies for More Effective Foreign Exchange Management

278

(1)

Currency Convertibility

279

(1)

Goals of Currency Restriction

279

(1)

Policies for Restricting Currencies

279

(1)

Bottom Line for Business

280

(6)

Summary

281

(1)

Talk It Over

282

(1)

Teaming Up

282

(1)

Key Terms

283

(1)

Take It to the Web

283

(1)

Ethical Challenges

284

(1)

Practicing International Management Case: Argentina: Back from the Abyss?

285

(1)

International Monetary System

286

(30)

How Exchange Rates Influence Business Activities

288

(3)

Desire for Stability and Predictability

289

(1)

Global Manager's Toolbox: Exporting Against the Odds: Key Strategies for Success

290

(1)

What Factors Determine Exchange Rates?

291

(7)

Law of One Price

291

(2)

Purchasing Power Parity

293

(5)

Forecasting Exchange Rates

298

(1)

Efficient Market View

298

(1)

Inefficient Market View

298

(1)

Forecasting Techniques

299

(1)

Difficulties of Forecasting

299

(1)

Evolution of the International Monetary System

299

(10)

Early Years: The Gold Standard

300

(1)

Bretton Woods Agreement

301

(3)

A Managed Float System Emerges

304

(1)

Today's Exchange-Rate Arrangements

304

(1)

European Monetary System

305

(1)

Recent Financial Crises

306

(2)

Future of the International Monetary System

308

(1)

Bottom Line for Business

309

(7)

Summary

311

(1)

Talk It Over

312

(1)

Teaming Up

312

(1)

Key Terms

313

(1)

Take It to the Web

313

(1)

Ethical Challenges

313

(2)

Practicing International Management Case: Banking on Forgiveness

315

(1)

part five International Business Management

316

(151)

International Strategy and Organization

316

(26)

International Strategy

318

(12)

Strategy Formulation

318

(1)

Identify Company Mission and Goals

318

(2)

Identify Core Competency and Value-Creating Activities

320

(2)

Entrepreneur's Survival Kit: Know Yourself, Know Your Product

322

(1)

Formulate Strategies

323

(6)

Global Manager's Toolbox: Competing with Giants

329

(1)

International Organizational Structure

330

(7)

Centralization versus Decentralization

330

(1)

Coordination and Flexibility

331

(1)

Types of Organizational Structure

332

(3)

Work Teams

335

(2)

A Final Word

337

(5)

Summary

337

(1)

Talk It Over

338

(1)

Teaming Up

338

(1)

Key Terms

339

(1)

Take It to the Web

339

(1)

Ethical Challenges

339

(2)

Practicing International Management Case: The Global Strategy of IKEA

341

(1)

Analyzing International Opportunities

342

(28)

Screening Potential Markets and Sites

344

(13)

Step 1: Identify Basic Appeal

345

(1)

Step 2: Assess the National Business Environment

346

(5)

Global Manager's Toolbox: Global E-Commerce Issues

351

(1)

Step 3: Measure Market or Site Potential

351

(5)

Step 4: Select the Market or Site

356

(1)

Conducting International Research

357

(8)

Difficulties of Conducting International Research

357

(2)

Sources of Secondary International Data

359

(3)

Methods of Conducting Primary International Research

362

(1)

Entrepreneur's Survival Kit: Is the World Your Oyster?

363

(2)

A Final Word

365

(5)

Summary

365

(1)

Talk It Over

366

(1)

Teaming Up

366

(1)

Key Terms

367

(1)

Take It to the Web

367

(1)

Ethical Challenges

367

(2)

Practicing International Management Case: Vietnam's Emerging Market Potential

369

(1)

Selecting and Managing Entry Modes

370

(30)

Exporting, Importing, and Countertrade

372

(10)

Why Companies Export

373

(1)

Developing an Export Strategy: A Four-Step Model

373

(1)

Degree of Export Involvement

374

(2)

Avoiding Export and Import Blunders

376

(1)

Countertrade

376

(2)

Export/Import Financing

378

(3)

Entrepreneur's Survival Kit: Global Collection Guidelines

381

(1)

Contractual Entry Modes

382

(5)

Licensing

382

(1)

Franchising

383

(2)

Management Contracts

385

(1)

Turnkey Projects

386

(1)

Investment Entry Modes

387

(6)

Wholly Owned Subsidiaries

387

(1)

Joint Ventures

388

(3)

Strategic Alliances

391

(1)

Selecting Partners for Cooperation

392

(1)

Global Manager's Toolbox: Negotiating the Terms of Market Entry

392

(1)

