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Summary: Principles Of Business Administration
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Read the summary and the most important questions on Principles of Business Administration
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Chapter 1
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What is the difference between domestic and international business?
- Boundaries (Domestic within the boundaries of one country, international is between two different countries)
- Currencies
- Legal systems
- Cultures
Availability of resources -
What is the difference between visible and invisible trade?
Visible: Trade of physical goods/ tangible products -> Also called merchandiseexport /import
Invisible: Trade of services/ intangible products ex. Banking. -> Also called serviceexport / import -
What is the difference between franchising and licensing?
- Franchising is operating under the rights of the brand name wheras licensing is just selling the rights to sell a specific product.
- Franchising: McD
- Licensing: Disney
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Chapter 4
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What is culture? What are the characteristics?
Culture is a shared set of values,behaviors , andbeliefs that exist within a group of a society thatdistinguishes it from another.
Characteristics:- Learned behaviour
- Interrelated
- Adaptive
- Shared
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What are the elements of social structure?
Individuals, families and groups- Defining family
- Individual's role within groups
- Importance of the individual relative to the group
Social stratification (Society's categorisation of people)- Attributes
- Highly stratified societies
- Less stratified societies
Social mobility (Ability to move between different social groups in society)- Low social mobility
- You are born into a group and are most likely to stay in this group your entire life
- Socially mobile societies
- Easy to move from lower group to higher
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Why might language become a cultural problem in business?
- Message becomes a different meaning when translated
- Words may have different meanings in other languages (Ex. Saying yes)
- Message becomes a different meaning when translated
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International investment theories
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Why do companies choose to use FDI according to the theory "Ownership advantages"?
Ownership advantages gives a competitive advantage to the firm fromowning a valuable asset - Ex. Brand name,economies of scale, or technology - to better penetrate new markets. -
Developing international strategies
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What is strategy formulation and strategy implementation?
Strategy formulation is deciding what to do and strategy implementation is actually doing it.
In a strategy formulation the firm establishes its goals and a strategic plan that will lead to those goals.
In strategy implementation the company develops tactics for achieving the international strategies. -
Leadership in int. Business
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What is the theory called that states that leaders cannot succeed by always using the same set of behaviours in all circumstances?
Contemporary leadership theory -
Scope, implementation and pitfalls of strategic alliances
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When forming a strategic alliance, following pitfalls might happen:Incompatibility of partnersAccess to informationDistribution of earningsLoss of autonomyChanging circumstancesDescribe each pitfall and what consequences they might have,
Incompatibility of partners- Partners not able to work together - Can lead to
conflict , often poor performance - How to solve: Meet up
beforehand to discuss reasons to join thealliance - Access to information
- One partner may have to share information with the other that was
preferred to keep secret - Ex. Information about technology
Distribution ofearnings - Share
risks and costs -> Also share profit - Who
earns how much? - Loss of
autonomy - Share control -> Limited what you can do
- Changing circumstances
- The motivating drivers for the alliance be disappear.
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