International Business, 8th Edition
- Length: 724 pages
- Edition: 8
- Language: English
- Publisher: Pearson
- Publication Date: 2020-02-13
- ISBN-10: 1292274158
- ISBN-13: 9781292274157
- Sales Rank: #5701864 (See Top 100 Books)
For undergraduate and postgraduate students taking modules in international business, international strategy and global business practice.
Explore and understand international business through practical, theory and analytical frameworks
International Business, 8th Edition, by Collinson, Narula and Rugman presents data and evidence to assist you to map trends, make predictions and take on the role of decision makers in business and governments, in order to enable you to lead organizations with real insight in a complex, global environment. This textbook connects tried-and-tested theory, analytical frameworks, data and case examples to deliver a comprehensive guide to the subject from authors who keep pace with the ongoing developments in both theory and practice, focusing on the impacts of decisions on both the performance of multinational firms and the societies and economies they work in.
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Front Cover Half Title Page Title Page Copyright Page Contents in Brief Contents in Detail List of Figures and Tables Preface About the Authors Guide to the Case Studies Publisher's Acknowledgements Frameworks for this Book: Our Approach to the Study of International Business Part One: THE WORLD OF INTERNATIONAL BUSINESS Chapter 1: An Introduction to International Business Objectives of the chapter Introduction What is international business? Globalisation The outcomes of globalisation Understanding interdependence in globalisation Regional integration Mapping globalisation Technology and innovation New technologies The knowledge-intensive, multi-technology firm Socio-political developments What are institutions? Institutions and supranational agreements Globalisation and liberalisation Multinational enterprises Proto-globalisation and the MNE in historical context The industrial revolutions and the growth of private firms Foreign direct investment Measuring FDI and MNE activity MNEs before World War II The rise of the modern MNE International business in the modern era 1950-90: the rise of the triad 1990-2017: the rise of new players and forms of activity Modularisation, outsourcing and value chains The continuing importance of the state-owned enterprise Emerging economy MNEs - significant but exaggerated Dominance of the triad continues Small and medium-sized enterprises The fragmented firm: global value chains and production networks Outsourcing, offshoring and nearshoring Key points Key terms Notes Bibliography Chapter 2: General Frameworks in International Business Objectives of the chapter Active Learning Case: Starbucks: a global 'coffee culture' Introduction Firm-specific advantages/ownership advantages A classification of O advantages Location advantages/country-specific advantages A classification of L advantages International Business Strategy in Action: US manufacturing: from China to Mexico The eclectic paradigm: putting it all together Strategic management of MNEs: an introduction Steps in the strategic management process A framework for global strategies: the FSA-CSA matrix The FSA-CSA matrix Why firms become MNEs How do firms engage in international activities? Entry modes Non-equity entry modes Equity entry modes Collaborative agreements/strategic alliances International new ventures and 'born global' firms The international activities of SMEs The practical challenges for internationalising SMEs International Business Strategy in Action: Worrying times for Singapore's SMEs How do SME managers know which markets to enter? Modes of entry and adaptation for success in foreign markets Key points Key terms Real Cases Walmart Inc. Back again? IKEA's re-entry into Japan Notes Bibliography Chapter 3: Multinational Enterprises, Innovation and Competitiveness Objectives of the chapter Active Learning Case: GE Healthcare in India: locally driven innovation Introduction Trends in innovation at the country and firm level The resource-based view (RBV) and the VRIO framework Resources and capabilities The VRIO framework Dynamic capabilities Quick learning/incremental learning Integration of new assets/radical learning Modification and transformation of new organisational assets Dynamic capabilities and small firms International Business Strategy in Action: Spreadshirt: open innovation Innovation and location advantages International dimensions of innovation The location of innovation activities in the MNE International Business Strategy in Action: Innovation networks at IBM The innovative MNE as a differentiated network Key points Key terms Real Cases Canon Group R&D at Hewlett-Packard Notes Bibliography Part Two: THE ENVIRONMENT OF INTERNATIONAL BUSINESS Chapter 4: International Politics Objectives of the chapter Active Learning Case: How risky is foreign investment in Russia? Introduction