Supply Chain Management - Lesson Summary
Construct equivalence deals with the question of whether the marketing constructs have the same meaning and significance in different countries.
Conceptual equivalence deals with the interpretation of brands, products, consumer behaviour and marketing efforts.
Functional equivalence examines whether a given concept or behaviour serves the same role or function in different countries.
Linguistic equivalence refers to the spoken and the written language forms that are used in scales, questionnaires and interviews. The scales and other verbal stimuli should be translated so that they are readily understood by respondents in different countries and have an equivalent meaning.
Supply chain management is the management of the flow of goods and services, and it includes all processes that transform raw materials into final products.
Supply chain management represents an effort by suppliers to develop and implement supply chains that are as efficient and economical as possible.
Compatibility in the global operations strategy refers to the degree of consistency between the foreign investment decision and the company’s competitive strategy.
Global sourcing refers to the process of buying raw materials and components that go into a company’s products from different countries other than the headquarters.
A make or buy decision is an act of choosing between manufacturing a product in-house or purchasing it from an external supplier. It compares the costs and benefits associated with producing a necessary good or service internally with the costs and benefits involved in hiring an outside supplier for the resources in question.
Global logistics and distribution have played a critical role in the growth and development of world trade and the integration of manufacturing on a world scale.
The polycentric recruitment approach sources prospective employees, including senior managers for the subsidiary from the host country nationals.
Materials management refers to the inflow of raw materials, parts, and supplies through the firm.
Physical distribution refers to the firm’s finished products' movement to its customers, consisting of transportation, warehousing, inventory, customer service, and administration.
Culture in international human resource management refers to a system of shared meanings and understanding held by members of the organisations that distinguishes them from others.
The ethnocentric recruitment approach sources the human resources for subsidiaries from the parent company nationals.
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