{"id":590,"date":"2015-04-22T19:20:07","date_gmt":"2015-04-22T19:20:07","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=590"},"modified":"2024-05-02T19:37:01","modified_gmt":"2024-05-02T19:37:01","slug":"globalization-and-business","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/chapter\/globalization-and-business\/","title":{"raw":"Globalization and Business","rendered":"Globalization and Business"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning outcomes<\/h3>\r\n<ul>\r\n \t<li>Explain the concept of globalization and its impact on global business<\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2><strong>Globalization<\/strong><\/h2>\r\n<img class=\"alignright wp-image-6098\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/08\/11165930\/globe-907709_1920.jpg\" alt=\"decorative image\" width=\"400\" height=\"225\" \/>There was a time when consumers only had access to goods and services that were available locally. Their choices were limited by what they could access on foot, by horse, or by carriage. This is still the case for many people around the world, and in rural and remote parts of the U.S., it's still necessary\u00a0for families to make weekly trips to town to stock up on food, household items, and other necessities. However, with the rise\u00a0of Internet-based business (think Amazon), there's been an explosion of international trade, and more and more consumers essentially have the world at their door. Of course international trade isn't just a twentieth-century phenomenon. Trade across borders and between cultures\u00a0has been a feature\u00a0of human civilization\u00a0for centuries\u2014there's evidence of this dating\u00a0back as far as the 19th century BCE. The Silk Road, one of the best-known and most enduring \"international\" trade routes, began\u00a0sometime around 200 BCE and for centuries was\u00a0central to cultural interaction from China through regions of the Asian continent\u00a0all the way\u00a0to the Mediterranean Sea.\r\n\r\nSo, if cultures and nations have been trading with one\u00a0other for four thousand\u00a0years, what makes today's business landscape different? The answer lies in the distinction between<em> international business<\/em> and <em>globalization<\/em>.\r\n\r\n<strong>International business <\/strong>refers to commerce in\u00a0which goods, services, or resources cross the borders of two or more nations. This is what the Egyptians were doing when they sent goods across the Red Sea to Assyria. <strong>Globalization<\/strong> is broader\u00a0than international business and describes a shift toward a more integrated world economy in which culture, ideas, and beliefs are exchanged in addition to goods, services, and resources. Globalization implies\u00a0that the world is \"getting smaller\":\u00a0As a result of new\u00a0transportation and communication technologies, people around the world\u00a0can more readily connect with one another\u2014both virtually and geographically.\r\n\r\nThe following video provides a good introduction\u00a0to the causes and consequences of globalization.\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=3704536&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=QXN_jl2abEE&amp;video_target=tpm-plugin-sj0iri5w-QXN_jl2abEE\" width=\"800px\" height=\"520px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n\r\nYou can view the\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/GlobalizationEasilyExplained_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for \"Globalization easily explained\" (opens in new window)<\/a>\u00a0or the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/GlobalizationEasilyExplained_alternative.txt\" target=\"_blank\" rel=\"noopener\">text alternative for \"Globalization easily explained\" (opens in new window)<\/a>.\r\n<h2>Impact of Globalization on Global Business<\/h2>\r\nThe video above provides a good bird's eye view\u00a0of the effect of globalization on\u00a0business\u2014from opening up new markets to increasing the level of competition within markets and\u00a0industries. Let's take a look at a particular example, though, to think through the various implications of conducting business on a global scale. Consider McDonald's, which was started by\u00a0two brothers in San Bernardino, California, 68 years ago. As a result\u00a0of globalization, nearly 69 <em>million<\/em> people in 118 different countries eat at McDonald's every day. The first McDonald's outside the U.S. and Canada was established in Costa Rica in 1970, and since the 1990s, most of the company's growth has taken place in foreign countries. The process of building\u00a0a global presence, entering new markets, and capitalizing on growing international\u00a0demand for American fast food has enabled McDonald's to expand\u00a0from a single location to a global corporation with over 37,000 locations in over 100 countries.