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Edward I’s first campaign in Wales
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John Adams the first Vice President and second President of the United States James Armistead black slave who served in the colonial army as a spy General Edward Braddock commander of all British forces in North America during the French and Indian War Nathan Hale "I only regret that I have but one life to lose for my country." Patrick Henry Virginian who said, "Give me liberty, or give me death!" New York City our nation's first capital Battle of Bunker Hill the first major battle in the War for Independence judicial the branch of government that interprets the law executive the branch of government that enforces the law legislative the branch of government that makes the law Articles of Confederation the first plan of government that the United States had agreed upon Bill of Rights lists the rights or freedoms the Constitution gives to Americans; written in the form of ten amendments Constitution of the U.S. plan of government our country still follows today Declaration of Independence document written by Jefferson declaring the independence of the colonies from England First Amendment gives Americans the following freedoms: religion, speech, press, and assembly Treaty of Paris document signed by England giving up the American colonies and making them officially free and independent Inauguration Day The day the President takes his oath of office Valley Forge Washington's army spent the harsh winter of 1777-1778 Second Continental Congress The decision to organize the Continental Army was made at the ??? in 1775. constitutional republic The form of government in which the people and their elected representatives are limited by a constitution patriots Those who wanted America to be free from Britain's control THAT'S ENTERTAINMENT Big movies on a small budget. Do you need millions of dollars to make a movie? No. Do you need millions of dollars to make a successful movie? Most people would answer 'Yes' to that question. But would they be right? We're used to hearing about really expensive Hollywood films. The 1997 Oscar-winner Titanic cost $200 million to make, and more recently, Spider Man 3, one of the most successful films of 2007, had a budget of more than $250 million. To be successful, however, a film doesn't need to be as expensive as the big Hollywood blockbusters. An example of this is the 2010 movie Monsters, which cost less than half a million dollars to make. Monsters is set in Mexico and is the story of two people trying to escape from aliens and get back to the USA. The film won several awards and got very good reviews from many film critics-for example, the website Moviefone put Monsters at number 3 in its list of the best sci-fi films for 2010. How did they make the film so cheaply? First of all, it only took three weeks to film, and the film crew was just seven people in a van. Secondly, the man who made the film, Gareth Edwards. decided to film it with digital video, which is cheaper than the usual 35mm film. (The film equipment cost only $15,000 altogether) There is also the fact that they used real locations, not a studio. And the cast of the film were Edwards himself and two friends of his all the extras in the film were people who were just there, and they weren't paid. Most importantly, Edwards did most of the production work himself. He spent eight months editing Monsters and then five months creating the special effects. And he did it all at home on his computer, using non-professional software. The amazing thing is that the final film looks nearly as professional as big, fancy Hollywood productions. Not everybody liked Monsters, of course. One person said: "That's 90 minutes of my life that I'll never get back. But overall, it was very well received. And at least it wasn't expensive to make.QOTD 3.0 Sequences can be modeled using polynomial or exponential models like in units 1 and 2. To do this, use the term’s index as the input (or x value) and the value of the term as the output. For example, for the sequence { 3, 6, 9, 12, 15, 18} you would model points (1,3), (2,6), etc. because 3 is the first term, 6 is the second and so forth. For the following sequences, indicate the best model, finding the actual equation. In this unit, we will develop methods to know which model to use, without having to try both.The Tudor monarchs were kings and queens of England from 1485 to 1603. The first Tudor king was Henry VII, who became king after defeating Richard III in battle. He was followed by his son, Henry VIII, who is famous for having six wives. Henry VIII broke away from the Catholic Church and created the Church of England because he wanted to divorce his first wife, Catherine of Aragon. After Henry VIII died, his son Edward VI became king, but he was very young and only ruled for a short time before he died. Then his half-sister Mary I became queen, and she was known as "Bloody Mary" because she persecuted Protestants. After Mary I died, her half-sister Elizabeth I became queen. She was a very popular queen and ruled for a long time, known as the Elizabethan era. The Tudor monarchs were important because they brought stability to England after many years of war and political turmoil. They also made England a Protestant country and helped to establish it as a world power. Today, we can still see the influence of the Tudor period in English culture and history.Management and Globalization Global Management Why companies go global How companies for global Global Business environments Global Business Types of global business Pros and cons of global businesses Ethnic Challenges for global business Culture and Global Diversity Cultural intelligence Silent language of culture Tight and loose cultures Values and national cultures Global Management Learning Are management theories universal? Intercultural competencies Global learning