Strategic Factors in Selecting an Entry Mode

393

(2)

Cultural Environment

393

(1)

Political and Legal Environments

393

(1)

Market Size

394

(1)

Production and Shipping Costs

394

(1)

International Experience

394

(1)

A Final Word

395

(5)

Summary

395

(1)

Talk It Over

396

(1)

Teaming Up

397

(1)

Key Terms

397

(1)

Take It to the Web

398

(1)

Ethical Challenges

398

(1)

Practicing International Management Case: Telecom Ventures Unite the World

399

(1)

Developing and Marketing Products

400

(24)

Globalization and Marketing

402

(1)

Standardization Versus Adaptation

402

(1)

Developing Product Strategies

403

(5)

Laws and Regulations

404

(1)

Cultural Differences

404

(1)

Brand and Product Names

404

(2)

National Image

406

(1)

Counterfeit Goods and Black Markets

406

(1)

Shortened Product Life Cycles

407

(1)

Creating Promotional Strategies

408

(6)

Push and Pull Strategies

408

(1)

Global Manager's Toolbox: Managing an International Sales Force

409

(1)

International Advertising

410

(1)

Blending Product and Promotional Strategies

411

(3)

Designing Distribution Strategies

414

(3)

Designing Distribution Channels

415

(1)

Influence of Product Characteristics

416

(1)

Special Distribution Problems

416

(1)

Developing Pricing Strategies

417

(2)

Worldwide Pricing

417

(1)

Dual Pricing

417

(1)

Factors That Affect Pricing Decisions

418

(1)

A Final Word

419

(5)

Summary

420

(1)

Talk It Over

421

(1)

Teaming Up

421

(1)

Key Terms

421

(1)

Take It to the Web

421

(1)

Ethical Challenges

422

(1)

Practicing International Management Case: Fair Game or Out-of-Bounds? You Decide

423

(1)

Managing International Operations

424

(22)

Production Strategy

426

(4)

Capacity Planning

426

(1)

Facilities Location Planning

427

(2)

Process Planning

429

(1)

Facilities Layout Planning

430

(1)

Acquiring Physical Resources

430

(4)

Make-or-Buy Decision

430

(3)

Raw Materials

433

(1)

Fixed Assets

433

(1)

Key Production Concerns

434

(2)

Quality-Improvement Efforts

434

(1)

Shipping and Inventory Costs

435

(1)

Global Manager's Toolbox: Linking TQM and ISO 9000 Standards

435

(1)

Reinvestment Versus Divestment

436

(1)

Financing Business Operations

436

(5)

Borrowing

437

(1)

Issuing Equity

437

(2)

Entrepreneur's Survival Kit: Get Global Cash: Overseas Investors Await You

439

(1)

Internal Funding

439

(1)

Capital Structure

440

(1)

A Final Word

441

(5)

Summary

442

(1)

Talk It Over

443

(1)

Teaming Up

443

(1)

Key Terms

443

(1)

Take It to the Web

444

(1)

Ethical Challenges

444

(1)

Practicing International Management Case: Toyota's Strategy for Production Efficiency

445

(1)

Hiring and Managing Employees

446

(21)

International Staffing Policy

449

(3)

Ethnocentric Staffing

449

(1)

Polycentric Staffing

450

(1)

Entrepreneur's Survival Kit: Growing Global

451

(1)

Geocentric Staffing

451

(1)

Recruiting and Selecting Human Resources

452

(4)

Human Resource Planning

452

(1)

Recruiting Human Resources

452

(1)

Selecting Human Resources

453

(1)

Culture Shock

454

(1)

Reverse Culture Shock

455

(1)

Global Manager's Toolbox: A Shocking Ordeal

455

(1)

Training and Development

456

(2)

Methods of Cultural Training

456

(2)

Compiling a Cultural Profile

458

(1)

Nonmanagerial Worker Training

458

(1)

Employee Compensation

458

(2)

Managerial Employees

459

(1)

Nonmanagerial Workers

459

(1)

Labor-Management Relations

460

(2)

Importance of Labor Unions

461

(1)

A Final Word

462

(5)

Summary

462

(1)

Talk It Over

463

(1)

Teaming Up

463

(1)

Key Terms

464

(1)

Take It to the Web

464

(1)

Ethical Challenges

464

(1)

Practicing International Management Case: Expatriation or Discrimination? You Make the Call

465

(2)

Notes, Sources, and Credits

467

(10)

Glossary

477

(6)

Name/Company Index

483

(4)

Subject Index

487

International Business

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