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Author Cavusgil, S. Tamer, author.

Title International business : the new realities / [S. Tamer] Cavusgil, [Gary A.] Knight, [John R.] Riesenberger, [Hussain G.] Rammal, [Elizabeth L.] Rose.

Published Melbourne, Vic. : Pearson, 2015.
Melbourne, Vic Pearson Australia, 2015.
Ā© 2015.

LocationUniM Giblin Eunson High Use 
Call No.658.049 CAVU


Edition 2nd edition.
Physical description xxiii, 632 pages : colour illustrations, colour maps ; 28 cm.
Series Always Learning.
Always learning (Pearson)
Notes Second adaptation edition.
Bibliography Includes bibliographical references and index.
Contents Preface -- PART 1 Foundation concepts -- 1 Introduction - What is international business? -- The key concepts in international trade and investment -- The nature of international trade -- The nature of international investment -- Services as well as products -- The international financial services sector -- How international business differs from domestic business -- The four risks in internationalisation -- Who participates in international business? -- Multinational enterprises -- Small and medium sized enterprises -- GLOBAL TREND - Diesel - A smaller firm's smashing international success -- Non governmental organisations -- Why firms pursue internationalisation strategies -- Why you should study international business -- Facilitator of the global economy and interconnectedness -- Contributor to national economic wellbeing -- A competitive advantage for the firm -- An opportunity for global corporate citizenship -- CLOSING CASE - Welspun Group - Riding the globalisation wave -- 2 Globalisation of markets and the internationalisation of the firm -- Why globalisation is not a new phenomenon -- Phases of globalisation -- An organising framework for market globalisation -- Dimensions of market globalisation -- Integration and interdependence of national economies -- Rise of regional economic integration blocs -- Growth of global investment and financial flows -- Convergence of consumer lifestyles and preferences -- Globalisation of production -- Globalisation of services -- Drivers of market globalisation -- Worldwide reduction of barriers to trade and investment -- Market liberalisation and adoption of free markets -- Industrialisation, economic development and modernisation -- Integration of world financial markets --
A global consensus -- CLOSING CASE - Union Carbide India - The Bhopal disaster -- 6 Theories of international trade and investment -- Theories of international trade and investment -- Why nations trade -- Classical theories -- How nations enhance their competitive advantage - Contemporary theories -- The competitive advantage of nations -- Michael Porter's diamond model -- National industrial policy -- GLOBAL TREND - Repositioning to create national comparative advantage -- Why and how do firms internationalise? -- Internationalisation process of the firm -- Early internationalisation (born globals) and international entrepreneurship -- How firms gain and sustain international competitive advantage -- FDI-based explanations -- Non-FDI-based explanations -- CLOSING CASE - Pumpkin Patch - The internationalisation story of a born global -- 7 Political and legal systems in national environments -- What is country risk? -- How prevalent is country risk? -- What are political and legal systems? -- Types of political systems -- Totalitarianism -- Socialism -- Democracy -- The relationship between political systems and economic systems -- Command economy -- Market economy -- Mixed economy -- Types of legal systems -- Common law -- Civil law -- Religious law -- Mixed systems -- Participants in political and legal systems -- Government -- International organisations -- Regional economic blocs -- Special interest groups -- Competing firms -- Types of country risk produced by the political system -- Government takeover of corporate assets -- Sanctions and embargoes -- Boycotts against firms or nations -- War, insurrection and revolution -- Terrorism -- Types of country risk produced by the legal system --
Advances in technology -- Technological advances as a driver of market globalisation -- Information technology -- Communications -- Manufacturing -- Transportation -- GLOBAL TREND - Globalisation and e-business in the online world -- Contagion - Rapid spread of monetary or financial crises -- Societal consequences of market globalisation -- Loss of national sovereignty -- Offshoring and the flight of jobs -- Effect on the poor -- Effect on the natural environment -- Effect on national culture -- Globalisation and Africa -- Firm-level consequences of market globalisation - Internationalisation of the firm's value chain -- CLOSING CASE - The emergence of Emirates as a global airline -- 3 Organisational participants that make international business happen -- Three types of participants in international business -- Participants organised by value-chain activity -- An illustration of an international value chain - Dell -- Focal firms in international business -- The multinational enterprise -- Small and medium sized enterprises -- Born global or early internationalising firms -- Foreign-market-entry strategies of focal firms -- A framework for classifying market-entry strategies -- Focal firms otherthan MNEs and SMEs -- Distribution channel intermediaries in international business -- Intermediaries based in the foreign market -- Intermediaries based in the, home country -- Online intermediaries -- Facilitators in international business -- GLOBAL TREND - Online retailers surge ahead -- CLOSING CASE - -- 4 The cultural environment of international business -- The challenge of crossing cultural boundaries -- The meaning of culture - Foundation concepts -- Why culture matters in international business --
An overview of foreign-market-entry strategies -- The internationalisation of the firm -- Diverse motives for pursuing internationalisation -- Characteristics of firm internationalisation -- Exporting as a foreign-market-entry strategy -- Exporting - A popular entry strategy -- Service sector exports -- Advantages of exporting -- Disadvantages of exporting -- GLOBAL TREND - The emergence of SME exporters -- A systematic approach to exporting -- Importing -- Managing export-import transactions -- Documentation -- International logistics and IncotermsĀ® -- Methods of payment in exporting and importing -- Cash in advance -- Letter of credit -- Open account -- Consignment sales -- Cost and sources of export-import financing -- Commercial banks -- Factoring, forfaiting and confirming -- Distribution channel intermediaries -- Buyers and suppliers -- Intra-corporate financing -- Government assistance programs -- Multilateral development banks (MDBs) -- Identifying and working with foreign intermediaries -- Working with foreign intermediaries -- When intermediary relations go bad -- Countertrade -- The magnitude and drivers of countertrade -- Types of countertrade -- Risks of countertrade -- Why countertrade? -- CLOSING CASE - Kangaroo Island Pure Grain - Agricultural exports to Asia -- 15 Foreign direct investment and collaborative ventures -- Foreign direct investment -- Trends in foreign direct investment and collaborative ventures -- Motives for foreign direct investment and collaborative ventures -- Market-seeking motives -- Resource- or asset-seeking motives -- Efficiency-seeking motives -- Characteristics of foreign direct investment -- Key features of foreign direct investment --
Country risk arising from the host country legal environment -- Country risk arising from the home country legal environment -- GLOBAL TREND - E-commerce and the international legal environment -- Managing country risk -- Proactive environmental scanning -- Strict adherence to ethical standards -- Alliances with qualified local partners -- Protection through legal contracts -- CLOSING CASE - Singaporean good governance, prosperity and future challenges -- 8 Government intervention in international business -- Government intervention in international business -- The rationale for government intervention -- Defensive rationale -- Offensive rationale -- Instruments of government intervention -- Tariffs -- Non-tariff trade barriers -- Investment barriers -- Subsidies and other government support programs -- Emerging markets and ethical concerns in government intervention -- The evolution of government intervention -- GLOBAL TREND - The World Trade Organization and the collapse of the Doha Round -- Intervention and the global financial crisis -- How firms can respond to government intervention -- CLOSING CASE - South Korean industry policy and economic modernisation -- 9 Regional economic integration -- Regional integration and economic blocs -- Types of regional integration -- Leading economic blocs -- The European Union (EU) -- European Free Trade Association (EFTA) -- North American Free Trade Agreement (NAFTA) -- El Mercado Comun del Sur (MERCOSUR) -- Caribbean Community and Common Market (CARICOM) -- Comunidad Andina de Naciones (CAN ) -- Association of Southeast Asian Nations (ASEAN) -- Asia Pacific Economic Cooperation (APEC) -- South Asian Association for Regional Cooperation (SMRC) --
