International Business: The New Realities, Global Edition, 5th Edition
- Length: 576 pages
- Edition: 5
- Language: English
- Publisher: Pearson
- Publication Date: 2019-09-16
- ISBN-10: 1292303247
- ISBN-13: 9781292303246
- Sales Rank: #704224 (See Top 100 Books)
For courses in international business.
This ISBN is for the bound textbook, which students can rent through their bookstore.
A modern approach to international business
International Business: The New Realities, 5th Edition caters to a post-millennial student audience, the most diverse and educated generation to date. The book connects to students of the technological age, facing a diverse and evolving economic environment fueled by the internet and multimedia sources. The authors understand and speak to what motivates this group, also known as Generation Z — their reliance on technology, their drive towards achievement and helping their communities, and their desire to obtain skills they can apply towards meaningful jobs. By addressing their interests and issues such as the competitive job market and challenges faced by advanced economies, the text engages students in the material and preps them for successful careers in international business.
This title is also available digitally as a standalone Pearson eText, or via Pearson MyLab Management, which includes the Pearson eText. These options give students affordable access to learning materials, so they come to class ready to succeed. Contact your Pearson rep for more information.
Front Cover Ttile Page Copyright Page Brief Contents Contents Preface Acknowledgments About the Authors Part 1 Foundation Concepts 1 Introduction: What Is International Business? China Globalizes London’s Black Cabs What Are the Key Concepts in International Business? The Nature of International Trade The Nature of International Investment Services as Well as Products The International Financial Services Sector How Does International Business Differ from Domestic Business? The Four Risks in Internationalization Who Participates in International Business? Focal Firms in International Business Small and Medium-sized Enterprises Born Global Firms Governments and Nongovernmental Organizations Why Do Firms Internationalize? Why Study International Business? Facilitator of the Global Economy and Interconnectedness Contributor to National Economic Well-being A Competitive Advantage for the Firm You Can Do It | Recent Grad in IB: Mary Lyles A Competitive Advantage for You An Opportunity to Support Ethics, Sustainability, and Corporate Citizenship CKR Career Preparation Kit: Tangible Process Tools and Travel Abroad Preparation Checklist Closing Case: Internationalization at Vodafone End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 2 Globalization of Markets and the Internationalization of the Firm Skype: A “born Global” Business Phases of Globalization Market Globalization: Organizing Framework Driving Forces of Globalization Technological Advances and Globalization Information Technology Digitalization Communications Manufacturing Transportation Dimensions of Market Globalization Firm-Level Consequences of Market Globalization: Internationalization of the Firm’s Value Chain You Can Do It | Recent Grad in IB: Terrance Rogers Societal Consequences of Globalization Contagion: Rapid Spread of Monetary and Financial Crises Loss of National Sovereignty Offshoring Reshoring Effect on the Poor Effect on Sustainability and the Natural Environment Effect on National Culture Globalization and Africa Closing Case: A Debate on the Good and Harm of Globalization End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes Part 2 The Environment of International Business 3 The Cultural Environment of International Business Hallyu and the Rising Influence of the Korean Global Culture Culture and Cross-Cultural Risk What Culture Is Not Socialization and Acculturation Dimensions of Culture Values and Attitudes Manners and Customs Perceptions of Time Perceptions of Space Symbolic Productions Material Productions and Creative Expressions Education Social Structure Role of Language and Religion in Culture Verbal Language Nonverbal Communication Religion Culture’s Effect in International Business Models and Explanations of Culture Cultural Metaphors High-and Low-Context Cultures Hofstede’s Research on National Culture Deal Versus Relationship Orientation Managerial Implications of Culture Cultural Orientations How to Acquire Cross-Cultural Competence Closing Case: Hollywood Movies and Global Culture End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 4 Ethics, Corporate Social Responsibility, Sustainability, and Governance in International Business Improving the Lives of Bangladeshi Garments