goals Key concepts of the challenges of globalisation: Global economy Resources, markets and competition are worldwide in scope Internationalisation The process of increasing involvement in international operations Globalization/Deglobalization Glob- the growing interdependence among elements in the global economy The worldwide interdependence of resource flows, product markets and business competition World 3.0 Different views: World flat vs. round Distance is a metaphor that represents the degree of dissimilarities between countries Balancing cooperation in the global Global Management Global management - managing things in different countries Managing business and organizations with interests in more than one country What do we expect from global Managers Knowing how to adapt Knowing the language Global Manager Is culturally aware and informed on international affairs International Business Conducting for-profit transactions of goods and services across national boundaries International Motive Why do firms internatioalize their activities Cheaper labour Labour tax Natural resources Enrolments to do business Clientele Exclusive materials Personal benefits: Taxes Reasons why businesses go global Customers Suppluers Capital During (1993) - 4 motive 1. Market seeking 2. Efficiency Seeking 3. Resource seeking 4. Strategic Asset Seeking Cuervo Cazurra, Narula and un (2015) - 4 motive s Internationalization Motives A company may also explore the opportunities in different markets in order to take advantage and in some cases extend the product life cycle What is a Market Entry Strategy Involves the sale of goods or services to foreign markets but do not require expensive investments Franchising Exporting and importing Involve the sale of goods or services to foreign markets but do Types of market entry strategies Global sourcing Exporting Importing Licensing agreement Franchising Types of Foreign Direct Investment (FDI) strategies: Joint venture Strategic alliance Owned Subsidiary (sometimes called WOS) How to go abroad What conditions will affect the decisions of firms on how to internationalize their activities? During (1978)- Eclectic paradigm OLI model OLI- Ownership, Location and Internalization Advantages Ownership advantages Resources owned by the organization that can be transferred across locations include trademarks, production techniques and processes, managerial skills and other resources not available to the competitors Location Advantages Represent the implications of choosing to produce or to perform activities in a specific location (country or region) Internalization Advantages: The ability to internalize or to incorporate activities that add value to its business Evolution of Concepts- New Elements Although economic factors are certainly important to explain the formation, growth and expansion of firms within and across national borders, they are not sufficient to explain the additional complexity when a firm decides to expand its activities across national borders Economic factors Investigate the economic elements that affect the internationalization of firms Behavioural Elements Explaining the additional challenges (and perhaps opportunities) a firm faces in foreign host countries when compared to indigenous (local) firms Behavioural theories Johanson and Wiedersheim-Paul (1975) and Johanson and Vahlne (1977) Included the psychic Distance concept (beckerman,1956) to explain the internationalization behaviour of firms The Uppsala internationalization model Psychic distance is: the sum of factors preventing the flow of infomatio from and to the market Psychic Distance is a broad concept that includes several elements such as: language, culture, political systems, level of education, level of industrial development Firms behave in a “Risk Averse” manner It means that when the perceived risk goes down, the firm increase its commitment to the foreign market \ The Haier Group Data Strategy Big DATA and Small DATA The use of small data to satisfy individual customers’ needs, however, the book mentions a huge cultural shock at the plant in Camden, south caroline Ex: top down, hard hat colors and hierarchy Culutral Differnces can have a huge impact on the internationalization of firms Kogut and Singh (1988)- Cultural Distance Index First statsical study on the implication of ciltiral distance to the selection of entry mode When investigating in culturally distant countries, foreign firms can choose to partner with foreign firms in order to gain local knowledge and share the risk associated to the investment (higher commitment = higher risk) How Companies Go Global Global sourcing The process of purchasing materials or services around teh world for local use Exporting Selling locally made products in foreign markets Importing Buying foreign made products and selling them domestically Exports correspond to what percentage of Candain GDP What countries are the major trending partners of Canada Management and Globalization How Companies Go Global Licensing Agreement One firm pays a fee for rights to make or sell another company’s products What are the potential risks associated to licesning The case of new balance in China Franchising A fee is paid for the rights to use another firms name, branding and methods Insourcing Insourcing: refers to local job creation that results from foreign direct investment Types of insourcing Joint ventures: operate in a foreign country through co-ownership by foreign and local partners Strategic alliances: A partnership in which foreign and domestic firms share resources and knowledge for mutual gains Foreign subsidiaries: local operation completely owned by a foreign firm Criteria for choosing a joint venture partner: Familiarity with your firm’s major business String local workforce Values its customers Future expansion possibilities Strong local market for partner’s own products Good Profit potential Sound financial standing Global business