[footnote]\"McDonald's Reports Fourth Quarter And Full Year 2018 Results And Quarterly Cash Dividend.\" McDonald's Corporation. January 30, 2019. Accessed May 13, 2019. <a href=\"https:\/\/news.mcdonalds.com\/news-releases\/news-release-details\/mcdonalds-reports-fourth-quarter-and-full-year-2018-results-and\" target=\"_blank\" rel=\"noopener\">https:\/\/news.mcdonalds.com\/news-releases\/news-release-details\/mcdonalds-reports-fourth-quarter-and-full-year-2018-results-and<\/a>.[\/footnote] However, entering\u00a0new markets\u2014whether at home or abroad\u2014means contending with increased competition in those markets, including competition with other globally minded companies. In 2010, Subway surpassed McDonald's to become the largest single-brand restaurant chain and the largest restaurant operator globally (although, since 2014, Subways' sales have lagged behind McDonald's).[footnote]Shedd, Karin. \"The Most Franchised Company in the World Isn't McDonald's or Starbucks.\" CNBC. August 15, 2018. Accessed May 13, 2019. <a href=\"https:\/\/www.cnbc.com\/2018\/08\/14\/subway-franchises-mcdonalds-starbucks-fast-food.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cnbc.com\/2018\/08\/14\/subway-franchises-mcdonalds-starbucks-fast-food.html<\/a>.[\/footnote]\r\n\r\nWhat is it like for companies that decide to take advantage of global opportunities, as McDonald's and Subway have? Return to the discussion of \"external forces\"\u00a0in Module 1, but now consider\u00a0them from a global business perspective. Globalization certainly means that businesses\u00a0can reach consumers\u00a0around the world more rapidly and efficiently\u2014thanks to cell phones, airplanes, and the Internet, we are all so much more interconnected and \"accessible\" now. But globalization also means incredible complexity.\r\n<div class=\"textbox examples\">\r\n<h3>McDonald's in the Global Business Environment<\/h3>\r\nThe list below sketches out just a few of the complexities and challenges that an American fast-food company like McDonald's faces when it takes on the global business environment.\r\n<h4>The Global Economic Environment<\/h4>\r\nMcDonald's is a corporation based in the United States, where all business transactions are conducted using the U.S. dollar, but there are 164 official national currencies in the world, each with a different\u00a0value and purchasing power. Imagine trying to balance the corporate checkbook at McDonald's when your deposits have been made in more than one hundred\u00a0different currencies.\r\n<h4>The Global Legal Environment<\/h4>\r\nIn 2012, Greece established a\u00a0municipal ordinance banning eating food at certain historic, artistic, and culturally important sites, and fines can reach up to $650. If you are the operator of a McDonald's near the Parthenon, should you remove the ice cream cones and McFlurries (and other easily portable food) from your\u00a0menu to protect\u00a0your customers against\u00a0being fined, or not?\r\n<h4>The Global Competitive Environment<\/h4>\r\nHow does McDonald's recapture the number-one position it lost to Subway in 2010?\u00a0The company\u00a0may need\u00a0to\u00a0make substantial changes to its operations, menu offerings, and\/or marketing tactics. This is\u00a0a steep, uphill climb in the United States alone, but consider trying to accomplish it in 118 different countries in 188 different markets\u2014where you are competing not only with other global U.S.\u00a0fast food companies, like Subway and KFC, but with local ones, like \"McKebab,\" as well!\r\n\r\n<img class=\"wp-image-6079 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/08\/10210654\/2118666061_0da7b2c201_b-300x225.jpg\" alt=\"McKebab, a fast-food restaurant in Slovakia whose name and golden &quot;M&quot; resemble a McDonald's restaurant.\" width=\"351\" height=\"263\" \/>\r\n<h4>The Global Technological Environment<\/h4>\r\nWhat does technology have to do with fast food or\u00a0McDonald's? Consider the company's\u00a0presence in China, where there are nearly 1.3 billion mobile users, and say hello to \"McDonald's Next,\" a \"modern and progressive\" version of the restaurant that first opened in Hong Kong in 2017, featuring mobile-phone-charging platforms, free Wi-Fi, and self-ordering kiosks. This next generation of McDonald's is a response to increased\u00a0expectations around speed, service, economy, and availability across established and developing economies, mostly fueled by consumers'\u00a0growing\u00a0access to affordable\u00a0technology. As global businesses respond to demands created <em>by<\/em> technology, they must also leverage technology to move products, people, and supplies around the globe in a cost-effective and efficient manner.