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BUS101 Final Exam Study Guide

by: Naomi Sterling

BUS101 Final Exam Study Guide BUS 101

Marketplace > University of Miami > Business > BUS 101 > BUS101 Final Exam Study Guide
Naomi Sterling

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Study guide for a final exam - includes notes on EVERY chapter and topic discussed.
First Step (Freshman Integrity, Responsibility, and Success through teamwork)
Mark Shapiro
Study Guide
Business 101 introductory study guide complete all chapters culture
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This 17 page Study Guide was uploaded by Naomi Sterling on Friday February 19, 2016. The Study Guide belongs to BUS 101 at University of Miami taught by Mark Shapiro in Fall 2015. Since its upload, it has received 28 views. For similar materials see First Step (Freshman Integrity, Responsibility, and Success through teamwork) in Business at University of Miami.


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Date Created: 02/19/16
BUS101 09/30/2015 Global Competency: knowledge understanding ▯ Globalization: the increase in the permeability of traditional boundaries, not just those around business organizations but countries, economies, industries, people and ideas  Digital communication  Cheap transportation  Technology  Open markets ▯ Global markets:  Instability  Tension between free traders  Downward pressure on wages, environment standards, worker’s rights ▯ Modern globalization:  The internet  Teams  Uploading  Supply chaining  Outsourcing: organization contracting work into components which could be subcontracted andrderformed in the most efficient, cost effective way out to a 3 party o Hiring outside lawfirm to review contracts instead of hiring lawyers  Offshoring: moving any business process to a foreign location usually to leverage cost advantages o Dell customer service center in India to serve American clients  Insourcing: establishing shared service centers within your own company-benefits are cost savings, standardizing processes, streamlining projects and reporting, reallocating resources into one location, and gaining efficiency.  The steroids ▯ Differences among people  Culture: blueprint that determines how we think/feel/behave  Influencers o language o social/religious customs o architecture o history o world view/priorities o family o geography o food o gender ▯ interaction among different cultures  Knowledge of culture and cross-culture interactions o Individualist: more concerned with the consequences of actions for them themselves, not for others  U.S. #1 o Collectivist  Emphasize needs of group as a whole  Interconnectedness  Promote selflessness/ do whats best for society  Families and communities have central role o Underlying values  Practice of mindfulness: ability to pay attention in a reflective and creative way to cues in cross-cultural situations encountered and to one’s own knowledge and feelings  Development of cross-cultural skills, based on knowledge and mindfulness, resulting in competence across a wide range of situations ▯ Culture  High context: ssocieties or groups where people have close connections over a long period of time. Many aspects of cultural behaviour are not made explicit because members know what to do and what to think from years of interactions with each other  Low context: societies where people tend to have many connections but for shorter duration. In these societies, cultural behaviour and beliefs may need to be spelled out explicitly so that those coming into the cultural environment know how to behave. o Literal meanings of words o Information is transparent and specific o Results are top priority ▯ Dimensions of cultural variation  Egalitarianism  Harmony  Hierarchy  Mastery  Affective autonomy  Intellectual autonomy ▯ ▯ Mindfulness ▯ Mental Cruise Control  We live on Cultural Cruise Control  Common communication  Danger: no listening, not observing potential cultures or subcultures  Effective cross cultural communications require careful observation and social cues  Turn off mental cruise control and be mindful ▯ BE MINDFUL  Specific individuals or circumstances of an interaction to analyze the unique characteristics  Paying attention to context-not relying on our own assumptions  Pay attention to external situation  Monitoring your own thoughts and feelings  Adjusting our understanding of the situation based on our knowledge of culture and the external circumstances ▯ Emotional Quotient/Emotional intelligence  Ability to understand other people, what motivates them and how to work with them cooperatively ▯ Cultural mindfulness is more complicated measured in EQ  Requires