MGMT 371 1st Edition Lecture 3Outline of Last Lecture I. Corporate Culture Definitiona. Corporate Culture Environmentsi. Generalii. Taskiii. InternalII. Three Levels of Corporate Culturea. Surface Levelb. Deeper Levelc. Deepest LevelIII. Types of Corporate Culturea. Adaptabilityb. Achievementc. Involvementd. ConsistencyOutline of Current Lecture I. Globalizationa. 4 Stages of GlobalizationII. Entering International Markets DefinitionsIII. International Economic Factorsa. Economicb. Socioculturalc. Legal-PoliticalCurrent Lecture- Think Globallyo Corporate world is a borderless world – EX. Internet, European Uniono Broaden your focuso Use and international mindset -> products have a global demandThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o 4 Stages of Globalization Domestic: within your country International: 2 countries Multinational: more than 2 countries Global: all over the world- Entering International Marketso Exporting: manufacturing domestically then selling internationally o Global Outsourcing: making things in other countries because it’s cheapero Licensing: getting permission to sell a producto Franchising: owning a store of a large brand -> there are rules about what you can sello Joint Ventures: 2 companies work togethero Acquisition: when one company buys another (EX. Wells Fargo bought Wachovia)o Greenfield Venture: a company partners with a country to use/develop their resources in return the company builds infrastructure in the developing country- International Environmental Factorso Economic Economic Development  Infrastructure (in developing countries) Resource and Product Markets (in developing countries) Per Capita Income: Income per person Exchange Rates: how a dollar is valued in another country Economic Conditions -> take an economic risk if the economic conditions are goodo Sociocultural Social Values and Beliefs (EX. Siesta in Spain, taking work off in August in France, holidays, clothing) Language Religion: objects, taboos, holidays EX. clothing and hand signals Kinship Patterns: how family is valued Formal Education and Literacy levels Time Orientation: speed of life, times for rest/breakso Legal-Political Political Risk: relative political climates and political relationships Government Takeovers – very possible in green ventures Tariffs, quotas, taxes – tariffs are taxes on trade Terrorism, political instability Laws and