\r\n<h4>The Global Social Environment<\/h4>\r\nMcDonald's has had to adapt in countless\u00a0ways to meet the demands of its customers around the world. While it prides itself on offering a\u00a0consistent, internationally recognizable menu and brand,\u00a0the company has also had to cater to\u00a0local\u00a0dining preferences and customs. In 1995, for example, the first kosher McDonald's opened in a Jerusalem suburb. In Arab countries, the restaurant chain offers\u00a0\"halal\" menus, which comply with Islamic laws governing the preparation of meat. In 1996, McDonald's entered India for the first time, where it offered a Big Mac made with lamb called the Maharaja Mac, and later they introduced the Chicken\u00a0Maharaja Mac.\r\n\r\n<\/div>\r\nMcDonald's is not a complex business\u2014after all, it sells inexpensive burgers\u00a0and fries, not automobiles, airplanes, or pharmaceuticals\u2014but clearly the global environment presents challenges even for them. You may be wondering why nations and businesses decide to take on such challenges, given the ongoing difficulty, risk, and uncertainty. We'll investigate this question throughout the remainder of this module.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Question<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/7faf5a7d-f1dc-4c1f-bc0a-005808d89041\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning outcomes<\/h3>\n<ul>\n<li>Explain the concept of globalization and its impact on global business<\/li>\n<\/ul>\n<\/div>\n<h2><strong>Globalization<\/strong><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-6098\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/08\/11165930\/globe-907709_1920.jpg\" alt=\"decorative image\" width=\"400\" height=\"225\" \/>There was a time when consumers only had access to goods and services that were available locally. Their choices were limited by what they could access on foot, by horse, or by carriage. This is still the case for many people around the world, and in rural and remote parts of the U.S., it&#8217;s still necessary\u00a0for families to make weekly trips to town to stock up on food, household items, and other necessities. However, with the rise\u00a0of Internet-based business (think Amazon), there&#8217;s been an explosion of international trade, and more and more consumers essentially have the world at their door. Of course international trade isn&#8217;t just a twentieth-century phenomenon. Trade across borders and between cultures\u00a0has been a feature\u00a0of human civilization\u00a0for centuries\u2014there&#8217;s evidence of this dating\u00a0back as far as the 19th century BCE. The Silk Road, one of the best-known and most enduring &#8220;international&#8221; trade routes, began\u00a0sometime around 200 BCE and for centuries was\u00a0central to cultural interaction from China through regions of the Asian continent\u00a0all the way\u00a0to the Mediterranean Sea.<\/p>\n<p>So, if cultures and nations have been trading with one\u00a0other for four thousand\u00a0years, what makes today&#8217;s business landscape different? The answer lies in the distinction between<em> international business<\/em> and <em>globalization<\/em>.<\/p>\n<p><strong>International business <\/strong>refers to commerce in\u00a0which goods, services, or resources cross the borders of two or more nations. This is what the Egyptians were doing when they sent goods across the Red Sea to Assyria. <strong>Globalization<\/strong> is broader\u00a0than international business and describes a shift toward a more integrated world economy in which culture, ideas, and beliefs are exchanged in addition to goods, services, and resources. Globalization implies\u00a0that the world is &#8220;getting smaller&#8221;:\u00a0As a result of new\u00a0transportation and communication technologies, people around the world\u00a0can more readily connect with one another\u2014both virtually and geographically.<\/p>\n<p>The following video provides a good introduction\u00a0to the causes and consequences of globalization.