environments Legal and poliical systems Trade agreements and trade barriers Regional economic alliances Legal and political systems Differing laws and practices regards Business ownership Negotiation and implementation of contracts Foreign currency exchange Protection of intellectual property rights Counterfeit merchandise Political risk Potential loss in value of foreign investment due to instability and political changes in the host country Political risk analysis (expertise/experience) Forecast political disruptions that threaten the value of a foreign investment Changes in the rules of the game Brexit US Trade Wars-mexico-China Other examples Bolivia, Venezuela, China De-globalization The process of weakening interdependence among nations Trade Agreements and trade Barriers World trade organization Most favourd nation status Tariffs Nontariss barriers (quotes, restrictions, etc.) Protectionism Regional Economic Alliances USMCA (replacment for the NAFTA-North American Free trade Agreement) EU- European Union APEC- Aisa Pacific Economic Copperation ASEAN - Association of Southeast Asian Nationas SADC - Southern Africa Development Community MERCOSUR- Chapter 5- Global Management and Cultural Diversity (part 2) Review Types of global business Global corporation MNE (multinational enterprise) or MNC (multinational corporation) with extensive business operations in more than one foreign country Transnational corporation A global corporation that operates worldwide on borderless basis Some host country complaints about MNCs Host Country companits about MNCs: Excessive profits Interference with local government Domination of local economy Interference with local government Hiring the best local talent Limited technology transfer Disrespect for local customers Examples - War in Ukraine Disruption in global -value chains and increased pressure and interference of MNCs with local government Fertilizer imports in Brazil (one of the major producers of agricultural commodities) We must consider the triple bottom line and the impact in society, the environment and the economy $2.5 billion invest in potash mine in Brazill What about Globalization gap Large multinationals adn industrilizednaitons gaining disporoportinonally form globalization Globalization gap: Large multinational and industrialized nations gaining disproportionally from Globalization Some MNC complaints about host countries MNC Complaints about host countries: Profiit limitations Laws and regulations Overpirce resources Exploitative rules Foreign exchange restriction Failure to uphold contracts Mutual benefits for host countries and multinational companies Mutual benefits for host country and global corporation of MNC: Shared growth opportunities Shared income opportunities Shared learning opportunities Share development opportunities Develop projects together What are some of the ethical challenges for global business Ethincal challenges for global business Child labour Employmnet of children for worl otherwise done by adults Sweatshops Employment of workers at very low wages for long hours in poor working conditions Ex: Nike bad labour prices Unsafe working conditions Corruption Illegal practices that further one’s business interests Corrupiotn of froeign public officials Act makes it illegal for Candain firms and their representatives to engage in corrupt practices overseas Bribes to foreign officials Excessive commissions Non-monetary gifts Sweatshops Conflict materials What is culture Culture : The shared set of beliefs, values, and patterns of behvaiourr common to a group of people Food preferences Values and traditions Language and beliefs Religion Art music Life style Hofstede defines culture as: “The collectiv programing of teh mind distinguishing the members of one group or category of people from others” What is culture shock Culture Shock: Confusion and discoumfert a person experiences in an unfaamiliar culture Stages to adjusting to a new culture Confusion Small vitorires The honeymoon Irritation and anger Reality Cultural Intelligence The ability to adapt and adjust to new cultures What is Ethnocentrism Tendency to consider one’s own culture as superior others Slinet languages of culture Contect Low context High context Space Proxemics Ex: personal space Time Monochronic Polychronic High and low contexts cultures Edward T.Hall (1959) Def: Part of a discourse that surround a word or passage and can throw on its meaning Low context cultures Emphizes communication via spoken or written words Countries like United States, Canada and Germany High context cultures Rely on nonverbal and situational cues as well as on spoken or written works Thailand Malaysia Time Monochronic cultures People tend to do one thing at a time Canda Polychronic cultures Time is used to accomplish many different things at once Egypt Space Proxemics Study of how people use space to communicate In North American people value “personal space’ Many Latin and Asian cultures expect much less personal space Tight and Loose Cultures Cultural tightness-looseness Tight = Strength of norms that govern social behvaviour Japan, Korea, Malaysia Loose = tolerance for any deviation from norms Australia, Brazil, Hungary Values and national cultures (Hofstede) Power distance Uncertainty avoidance Individalism-collectivism Masculinity-femininty Time Orientation Indulgence vs. Restraint Comparative management How management pratices systematically differ among countries and /or cultures Intercultural competencies Skills and personal characteristics that help us be successful in cross cultural situations Global Managers (know how to adapt) Need to successfully apply management functions across interantional boundaries Global Learning goals Not universal Engage critical thinking Look everywhere for new management ideas Always consider culture Edward I's failure to unite all of BritainWelsh revolt and Edward I’s conquest of WalesScottish resistance to Edward I’s rule