Economic integration in the Middle East and Africa -- GLOBAL TREND - Integration in Asia -- Australia's free trade agreements -- Why countries pursue regional integration -- Drawbacks and ethical dilemmas of regional integration -- Trade diversion -- Reduced global free trade -- Loss of national identity -- Sacrifice of autonomy -- Transfer of power to advantaged firms -- Failure of small or weak firms -- Corporate restructuring and job loss -- Management implications of regional integration -- Internationalisation by firms inside the economic bloc -- Rationalisation of operations -- Mergers and acquisitions -- Regional products and marketing strategy -- Internationalisation by firms from outside the bloc -- Collaborative ventures -- CLOSING CASE - Russell Brands - Choosing between global and regional free trade -- 10 Understanding emerging markets -- Advanced economies, developing economies and emerging markets -- Advanced economies -- Developing economies 2 -- Emerging market economies -- GLOBAL TREND - China's evolving challenges and opportunities -- The attraction of emerging markets in international business -- Emerging markets as manufacturing bases -- Emerging markets as sourcing destinations -- Assessing the true potential of emerging markets -- Per capita income as an indicator of market potential -- The middle class as an indicator of market potential -- Risks and challenges of emerging markets -- Political instability -- Weak intellectual property protection -- Bureaucracy, red tape and lack of transparency -- Partner availability and qualifications -- Dominance of family conglomerates -- Strategies for emerging markets -- Customise offerings to unique emerging market needs --
Foreign direct investment and corporate social responsibility -- Most active firms in foreign direct investment -- Service firms and foreign direct investment -- Leading destinations for foreign direct investment -- Factors to consider in selecting FDI locations -- Types of foreign direct investment -- Greenfield investment versus mergers and acquisitions -- The nature of ownership in foreign direct investment -- Vertical versus horizontal integration -- International collaborative ventures -- GLOBAL TREND - Foreign direct investment in the global recession -- Equity Joint ventures -- Project-based, non-equity ventures -- Equity ventures versus project-based, non-equity ventures -- Consortium -- Cross-licensing agreements -- Managing collaborative ventures -- Understand potential risks in collaboration -- Pursue a systematic process for partnering -- Ensure success with collaborative ventures -- The experience of retailers in foreign markets -- Challenges of international retailing -- International retailing success factors -- CLOSING CASE - Foreign direct investment in China - A case study from the Yangtze Delta Basin -- 16 Licensing, franchising and other contractual strategies -- Contractual entry strategies -- Unique aspects of contractual relationships -- Types of intellectual property -- Licencing as an entry strategy -- Trademark and copyright licensing -- Know-how licensing -- Which are the top licensing firms? -- Advantages and disadvantages of licensing -- Advantages of licensing -- Disadvantages of licensing -- Franchising as an entry strategy -- GLOBAL TREND - Internationalisation of franchising - Emerging markets -- Who are the top global franchisors? -- Advantages and disadvantages of franchising --
National, professional and corporate culture -- Corporate culture -- Professional culture -- Interpretations of culture -- Cultural metaphors -- Stereotypes -- Idioms -- Hall's high and low context cultures -- Hofstede's research on national culture -- Key dimensions of culture -- Values and attitudes -- Deal versus relationship orientation -- Manners and customs -- Perceptions of time -- Perceptions of space -- Religion -- Symbolic productions -- Material productions and creative expressions of culture -- Language as a key dimension of culture -- Cross cultural communication and international business negotiations -- Culture and contemporary issues -- Culture and the services sector -- Technology, the internet and culture -- Globalisation's effect on culture - Are cultures converging? -- Managerial guidelines for cross-cultural success -- GLOBAL TREND - Minimising cross-cultural bias with critical incident analysis -- CLOSING CASE - Hollywood's influence on global culture -- PART 2 The environment of international business -- 5 Ethics and international business -- Corruption in international business -- Ethics in international business -- The value of ethical behaviour -- Global variation in ethical standards -- Approaches to ethics and social responsibility -- The Friedman doctrine ( stockholder theory) -- Utilitarian ethics -- The human rights approach -- Rawls' justice theory -- An ethical dilemma? -- Linking ethics, corruption and responsible behaviour -- Corporate social responsibility (CSR) abroad -- The value of CSR -- Sustainability's role in international operations -- GLOBAL TREND - Global corporate social responsibility rises to the top of the MNE agenda -- A framework for making ethical decisions -- Embracing CSR and sustainability --