Factory Workers Ethical Behavior and Its Importance in International Business Components of Ethical Behavior Value of Ethical Behavior Unethical Behavior Ethical Standards and Dilemmas Around the World Relativism and Normativism Ethical Challenges in International Business Corruption Bribery Harmful Work Environment Unethical Business Practices Harmful Global Sourcing Illicit Products and Marketing Intellectual Property Infringement Corporate Social Responsibility Settings of Corporate Social Responsibility Successes and Failures of CSR Sustainability Company Role in Sustainability The Role of Corporate Governance Embracing Ethical Behavior Ethical Standard Approaches for Corporate Governance A Global Consensus Going Deep, Wide, and Local Benefits of Corporate Governance You Can Do It | Recent Grad in IB: Javier Estrada A Framework Tool for Making Ethical Decisions Closing Case: Scandal at Volkswagen End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 5 Theories of International Trade and Investment Apple’s Advantages in Global Competition Why Do Nations Trade? Classical Theories How Can Nations Enhance Their Competitive Advantage? The Competitive Advantage of Nations Determinants of National Competitiveness National Industrial Policy National Industrial Policy in Practice Why and How Do Firms Internationalize? Internationalization Process of the Firm Born Global Firms How Can Internationalizing Firms Gain and Sustain Competitive Advantage? FDI-Based Explanations Dunning’s Eclectic Paradigm Non-FDI-Based Explanations Closing Case: Unilever’s Comparative and Competitive Advantages End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 6 Political and Legal Systems in National Environments Galileo: Regional Disintegration and Its Consequences How Prevalent Is Country Risk? Political and Legal Environments in International Business Political Systems Authoritarianism Socialism Democracy National Governance and Economic Prosperity The Relationship Between Political Systems and Economic Systems Legal Systems Common Law Civil Law Religious Law Mixed Systems Participants in Political and Legal Systems Government International Organizations Regional Trade Organizations Special Interest Groups Competing Firms Types of Country Risk Produced by Political Systems Government Takeover of Corporate Assets Embargoes and Sanctions Boycotts Against Firms or Nations Terrorism War, Insurrection, and Violence Types of Country Risk Produced by Legal Systems Country Risk Arising from the Host-country Legal Environment Country Risk Arising from the Home-country Legal Environment You Can Do It | Recent Grad in IB: Christopher Johnson Managing Country Risk Proactive Environmental Scanning Strict Adherence to Ethical Standards Alliances with Qualified Local Partners Protection Through Legal Contracts Closing Case: The Global Biopharmaceutical Industry: Political, Legal, and Ethical Dilemmas End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 7 Government Intervention and Regional Economic Integration Tripartism: Singapore’s Key Competitive Advantage The Nature of Government Intervention Defensive Rationale Offensive Rationale Instruments of Government Intervention Tariffs Nontariff Trade Barriers Investment Barriers Subsidies and Other Government Support Programs Evolution and Consequences of Government Intervention How Firms Can Respond to Government Intervention Strategies for Managers You Can Do It | Recent Grad in IB: Ashley Lumb Regional Integration and Economic Blocs Levels of Regional Integration Leading Economic Blocs The European Union North American Free Trade Agreement (NAFTA) Advantages and Implications of Regional Integration Expand Market Size Achieve Scale Economies and Enhanced Productivity Attract Direct Investment from Outside the Bloc Acquire Stronger Defensive and Political Posture Closing Case: South Korean Industry Policy and Economic Modernization End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 8 Understanding Emerging Markets New Global Challengers: Top Firms from Emerging Markets Advanced Economies, Developing Economies, and Emerging Markets Advanced Economies Developing Economies Emerging Market Economies What Makes Emerging Markets Attractive for International Business? Emerging Markets as Target Markets 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 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 Poor Physical Infrastructure Partner Availability and Qualifications Likely Resistance from Family Conglomerates Success Strategies for Emerging Markets Customize Offerings to Unique Emerging Market Needs Partner with Family Conglomerates Target Governments in Emerging Markets You Can Do It | Recent Grads in IB: Andrew and Jamie Waskey