Political ideologies and economics Political systems Economic systems Government control of assets International Business Strategy in Action: Greece: third (bailout) time lucky Government-business cooperation Japan and EU assistance US competitiveness Economic integration Trade creation and trade diversion Levels of economic integration Economic integration: an overall perspective Ethics, environment, MNEs and the civil society International Business Strategy in Action: Businesses and NGOs work together on climate change The European Union (EU) Other examples of economic integration Key points Key terms Review and discussion questions Real Cases How environmental regulations can be used as trade barriers Turkish lira in crisis: record low in 2018 Notes Bibliography Chapter 5: International Culture Objectives of the chapter Active Learning Case: Cultures clash as big pharma gets bigger Introduction What is culture? The importance of culture in different business contexts Culture has always been important International Business Strategy in Action: McDonald's National stereotypes and key dimensions of culture Culture at two levels Hofstede's four dimensions of culture Trompenaars' seven dimensions of culture The GLOBE project's nine dimensions of culture Applying the national culture frameworks 'The way we do things here': the implications of cultural differences for organisations and managers Cross-cultural management Organisation Leadership Communication The corporate response Multinational organisation structures: imperialist or independent? Culture clash in cross-border M&A and joint ventures International Business Strategy in Action: The collective culture of John Lewis & Partners Culture embodied in national institutions France: cultural and social characteristics that create a national distinctiveness Key points Key terms Review and discussion questions Real Cases Konami is watching its employees Sport can be local and global: Manchester United Notes Bibliography Chapter 6: International Trade Objectives of the chapter Active Learning Case: US-China trade war: battle of the giants Introduction International trade theory Theory of absolute advantage Theory of comparative advantage Factor endowment theory International product life cycle theory Other important considerations International Business Strategy in Action: Microsoft shows the world is not flat Barriers to trade Reasons for trade barriers Commonly used barriers Tariffs International Business Strategy in Action: Brexit: A sharp lesson in the importance of trade interdepend-encies Non-tariff barriers to trade Quotas 'Buy national' restrictions Customs valuation Technical barriers Anti-dumping legislation, subsidies and countervailing duties Agricultural products Export restraints Other economic developments Countertrade Trade in services Free trade zones Key points Key terms Review and discussion questions Real Cases China's Rare Earth Minerals Dumping on trade complaints Notes Bibliography Appendix: Balance of payments Chapter 7: International Financial Markets and Institutions Objectives of the chapter Active Learning Case: Barclays Bank international financial dealings Introduction Foreign exchange markets Foreign exchange markets in the United States Determination of the exchange rate Purchasing power parity International Fisher effect Combined equilibrium relationships Other factors determining exchange rates Protecting against exchange risk Alternatives to minimise exchange risk International Business Strategy in Action: The Big Four Foreign money and capital markets MNEs and national money markets MNEs and national capital markets Regional money and capital markets The eurocurrency market Eurocurrency interest rates Other market characteristics Criticisms of the euromarkets Eurobonds and euroequities International Business Strategy in Action: AngloGold Ashanti The IMF system Unresolved problems with the IMF system MNEs and international financial markets and institutions Key points Key terms Review and discussion questions Real Cases HSBC Slowdown in China: Global financial markets and contagion effects Notes Bibliography Part Three: INTERNATIONAL BUSINESS STRATEGIES Chapter 8: Multinational Strategy Objectives of the chapter Active Learning Case: Vodafone and the triad telecom market Introduction Strategic orientations International Business Strategy in Action: Tesco at home and abroad Strategy formulation External environmental assessment Internal environmental assessment Goal setting Strategy implementation Location International Business Strategy in Action: Fuji Xerox and Xerox Ownership Functional strategies Control and evaluation Common methods of performance measurement Key points Key terms Review and discussion questions Real Cases 3M Social media: Serengetee Notes Bibliography Appendix: Regional aspects of multinationality and performance Chapter 9: Organising Strategy Objectives of the chapter Active Learning Case: Procter & Gamble Introduction Organisation structures Early organisation structures International Business Strategy in Action: Sanofi-Aventis The international division Global organisation structures International Business Strategy in Action: Baker Tilly changes its name to RSM Strategic management and organising strategy Analysis of key structural variables Coordination Key points Key terms Review and discussion questions Real Cases LVMH: organising luxury products in the international arena Maersk Group Notes Bibliography Chapter 10: Corporate Strategy and National Competitiveness Objectives of the chapter Active Learning Case: Worldwide operations and local strategies of ABB Introduction The single diamond Determinants and external variables Critique and evaluation of the model The double diamond Canada and the double diamond International Business Strategy in Action: Nokia and Ericsson: moving beyond mobiles Mexico and the double diamond Integration and responsiveness Integration versus national responsiveness International Business Strategy in Action: Renewed advantage through vertical integration at Floreal Knit-wear Balancing the trade-offs Key points Key terms Review and discussion questions Real Cases The global beer industry: decline and growth at the same time? IBM Notes Bibliography Part Four: FUNCTIONAL AREA STRATEGIES Chapter 11: Production Strategy Objectives of the chapter Active Learning Case: GE production: from Six Sigma to the GE Store Introduction Research, development and innovation Speed-to-market Generation of goods and services Global sourcing International Business Strategy in Action: H&M learning from Zara Manufacturing of goods International Business Strategy in Action: Magna International Inc. Developing a strong service orientation International logistics Transportation Packaging Storage Different kinds of global production systems Strategic management and production strategy Technology and production design Continuous improvement Productivity Key points Key terms Review and discussion questions Real Cases Flextronics Nike Notes Bibliography Chapter 12: Marketing Strategy Objectives of the chapter Active Learning Case: Adidas: promoting a global sports brand Introduction International market assessment Initial screening: basic need and potential Second screening: financial and economic conditions Third screening: political and legal forces Fourth screening: socio-cultural forces Fifth screening: competitive environment Final selection Product strategies Little or no modification Moderate to high modification International Business Strategy in Action: Weeby buys Tappy Promotion Nature of the product Advertising International Business Strategy in Action: The 2018 retail crisis catches up with Marks & Spencer Personal selling Pricing Government controls Market diversity Currency fluctuations Price escalation forces Place Different distribution systems Choosing the best distribution system Strategic management and marketing strategy Ongoing market assessment Internet marketing and 'open innovation' Key points Key terms Review and discussion questions Real Cases Bang & Olufsen Mirum - never lose your sense of wonder! Notes Bibliography Chapter 13: Human Resource Management Strategy Objectives of the chapter Active Learning Case: The Coca-Cola Company thinks local Introduction Selection and repatriation International screening criteria and selection procedures Repatriation of expats Training and development Types of training International Business Strategy in Action: The glass ceiling Compensation Common elements in an international compensation package Compensation trends and comparisons Labour relations Labour relations practices International Business Strategy in Action: Primark: putting global stakeholders first Industrial democracy Strategic management and IHRM strategies Language training Cultural adaptation Competitive compensation Specially designed HRM programmes Key points Key terms Review and discussion questions Real Cases India's role in the global offshoring economy Executive search firms Notes Bibliography Chapter 14: Political Risk and Negotiation Strategy Objectives of the chapter Active Learning Case: Nestle in Nigeria Introduction Generic PEST analysis Political risk Deregulation and political risk The nature of political risk Sources of political risk Country analysis and political risk assessment Online risk information resources Quantifying risk vulnerability Accounting for country risk Negotiation strategies Behavioural characteristics of the participants in negotiations International Business Strategy in Action: From riches to rags: the decline of the Venezuelan oil industry International Business Strategy in Action: Intel effect Transparency and corruption: politically sensitive political risk Strategic management and political risk Use of integrative and protective/defensive techniques Key points Key terms Review and discussion questions Real Cases Huawei accused of spying Problems with ports Notes Bibliography www resources Chapter 15: International Financial Management Objectives