PART5 Functional area excellence -- 18 Marketing in the global firm -- Global marketing strategy -- Targeting customer segments and positioning -- Standardisation and adaptation of the international marketing program -- Standardisation -- Adaptation -- Standardisation and adaptation - A balancing act -- Global branding and product development -- Global branding -- Global product development -- International pricing -- GLOBAL TREND - The growing role for marketing in developing economies -- Factors affecting international pricing -- A framework for setting international prices -- Managing international price escalation -- Managing pricing under varying currency conditions -- Transfer pricing -- Grey market activity (parallel imports) -- International marketing communications -- International advertising -- International promotional activities -- Global account management -- International distribution -- CLOSING CASE - MTV India - Balancing global and local marketing -- 19 Human resource management in the global firm -- The strategic role of human resources in international business -- Three employee categories -- Differences between domestic and international HRM -- Key tasks in international human resource management -- International staffing policy -- Searching for talent -- Expatriate failure and culture shock -- Preparation and training of personnel -- Preparing employees for repatriation -- Cultivating global mindsets -- Charting global careers for employees -- International performance appraisal -- Compensation of personnel -- International labour relations -- Distinctive features of labour around the world -- The cost and quality of labour -- Workforce reduction --
Partner with family conglomerates -- Market to governments in emerging markets -- Skilfully challenge emerging market competitors -- Emerging markets, developing economies and corporate social responsibility -- Foster economic development with profitable projects -- Microfinance to facilitate entrepreneurship -- The special case of Africa -- CLOSING CASE - Astra International - Building successful international business around fluxing national government policy -- 11 The international monetary and financial environment -- Currencies and exchange rates in international business -- Convertible and non-convertible currencies -- Foreign exchange markets -- Exchange rates are in constant flux -- How exchange rates are determined -- Economic growth -- Interest rates and inflation -- Market psychology -- Government action -- Development of the modern exchange rate system -- The exchange rate system today -- The international monetary and financial systems -- International monetary system -- Global financial system -- Key players in the monetary and financial systems -- The firm -- National stock exchanges and bondmarkets -- GLOBAL TREND - Global financial crisis -- Commercial banks -- Central banks -- Bank for International Settlements -- International Monetary Fund -- World Bank -- CLOSING CASE - AIG and global financial contagion -- PART 3 Strategy and opportunity assessment -- 12 Strategy and organisation in the international firm -- Strategy in international business -- Building the global firm -- Visionary leadership -- Organisational culture -- Organisational processes -- The distinction between multi-domestic and global industries -- The integration-responsiveness framework --
Pressures for local responsiveness -- Pressures for global integration -- Strategies based on the integration-responsiveness framework -- Organisational structure -- Centralised or decentralised structure? -- Organisational structures for international operations -- Export department -- International division structure -- Geographical area division (decentralised structure) -- Product structure (centralised structure) -- Functional structure (centralised structure) -- Global matrix structure -- Putting organisational change in motion -- CLOSING CASE - Lenovo - The global challenger from an emerging market -- 13 Global market opportunity assessment -- Global market opportunity assessment -- Analysing organisational readiness to internationalise -- Assessing the suitability of products and services for foreign markets -- Factors contributing to product suitability for international markets -- Key issues to resolve in measuring product potential -- Screening countries to identify target markets -- Screening countries for exporting -- Screening methodology for potential country markets -- GLOBAL TREND - Global macro trends that affect international business -- Country screening for foreign direct investment -- Country screening for sourcing -- Assessing industry market potential -- Practical methods for assessing industry market potential -- Data sources for estimating industry market potential -- Selecting foreign business partners -- Criteria for choosing a partner -- Searching for prospective partners -- Estimating company sales potential -- Determinants of company sales potential -- Practical approaches to estimating company sales potential -- Conclusion -- CLOSING CASE - Breaking the Ice? Icebreaker considers expansion into China -- PART 4 Entering and operating in international markets -- 14 Exporting and countertrade --