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=3704536&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=QXN_jl2abEE&amp;video_target=tpm-plugin-sj0iri5w-QXN_jl2abEE\" width=\"800px\" height=\"520px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p>You can view the\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/GlobalizationEasilyExplained_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for &#8220;Globalization easily explained&#8221; (opens in new window)<\/a>\u00a0or the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/GlobalizationEasilyExplained_alternative.txt\" target=\"_blank\" rel=\"noopener\">text alternative for &#8220;Globalization easily explained&#8221; (opens in new window)<\/a>.<\/p>\n<h2>Impact of Globalization on Global Business<\/h2>\n<p>The video above provides a good bird&#8217;s eye view\u00a0of the effect of globalization on\u00a0business\u2014from opening up new markets to increasing the level of competition within markets and\u00a0industries. Let&#8217;s take a look at a particular example, though, to think through the various implications of conducting business on a global scale. Consider McDonald&#8217;s, which was started by\u00a0two brothers in San Bernardino, California, 68 years ago. As a result\u00a0of globalization, nearly 69 <em>million<\/em> people in 118 different countries eat at McDonald&#8217;s every day. The first McDonald&#8217;s outside the U.S. and Canada was established in Costa Rica in 1970, and since the 1990s, most of the company&#8217;s growth has taken place in foreign countries. The process of building\u00a0a global presence, entering new markets, and capitalizing on growing international\u00a0demand for American fast food has enabled McDonald&#8217;s to expand\u00a0from a single location to a global corporation with over 37,000 locations in over 100 countries.<a class=\"footnote\" title=\"&quot;McDonald's Reports Fourth Quarter And Full Year 2018 Results And Quarterly Cash Dividend.&quot; McDonald's Corporation. January 30, 2019. Accessed May 13, 2019. https:\/\/news.mcdonalds.com\/news-releases\/news-release-details\/mcdonalds-reports-fourth-quarter-and-full-year-2018-results-and.\" id=\"return-footnote-590-1\" href=\"#footnote-590-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> However, entering\u00a0new markets\u2014whether at home or abroad\u2014means contending with increased competition in those markets, including competition with other globally minded companies. In 2010, Subway surpassed McDonald&#8217;s to become the largest single-brand restaurant chain and the largest restaurant operator globally (although, since 2014, Subways&#8217; sales have lagged behind McDonald&#8217;s).<a class=\"footnote\" title=\"Shedd, Karin. &quot;The Most Franchised Company in the World Isn't McDonald's or Starbucks.&quot; CNBC. August 15, 2018. Accessed May 13, 2019. https:\/\/www.cnbc.com\/2018\/08\/14\/subway-franchises-mcdonalds-starbucks-fast-food.html.\" id=\"return-footnote-590-2\" href=\"#footnote-590-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a><\/p>\n<p>What is it like for companies that decide to take advantage of global opportunities, as McDonald&#8217;s and Subway have? Return to the discussion of &#8220;external forces&#8221;\u00a0in Module 1, but now consider\u00a0them from a global business perspective. Globalization certainly means that businesses\u00a0can reach consumers\u00a0around the world more rapidly and efficiently\u2014thanks to cell phones, airplanes, and the Internet, we are all so much more interconnected and &#8220;accessible&#8221; now. But globalization also means incredible complexity.<\/p>\n<div class=\"textbox examples\">\n<h3>McDonald&#8217;s in the Global Business Environment<\/h3>\n<p>The list below sketches out just a few of the complexities and challenges that an American fast-food company like McDonald&#8217;s faces when it takes on the global business environment.<\/p>\n<h4>The Global Economic Environment<\/h4>\n<p>McDonald&#8217;s is a corporation based in the United States, where all business transactions are conducted using the U.S. dollar, but there are 164 official national currencies in the world, each with a different\u00a0value and purchasing power. Imagine trying to balance the corporate checkbook at McDonald&#8217;s when your deposits have been made in more than one hundred\u00a0different currencies.<\/p>\n<h4>The Global Legal Environment<\/h4>\n<p>In 2012, Greece established a\u00a0municipal ordinance banning eating food at certain historic, artistic, and culturally important sites, and fines can reach up to $650. If you are the operator of a McDonald&#8217;s near the Parthenon, should you remove the ice cream cones and McFlurries (and other easily portable food) from your\u00a0menu to protect\u00a0your customers against\u00a0being fined, or not?<\/p>\n<h4>The Global Competitive Environment<\/h4>\n<p>How does McDonald&#8217;s recapture the number-one position it lost to Subway in 2010?