of the chapter Active Learning Case: Financial transparency at Siemens Introduction Determining parent-subsidiary relationships Polycentric solution Ethnocentric solution Geocentric solution Managing global cash flows Internal funds flows Funds positioning techniques Multilateral netting International Business Strategy in Action: Worldwide tax havens Managing cash International Business Strategy in Action: Sovereign wealth funds Exchange risk management Transaction risk Translation risk Economic risk An example of exchange risk management Developing forecasting and reporting systems Capital budgeting in the MNE Use of NPV Institutional features International financing in the MNE Financial structure Control: identifying objectives, evaluating affiliate performance and making performance consistent with goals Strategic international finance Establishing overseas operations Reducing financial risk Key points Key terms Review and discussion questions Real Cases Carillion's collapse M-Pesa: Kenya's mobile money service leapfrogging traditional banks Notes Bibliography Part Five: REGIONAL STRATEGIES Chapter 16: European Union Objectives of the chapter Active Learning Case: Brexit troubles for Jaguar Land Rover The EU: origins and environment Emergence of a Single European Market Productivity and competitiveness: how does the EU compare? International Business Strategy in Action: VW diesel dispute Accessing and adapting to EU markets Strategic acquisitions and alliances Marketing considerations International Business Strategy in Action: The future is Orange Producing products and services in the EU Management considerations Barriers to EU market access Key points Key terms Review and discussion questions Real Cases Accor budget hotels Carrefour Notes Bibliography Chapter 17: Japan Objectives of the chapter Active Learning Case: Doing business in Japan Introduction Political, social and cultural characteristics A traditionally strong government role in the economy Distinctive cultural characteristics Economy and business Japan and China: the new Asian powerhouse? Business characteristics Manufacturing strengths Strong applied R&D Keiretsu International Business Strategy in Action: Kirin Beer goes international Distribution, retailing and customer orientation Japanese corporations A changing nation Restructuring capital markets Deregulation, increased M&A and inward FDI International Business Strategy in Action: Walmart takes Seiyu Restructuring corporations The decline of manufacturing and distribution keiretsu The growth of outward FDI and offshore manufacturing The decline of lifetime employment and changing HRM practices Diversification strategies Conclusions Key points Key terms Review and discussion questions Real Cases Renault, Nissan and Mitsubishi Alliance: no pain, no gain Sony - diversifying into the automobile industry? Notes Bibliography www resources Chapter 18: North America Objectives of the chapter Active Learning Case: FTA, NAFTA and CUSMA Introduction Canada Canada's economy Differences in the business environment International Business Strategy in Action: Air Canada's bid for consolidation Canada's multinationals Business opportunities in Canada Franchising Mexico Mexico's economy Mexico, NAFTA and CUSMA Regional trade agreements Doing business in Mexico International Business Strategy in Action: Mexico's tomatoes Key points Key terms Review and discussion questions Real Cases Jumex of Mexico GlaxoSmithKline in the United States Notes Bibliography Chapter 19: Emerging Economies Objectives of the chapter Active Learning Case: Acer Taiwan goes international Introduction Triad firms and emerging economy firms: why the mutual attraction? An overview of emerging economies, by region Asia-Pacific and the Middle East Central and eastern Europe Latin America and the Caribbean Africa International Business Strategy in Action: From Oserian to Tesco: the Kenyan cut flower industry Shifting patterns of comparative and competitive advantage Flying Geese model Emerging economies as sources of innovation Market access to the triad International Business Strategy in Action: Korean chaebols: Hyundai and Samsung Key points Key terms Review and discussion questions Real Cases The Indian IT, software and services industry Bumrungrad International in Thailand Notes Bibliography www resources Chapter 20: China Objectives of the chapter Active Learning Case: Oxford Instruments in China Introduction Unprecedented scale, scope and speed of growth The role of government MNE investment into China International Business Strategy in Action: Airbus secures a deal with China Foreign R&D investment Getting into China Outward investment and the new multinationals from China International Business Strategy in Action: Alibaba steps up to global competition Key points Key terms Review and discussion questions Real Cases China's One Belt One Road Nanjing Auto makes the MG Notes Bibliography www resources Glossary Index Back Cover
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