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|About the Authors|
|Pt. 1||Global Business Environment||2|
|1||International Business Today||2|
|Pt. 2||National Business Environments||38|
|2||Culture in Business||38|
|3||Politics and Law in Business||74|
|4||Economic Systems and Development||108|
|Pt. 3||International Trade and Investment||136|
|6||Business-Government Trade Relations||164|
|7||Foreign Direct Investment||192|
|8||Regional Economic Integration||220|
|Pt. 4||The International Financial System||248|
|9||International Financial Markets||248|
|10||International Monetary System||278|
|Pt. 5||International Business Management||310|
|11||Planning and Organizing International Operations||310|
|12||Analyzing International Opportunities||338|
|13||Selecting and Managing Entry Modes||368|
|14||Developing and Marketing Products||400|
|15||Launching and Managing Production||426|
|16||Hiring and Managing Employees||450|
|AcrossFrontiers Video Cases||473|
|Notes, Sources, and Credits||494|
We know that international business is rich in people, culture, geography, politics, economics, and other human and environmental factors. This book draws upon this richness to present international business as it genuinely is—as a dynamic, culturally rich subject. This book goes beyond a "U.S. -centric" outlook and takes an inclusive view of international business by addressing its cultural aspects early and often. While it is appropriate for use in the introductory course at either the undergraduate or graduate level, International Business is written to give the instructor maximum flexibility in fitting different teaching styles and incorporating outside readings and cases—thereby increasing its scope and breadth as desired.
This book's approach to international business benefits students in several ways.
Culture is an inescapable element of all international business activities. This book presents culture early (Chapter 2)and integrates it throughout every chapter of the book. This is partly accomplished by starting each chapter with a culture-rich opening company profile. Reading the opening company profiles in Chapters 1, 2, and 3 will wash away any doubt about this. We also integrate culture within each chapter by including lively examples that show how differences in culture affect international business activities.
International business is much more than a simple collection of separate business functions and environmental forces. Rather, it is an integrated whole consisting of national environments, the international environment, and business activities all interacting with one another. The model in the figure on page xx of this preface is unique to this book and lays the foundation for an integrated approach to international business. Feedback on the first edition tells us that students benefit by studying international business in this way—as it is in the real world. We first present the major components of national business environments and the international business environment. We then show how these environments interact with international business management, making international business different from purely domestic business.
Appreciating the dynamic nature of the global marketplace requires an unbiased approach to international business. Feedback from the first edition shows that this is the only international business book written from a truly global perspective. This goal was achieved by members of an author team having collective expertise in three major economic regions of the world—Asia, Europe, and North America. This book also is written from a non-provincial viewpoint: Rather than "take sides" in key debates, it presents the viewpoints of each group or culture involved (see Chapter 2).
A successful book for the first course in international business must be accessible to all students. In this book, conceptual material and specialized business activities are described in concrete, straightforward terms and appropriately illustrated (see Chapters 5, 9, and 10).
Our goal—presenting complex material in an accessible manner—is reflected throughout the book. We are convinced that students who use a more readable international business book will master such material more readily.
This book strives to capture the contemporary, topical aspects of international business. Topical coverage is developed to foster enthusiasm and to motivate students to go beyond the classroom to see how concepts relate to the real world. Many fun and interesting examples allow students to reflect upon the experiences of real companies—to see both what worked and what didn't. Finally, this book's comprehensive Companion Website contains updates of important events that keep the book continuously up-to-date.
We firmly believe that students are motivated to learn when a book demonstrates how important concepts are applied. To emphasize the practical side of international business, we have integrated the following innovative features into this book.
ENTREPRENEURIAL FOCUS Each chapter contains an Entrepreneurial Focus box to underscore the various ways in which chapter topics affect entrepreneurs and small businesses. Entrepreneurial and small business issues are also woven into the content of each chapter and illustrated with current, colorful examples. These examples, both in the text and in feature boxes, highlight the activities of entrepreneurs and small businesses from countries all
Each chapter features a Global Manager box that shows how key issues actually affect the daily duties of managers working for large international businesses. This feature expands on issues discussed in the text and delves into those that pose special problems for international managers. In Chapter 16, for instance, we show how managers cope with the effects of culture shock when relocating to unfamiliar cultures. Again, this feature drives home some relevant, down-to-earth lessons learned by veterans of international business management.
Each chapter contains a World Business Survey to highlight the attitudes of consumers, workers, managers, and policymakers toward important chapter topics. Underscored in these surveys is the importance of culture in forming people's attitudes. This feature is designed to help students recognize the important role of people from other cultures in international business.
Our experiences and those of many international business instructors tell us that far too many students are inadequately prepared in geography for their first course in international business. In response, this book includes, as a primer and reference, a full-color world atlas as an appendix to Chapter 1. Students are able to test their knowledge of the global landscape by completing 20 questions accompanying the atlas, which is also broken out into several detailed maps for closer study. Important issues regarding world geography and their impact on international business are also integrated throughout the book and its assignment materials.