Skillfully Challenge Emerging Market Competitors Corporate Social Responsibility, Sustainability, and the Crisis of Global Poverty Foster Economic Development Microfinance to Facilitate Entrepreneurship The Special Case of Africa Closing Case: Astra International: Building Successful International Business Around Shifting National Government Policy End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes The European Union and the Euro 9 The International Monetary and Financial Environment The European Union and the Euro Exchange Rates and Currencies in International Business Convertible and Nonconvertible Currencies Foreign Exchange Markets Currency Risk How Exchange Rates Are Determined Economic Growth Inflation and Interest Rates Market Psychology Government Action Emergence of the Modern Exchange Rate System The Bretton Woods Agreement The Modern Exchange Rate System The Monetary and Financial Systems International Monetary System Global Financial System Key Players in the Monetary and Financial Systems The Firm National Stock Exchanges and Bond Markets Commercial Banks You Can Do It | Recent Grad in IB: Maria Petit Central Banks The Bank for International Settlements International Monetary Fund The World Bank The Global Debt Crisis Closing Case: Asian IFCs: Singapore and Hong Kong End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 10 Financial Management and Accounting in the Global Firm How a Small Firm Navigates Currency Risk Key Tasks in International Financial Management Choosing a Capital Structure Raising Funds for the Firm Financial Centers Sources of Funds for International Operations Managing Working Capital and Cash Flow Methods for Transferring Funds Within the Mne Multilateral Netting Performing Capital Budgeting Net Present Value Analysis of Capital Investment Projects Managing Currency Risk Three Types of Currency Exposure Foreign-Exchange Trading Types of Currency Traders Exchange-Rate Forecasting Managing Exposure to Currency Risk Through Hedging Hedging Instruments Best Practice in Minimizing Currency Exposure Managing the Diversity of International Accounting and Tax Practices Transparency in Financial Reporting Trends Toward Harmonization Consolidating the Financial Statements of Subsidiaries International Taxation Managing International Finance to Minimize Tax Burden Closing Case: International Financial Management at Tektronix End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes Ikea: Global Retailing Success Story Part 3 Strategy and Opportunity Assessment 11 Strategy and Organization in the International Firm IKEA: Global Retailing Success Story Strategy in International Business Efficiency Flexibility Learning Building the Global Firm Visionary Leadership Organizational Culture Organizational Processes The Distinction Between Multidomestic and Global Industries The Integration-responsiveness Framework Strategies Based on the Integration-responsiveness Framework Organizational Structure in International Business Centralized or Decentralized Structure? Organizational Structures for International Operations Foreign Market Entry Strategies Closing Case: Global Strategy at Lenovo End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 12 Global Market Opportunity Assessment Estimating Demand in Emerging Markets Analyzing Organizational Readiness to Internationalize Assessing the Suitability of Products and Services for Foreign Markets Screening Countries to Identify Target Markets Screening Countries for Exporting Country Screening for Foreign Direct Investment Country Screening for Manufacturing Competitiveness and Sourcing Assessing Industry Market Potential Data Sources for Estimating Industry Market Potential You Can Do It | Recent Grad in IB: Natasha Brown Choosing Foreign Business Partners Criteria for Choosing a Partner Searching for Prospective Partners Estimating Company Sales Potential Practical Approaches to Estimating Company Sales Potential In Conclusion Closing Case: Shifting Ice: Big Changes at Icebreaker End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes Part 4 Entering and Working in International Markets 13 Exporting and Global Sourcing Maersk and the Global Container Business Exporting as a Foreign Market Entry Strategy Service Sector Exports A Systematic Approach to Exporting Importing Managing Export-import Transactions Documentation Shipping and Incoterms Payment Methods in Exporting and Importing Financing Identifying and Working with Foreign Intermediaries Finding Foreign Intermediaries Working with Foreign Intermediaries When Intermediary Relations Go Bad Outsourcing, Global Sourcing, and Offshoring Decision 1: Outsource or Not? Decision 2: Where in the World Should Value-adding Activities Be