Chapter 1, Problem 7QA

. What is globalization? What modes of international business are used by firms that want to globalize? Briefly describe each method.   1. What is the difference between a monochronic and a polychronic culture? How do such cultural differences affect business practices for international firms?   2. What is gross national income? How is it calculated? Illustrate your answer with a specific example.   1. What are the disadvantages of import restrictions in regard to creating domestic employment opportunities?   2. What is value chain configuration? Briefly list and discuss the factors that influence value chain configuration.   1. What is the relationship between a company's international market and its production location decisions? How do firms benefit from the use of scanning techniques when making location decisions?   2. Explain how franchising agreements differ from licensing agreements.   1. Compare push and pull promotional strategies in the context of international business.…

What is globalization? How is globalization impacting the external environment in which businesses operate and what can businesses do to operate successfully in the global environment. What are the advantages and disadvantages of globalization?

Increased global interaction has been promoted by advanced technology in communication, ideas and culture, which largely encourages and facilitates international trading. Businesses go abroad in seeking better financial incentives, stronger networks, and markets of opportunities. But at the same time, the complexities in terms or risks involved in international operation are more than domestic firms. How to manage cultural risks and other factors related to a foreign operation of a multinational business. Is cultural, business, or political risk more challenging to overcome than one of the others? Why or why not? How should American standards influence multinational businesses?