to have knowledge of other signals how to read them ▯ ▯ SKILL/Development  Not enough to have generalized knowledge  Must have skills to make adjustments to your interactions for cultural differences  Skill set: o Relate to others o Tolerate uncertainty o Emphasize with others o Perceive signals o Adapt to the other person ▯ Top 5 ways that culture can affect business decision making  Negotiations o Tend to view purpose differently o Goal might be signed contract or creation of a relationship  Communication: direct or indirect? o Methods vary o Direct and simple vs indirect and complex o Direct are “honest” and to the point o Indirect are respectful/ silence to communicate/ talk little  Sensitivity to time: high or low? o Tensions around value or use of time  Managing other stakeholders o Attitudes/behaviors about time, gender, hierarchy  Values across an organizations cultures o Must understand and appreciate the different values across countries ▯ Organizational Culture  Set of shared values, norms, guiding beliefs, and understandings that develop within an organization—are shared by its members— and determines how they will react to various situations  Internal work climate and personality  Values, principles, ethical standards  People management and problem solving  Relationships  Purpose: o Internal integration  To integrate members so they know how to relate to one another  Sets collective identity, shape accepted behaviors, reinforces commitment to organizational mission o External adaptation  Adapt to external environment  how the organization meets goals and deals with outsiders  Exists at 2 levels: o Observable symbols/ceremonies/physical settings o Underlying values/assumptions/beliefs  Company’s culture is grounded and shaped by its core values and bar for ethical behavior ▯ Types of Organizational Culture  Clan culture o Cohesive, participative o Leader as Mentor o Bonded by loyalty, tradition, consensus o Strong Emphasis on morale o Success = High sensitivity to customers and concern for employees o MARY KAY  Hierarchical culture o Ordered, Uniform o Leader as administrator o Bonded by formal Rules, Policies o Emphasis on predictability and consistency of processes o Success= smooth dependable delivery of service o CIVIL SERVICE  Rational culture o Competitive, Acquisitive o Leader as goal oriented o Bonded by High levels of Competition o Emphasis on Winning o Success = Market Share & Penetration o GOLDMAN SACHS  Developmental culture o Creative, adaptive, Dynamic o Leader as risk-taker, innovator o Bonded by entrepreneurship o Strong Emphasis on Experimentation & Innovation o Success = Unique new products high levels of individuality and freedom o APPLE o ▯ Brand experience consistency  No matter where, customers want the same experience  Company values, product and trust is the same  Challenge to keep experience consistent along with local “norms” ▯ ▯ Global Standardization  Standardization of products across markets and standardization of the marketing mix worldwide  Addresses needs of global consumers  International travel  Consumer preference for higher quality and lower price  Allows for global branding-using same brand name everywhere ▯ Global localization (adaptation)  The practice of global branding and localized marketing adaptation to differences in local culture, legislation, etc.  Modular adaptation: offer parts that can be assembled worldwide in different configurations, depending on market needs  Core product strategy: involves using a standardized strategy for the core product worldwide, but varying certain aspects of the offering from market to market ▯ ▯ Factors of standardization  Economics of scale  High costs of adaptation process  Entering the similar market  Export  Global competition  Strong image of the country/brand/producer ▯ ▯ factors of adaptation  different conditions of use  intercultural differences in consumer behavior and purchasing behavior  differences in purchasing power  different legislation ▯ ▯ 4 Strategic Predispositions towards doing things a particular way  Ethnocentric-A nationalistic philosophy of management whereby the values and interests of the parent company guide all strategic decisions  Polycentric-A philosophy of management whereby the decisions are tailored to suit the cultures of the countries where the MNC operates.  