Located? Global Sourcing Benefits, Risks, and Responsibilities of Global Sourcing Benefits of Global Sourcing Risks of Global Sourcing Reshoring and Nearshoring Corporate Social Responsibility Global Sourcing Strategies and Supply-chain Management Global Supply-Chain Management Closing Case: Inditex and Zara: A Tale of Comparative Advantages End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 14 Foreign Direct Investment and Collaborative Ventures Huawei Invests in Africa International Investment and Collaboration Volume of Foreign Direct Investment and Collaborative Ventures Most Active Firms in FDI Service Firms and FDI Leading Destinations for FDI Factors to Consider in Choosing FDI Locations Characteristics of Foreign Direct Investment Ethics, Social Responsibility, Sustainability, and FDI Motives for FDI and Collaborative Ventures Market-Seeking Motives Resource- or Asset-Seeking Motives Efficiency-Seeking Motives Types of Foreign Direct Investment Greenfield Investment Versus Mergers and Acquisitions The Nature of Ownership in FDI Vertical Versus Horizontal Integration International Collaborative Ventures You Can Do It | Recent Grad in IB: Jennifer Knippen Equity Joint Ventures Project-based, Nonequity Ventures Differences Between Equity and Project-based, Nonequity Ventures Consortium Cross-licensing Agreements Potential Risks in Collaboration Managing Collaborative Ventures The Experience of Retailers in Foreign Markets How Retailers Succeed in International Markets Closing Case: China’s “Going Out” Strategy End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 15 Licensing, Franchising, and Other Contractual Strategies How LEGO Built Global Value in the Toy Industry, Block by Block Contractual Entry Strategies Unique Aspects of Contractual Relationships Licensing as an Entry Strategy Trademark and Copyright Licensing Know-How Licensing The World’s Top Licensing Firms Advantages and Disadvantages of Licensing Advantages of Licensing Disadvantages of Licensing Franchising as an Entry Strategy Who Are the Top Global Franchisors? Advantages and Disadvantages of Franchising 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 Internationalization by Professional Service Firms You Can Do It | Recent Grad in IB: Juanita Velez Infringement of Intellectual Property: a Global Problem Guidelines for Protecting Intellectual Property Closing Case: Subway and the Challenges of Franchising in China End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes Part 5 Functional Area Excellence 16 Marketing in the Global Firm Michael Kors: the Global Affordable Luxury Market Global Market Segmentation Standardization and Adaptation of International Marketing Standardization Adaptation Standardization and Adaptation: a Balancing Act You Can Do It | Recent Grad in IB: John Dykhouse Global Branding and Product Development Global Branding Global Product Development International Pricing Factors That Affect International Pricing Framework for Setting International Prices Managing International Price Escalation Managing Pricing Under Varying Currency Conditions Transfer Pricing Gray Market Activity (Parallel Imports) International Marketing Communications International Advertising International Promotional Activities International Distribution Global Account Management Closing Case: H&M: International Marketing Success Story End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes 17 Human Resource Management in the Global Firm Etisalat Egypt: Attracting and Maintaining the Best Employees The Strategic Role of Human Resources in International Business Differences Between Domestic and International HRM Key Tasks in International Human Resource Management International Staffing Policy Recruiting, Selecting, and Developing Talent Cultivating Global Mind-sets Cultural Intelligence Expatriate Assignment Failure and Culture Shock Preparation and Training of International Employees Preparing Employees for Repatriation Charting Global Careers for Employees Performance Appraisal and Compensation of International Employees Compensation International Labor Relations Distinctive Features of Labor Around the World Cost, Quality, and Productivity of Labor Workforce Reduction and Employee Termination International Labor Trends Firm Strategy in International Labor Relations Diversity in the International Workforce Women in International Business Success Strategies for Women Managers in International Business Closing Case: Sony’s Human Resource Strategies End-of-Chapter Review: Key Terms Summary Test Your Comprehension Apply Your Understanding globalEDGE™ Internet Exercises Endnotes Glossary Author Index Company Index Subject Index
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