The franchisor perspective -- The franchisee perspective -- Managerial guidelines for licensing and franchising -- Other contractual entry strategies -- Turnkey contracting -- Build-operate-transfer arrangements (BOT) -- Management contracts -- Leasing -- The special case of internationalisation by professional service firms -- Guidelines for protecting intellectual property -- CLOSING CASE - Subway and the challenges of franchising in China -- 17 Global sourcing -- Trends towards outsourcing, global sourcing and offshoring -- Decision 1 - Outsource or not? -- Decision 2 - Where in the world should value-adding activities be located? -- Global sourcing from subsidiaries versus independent suppliers -- Contract manufacturing - Global sourcing from independent suppliers -- Offshoring -- Limits to global sourcing -- Strategic implications of outsourcing and global sourcing -- Evolution of global sourcing -- Phases in the evolution - From global sourcing of inputs to offshoring value-adding activities -- Diversity of countries that initiate and receive outsourced work -- Benefits and challenges of global sourcing for the firm -- Cost efficiency -- Achievement of strategic goals -- GLOBAL TREND - China and India - Chief rivals in the global sourcing game -- Implementing global sourcing through supply-chain management -- Logistics and transportation -- Transportation modes -- Risks in global sourcing -- Strategies for minimising risk in global sourcing -- Implications of global sourcing for public policy and global citizenship -- Potential harm to economies from global sourcing -- Ethical and social implications of global sourcing -- Potential benefits to national economy -- Public policy towards global sourcing -- CLOSING CASE - Boeing 787 - A story of outsourcing --
Trends in international labour -- Firm strategy in international labour relations -- GLOBAL TREND - Global corporate citizenship in international human resource management -- Diversity in the international workforce -- Women in international business -- Success strategies for women managers in international business -- CLOSING CASE - Evolving human resource challenges at Sony -- 20 Financial management and accounting in the global firm -- Primary tasks in international financial management -- Task one - Decide on the capital structure -- Task two - Raise funds for the firm -- Financial centres -- Sources of funds for international operations -- Equity financing -- Debt financing -- GLOBAL TREND - Emerging markets as international investment destinations -- Intra-corporate financing -- Task three - Manage working capital and cash flow -- Methods for transferring funds within the MNE -- Multilateral netting -- Task four - Manage capital budgeting -- Net present value analysis of capital investment projects -- Task five - Manage currency risk -- Three types of currency exposure -- Foreign exchange trading -- Types of currency traders -- Exchange rate forecasting -- Management of exposure to currency risk through hedging -- Best practice in minimising currency exposure -- Task six - Manage the diversity of international accounting and tax practices -- Transparency in financial reporting -- Trends towards harmonisation -- Consolidating the financial statements of subsidiaries -- International taxation -- CLOSING CASE - Mergers, acquisitions and nationalisation - The banking sector in Pakistan -- Glossary -- Index.
Summary The accelerating cross-border flow of products, services, capital, ideas, technology and people is driving businesses--large and small--to internationalise. International Business 2nd Australasian edition: the New Realities is a rigorous resource which prepares future managers to operate successfully in multinational settings. Case studies from a wide variety of markets relevant to Australasian business, including ASEAN countries as well as China, India, Japan, South Korea, Pakistan, Europe and the Middle East, provide a real-world perspective to theories and examine the latest trends in international business. The second edition of International Business features 10 new in-depth case studies specially created for this edition. For undergraduate students majoring in international business or post-graduate courses in international business.
Processing Action Textbook BUSS 2067 2015.
Other author Knight, Gary A., author.
Riesenberger, John R., 1948- author.
Rammal, Hussain G., author.
Rose, Elizabeth L., author.
Subject Business education -- Textbooks.
International business enterprises.
International business enterprises -- Management.
Business education -- Textbook.
ISBN 9781486011049 : $134.95