Students learn better when they are provided with a "roadmap" to show them how chapters and topics relate to one another. Therefore, this book contains Beacons at the start of each chapter to reinforce the inter-relatedness of topics across chapters. Appropriately titled "A Look Back," "A Look at This Chapter," and "A Look Ahead," these signposts provide a structure for students as they read through the book.
Learning objectives are designed to focus on the main lessons students should take away from their study of chapter material. Each chapter also includes summaries that correspond exactly to the chapter's learning objectives.
Opening company profiles launch each chapter with brief but highly informative introductions to the chapter's materials. These vignettes are designed to pique students' interest in chapter material—not bog them down in fine details to be discussed within the chapter. We find students are motivated to turn the page and read on when given short, interesting, relevant introductions to the material that they are about to study.
Feedback on the first edition shows that this book has more—and more useful—end-of-chapter assignment material than any other international business book. Well-planned assignment materials span the full range of complexity to test students' knowledge and ability to apply key principles, including:
This text contains a variety of colorful maps that not only convey and reinforce the knowledge of where important places are located, but which supplement concepts and data with visual learning aids. A map index assists instructors and students in quickly locating every map in the book. Highly colorful charts and figures help students grasp important information. Numerous color photos are strategically placed to add value to the text and provide students with a look at life and work around the world; informative, detailed captions tie photos to in-text material. We underscore important terms by boldfacing them in the text, defining them in the margin, and collecting them in a comprehensive glossary at the end of the book.
The success of the first edition of International Business was due to its culture-rich, integrative approach and its innovative features. This edition builds on those strengths and improves upon them in several ways. First, every chapter-opening company profile is new. Because of highly positive feedback on our chapter-opening company profiles in the first edition, we continue this approach but bring fresh culture-rich company profiles to our readers (see Chapters 1, 2, and 3). Second, every chapter-closing case is either new or updated. Third, all maps, figures, and tables reflect the most recently available data at the time of publication. Fourth, because of the positive response to the Investment Opportunity Notebook included in the first edition's Instructor's Resource Manual, it has been revised and expanded to include greater detail. Fifth, we have included a completely new set of video cases that emphasize the cultural aspects of international business.
In addition to these changes, here are some specific examples of improvements to the book:
Responding to users' requests, we expanded and updated our discussion of culture. We did this by adding more and fresher examples to keep the presentation of culture's influence as current as possible. We also include extensive examples to show the application of the Hofstede and Kluckhohn-Strodtbeck frameworks for classifying cultures.
We further streamlined the presentation of the different types of economic systems and economic development. In the second edition, we responded to your feedback and focus on certain country examples within the coverage of different systems. For example, when discussing central planning we include a special section on China's experience over the years and how it is adapting to market forces today.
Based on feedback, we updated and streamlined our discussion of the major efforts toward regional economic integration around the world. The new presentation of the European Union (EU), for example, reflects less on the past events surrounding integration and more on key issues currently facing the EU such as future enlargement. For instance, we discuss the all-important Copenhagen Criteria that central and eastern European nations must satisfy before they will be considered for EU membership.
Feedback from the first edition tells us that instructors and readers want less discussion of the historical development of the international monetary system. Accordingly, we lessened the historical emphasis and focus on the present structure of the system. We also cover recent crises such as those in Russia and Argentina and the debate they are causing over the current system.
This chapter now appears before the chapter on analyzing international opportunities. We responded to your preference and moved the strategic and organizational coverage prior to market research activities. In this way, students get an appreciation for the larger issues international businesses face before getting into the details.
Although presentation of this material has been reorganized based on user feedback, it retains its tightly integrated flow. Accordingly, marketing issues are now separated from the coverage of other topics and reside in Chapter 14, Developing and Marketing Products. The popular section on acquiring physical resources now lies at the start of Chapter 15, Launching and Managing Production. After presenting important international production issues, Chapter 15 closes with a brief discussion of how companies finance their operations. As requested, Chapter 16, Hiring and Managing Employees, is now a stand-alone chapter but retains its integrated, sequential emphasis.
This book's coverage of international business follows the model shown in the figure below. Part One of this book discusses how the world's national economies are increasingly intertwined. We learn that as globalization penetrates further into national business environments, managers everywhere must take a global perspective on business activities.
In Part Two, we explore national business environments, showing how people's attitudes, values, beliefs, and institutions differ from one culture to another. We also explain how companies modify business practices and strategies when operating under different political, legal, and economic systems.
We discuss the major components of the international business environment in Parts Three and Four. We learn why trade and investment flow across borders and why governments try to encourage or discourage them. We explore the process of regional economic integration sweeping the global economy and outline its implications for international companies. We also explain how global financial markets and the global monetary system function and show how they affect international business activities.
In Part Five, we describe the ways in which international business management differs from management in a purely domestic firm. We begin by explaining the strategies and structures that companies use for their international operations. We then show how companies analyze markets or production sites and why they select different entry modes. We wrap up our study of international business by learning how companies manage their marketing activities, their production efforts, and their human resources.
This text is supported with a comprehensive supplement package that includes the following: