Globalization Basics
The process by which countries become more connected through trade, communication, and technology.
What is globalization?
Competing companies from different countries create this kind of marketplace.
What is international competition?
Adjusting business strategies to respect local customs and preferences.
What is cultural adaptation?
Expanding abroad involves this type of uncertainty.
What is risk?
The universal language most often used in international business.
What is English?
A global company that adapts its products for local markets is practicing this.
What is glocalization?
The U.S. and China are considered major powers in this type of global race.
What is economic competition (or technological race)?
The U.S. fast-food chain that adapts its menu for each country.
What is McDonald’s?
This strategy involves partnering with a local company abroad.
What is a joint venture?
To avoid misunderstandings, global teams should use this type of language.
What is clear and simple English (or plain language)?
One positive effect of globalization on businesses.
What is access to new markets (or increased trade opportunities)?
This Asian company is a global leader in electronics, competing with Apple.
What is Samsung?
The study of cultural differences in communication and behavior.
What is cross-cultural communication (or intercultural communication)?
Selling rights to other companies to use your brand internationally.
What is franchising?
Respecting other cultures and communication styles is called this.
What is cultural sensitivity (or intercultural awareness)?
One negative effect of globalization on local industries.
What is increased foreign competition (or job loss)?
The practice of moving production to other countries to lower costs.
What is outsourcing (or offshoring)?
A company that failed in China because of poor cultural adaptation.
What is Google?
An example of a political risk for international businesses.
What is government instability or new trade laws?
A barrier that often affects international communication.
What is a language barrier (or time zone difference)?
This global organization was created to promote free trade between nations.
What is the World Trade Organization (WTO)?
One factor that helps a company stay competitive internationally.
What is innovation (or efficient communication/branding)?
One reason why direct translation of ads can fail internationally.
What is misunderstanding due to cultural or linguistic differences?
Before entering a new market, companies should perform this type of study.
What is a market or risk analysis?
One digital tool that facilitates real-time communication among global teams.
What is Zoom / Microsoft Teams / Slack?