Regiocentric- A philosophy of management whereby the firm tries to blend its own interests with those of the subsidiaries on a regional basis  Geocentric-A philosophy of management whereby the company tries to integrate a global systemic approach to decision making. ▯ Corruption  Misuse of position of power  Gaining an advantage for those who actively and passively are parties to the misuse  Undesirable effects on third parties  Types o Public o Insider o Fraud  Grand corruptions (big scheme of thing) vs petty corruption  Fraud vs corruption o Corrupt practices  Embezzlement  Bribery  Extortion (threat)  Influence peddling  Unlawful gratuity  Illegal political contribution  The cultural divide o Guanzi (chinese)  Networking  Workplace partnership  The Foreign Corrupt Practices Act  ▯ What is a personal brand?  Stand out from crowd by identifying unique value proposition  How people perceive you  Your assets and who you are  Defining traits  Social media  VALUES/KNOWLEDGE/ACTIONS, BEHAVIOR, EXPERIENCES ▯ Theoretical to practical  Delivers, but authentic representation of who you are  Right job set for skill set  Right job for personality  Doing activities that motivate you to work ▯ ▯ Finding What You Love  Goal 1: thoughtful, carefule analysis of the right skill set “fit” for you  Step 1: What is my skill?  Step 2: How would I describe myself as a person and what activities I like doing?  Personality traits  Value your individuality, understand importanec of crafting a professional persona  Step 3: What are my hard work motivators  Intersection of skill set/personality/hard work motivators ▯ ▯ Today’s workplace  Personal brand must be consistent with the needs of the workplace  Positive professional visibility  Traditionalists born between 1925-1945  Baby boomers 1946-64  Gen X 1965-80 o Accept diversity o Practical o Multitask o Individualistic o Use technology o Reject rules o Hurry to do work of greater significance  Millennials (Gen Y) 1981 – o Diversity o Optimistic o Individualistic o Rewrite the rules o Multitask o Friends=family o Internet o Assume technology o Present challenge to older managers o Experience first level of economic hardship o Brought up and educated with idea that success is birthright o Tech savvy ▯ ▯ Tools for personal branding  Reputation for being client/customer centric  Available 24/7  Do whatever it takes to benefit team/boss  Volunteer  Responsive to emails  Take ownership  Never underestimate importance of relationship building  Do unto others as you would have them do unto you  Body language ▯ Impacts  First impressions  Dress  Non verbal communication  Eye contact ▯ Managing your personal brand  Be authentic  Know the rules of the game  Share yourself  Value your capital  Become known for one thing  Value the capital of others  Cultivate your brand  Empower others to do the same  Treat people as your esteemed client ▯ ▯ Resume  Competence  Skill set  Work eithic  Leadership  Personality ▯ ▯ Networking  Authentic relationship building  Helps to advance interests  High context cultures- certain built in disadvantages  Effective networking breaks down barriers  First step: o UM friends o Clubs o Hobbies  Second step: o Faculty o Friends and family o linkedIn  First degree connections are your connections  Second degree connections are connections’ connections  Johari Window o Open (everyone knows) o Hidden (subject knows but peers don’t) o Blind (subject unaware) o Unknown (neither know) o ▯ Where we’ve been  Knowledge/mindfulness/skill set  EQ/cultural intelligence  Personal brand o Sell who we are o Brand is a two-way street  Perception can become our brand whether we like it or not ▯ ▯ Team Defined  A set of people who produce discrete work product through joint contributions of members, ultimately producing a collective work produce, with both individual and mutual accountability  Require common commitment and ownership  Group vs team  Team dynamics o Teamwork, trust and high levels of collaboration are important o Corporations are built around teamwork o Changing economics prompted companies to downsize  Group think o A dangerous tendency in groups to focus, first and foremost on group conformity, often at the expense of making good decisions ▯ Team Composition  Evaluate respective skills sets/play to strengths of individuals as they relate to group  Form organically  Leaders ▯ TEAM  Share a goal  Cooperation  Accept one another  Accept difference  People who put the team’s vision above their own benefit ▯ Diversity In teams  Exploit a variety of perspectives and skills  Better performance  Various sorts of conflict  Gender  Cross cultural teams  Different groups will work better with different ways: o Single leader o Consensus o Smaller sub groups  Goals  Establish guidelines  Communication ▯ Attributes to be successful  Decentralized responsibilities  Worldwide growth and reputation  Efficient collaboration  Sustainable influence  Best practices: o Negotiate o Communicate ▯ influence


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