\u00a0The company\u00a0may need\u00a0to\u00a0make substantial changes to its operations, menu offerings, and\/or marketing tactics. This is\u00a0a steep, uphill climb in the United States alone, but consider trying to accomplish it in 118 different countries in 188 different markets\u2014where you are competing not only with other global U.S.\u00a0fast food companies, like Subway and KFC, but with local ones, like &#8220;McKebab,&#8221; as well!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-6079 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/08\/10210654\/2118666061_0da7b2c201_b-300x225.jpg\" alt=\"McKebab, a fast-food restaurant in Slovakia whose name and golden &quot;M&quot; resemble a McDonald's restaurant.\" width=\"351\" height=\"263\" \/><\/p>\n<h4>The Global Technological Environment<\/h4>\n<p>What does technology have to do with fast food or\u00a0McDonald&#8217;s? Consider the company&#8217;s\u00a0presence in China, where there are nearly 1.3 billion mobile users, and say hello to &#8220;McDonald&#8217;s Next,&#8221; a &#8220;modern and progressive&#8221; version of the restaurant that first opened in Hong Kong in 2017, featuring mobile-phone-charging platforms, free Wi-Fi, and self-ordering kiosks. This next generation of McDonald&#8217;s is a response to increased\u00a0expectations around speed, service, economy, and availability across established and developing economies, mostly fueled by consumers&#8217;\u00a0growing\u00a0access to affordable\u00a0technology. As global businesses respond to demands created <em>by<\/em> technology, they must also leverage technology to move products, people, and supplies around the globe in a cost-effective and efficient manner.<\/p>\n<h4>The Global Social Environment<\/h4>\n<p>McDonald&#8217;s has had to adapt in countless\u00a0ways to meet the demands of its customers around the world. While it prides itself on offering a\u00a0consistent, internationally recognizable menu and brand,\u00a0the company has also had to cater to\u00a0local\u00a0dining preferences and customs. In 1995, for example, the first kosher McDonald&#8217;s opened in a Jerusalem suburb. In Arab countries, the restaurant chain offers\u00a0&#8220;halal&#8221; menus, which comply with Islamic laws governing the preparation of meat. In 1996, McDonald&#8217;s entered India for the first time, where it offered a Big Mac made with lamb called the Maharaja Mac, and later they introduced the Chicken\u00a0Maharaja Mac.<\/p>\n<\/div>\n<p>McDonald&#8217;s is not a complex business\u2014after all, it sells inexpensive burgers\u00a0and fries, not automobiles, airplanes, or pharmaceuticals\u2014but clearly the global environment presents challenges even for them. You may be wondering why nations and businesses decide to take on such challenges, given the ongoing difficulty, risk, and uncertainty. We&#8217;ll investigate this question throughout the remainder of this module.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Question<\/h3>\n<p>\t<iframe id=\"assessment_practice_7faf5a7d-f1dc-4c1f-bc0a-005808d89041\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/7faf5a7d-f1dc-4c1f-bc0a-005808d89041?iframe_resize_id=assessment_practice_id_7faf5a7d-f1dc-4c1f-bc0a-005808d89041\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-590\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Globalization and Global Business. <strong>Authored by<\/strong>: Linda S Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Practice Question. <strong>Authored by<\/strong>: Nina Burokas. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Globe. <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/globe-earth-planet-hand-keep-907709\/\">https:\/\/pixabay.com\/en\/globe-earth-planet-hand-keep-907709\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><li>McKebab, Bratislava. <strong>Authored by<\/strong>: A.Currell. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/23748404@N00\/2118666061\/in\/photolist-4neNQc-4edHBc\">https:\/\/www.flickr.com\/photos\/23748404@N00\/2118666061\/in\/photolist-4neNQc-4edHBc<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/\">CC BY-NC: Attribution-NonCommercial<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Globalization Easily Explained. <strong>Provided by<\/strong>: Explainity. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/QXN_jl2abEE\">https:\/\/youtu.be\/QXN_jl2abEE<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube license<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-590-1\">\"McDonald's Reports Fourth Quarter And Full Year 2018 Results And Quarterly Cash Dividend.\" McDonald's Corporation. January 30, 2019. Accessed May 13, 2019. <a href=\"https:\/\/news.mcdonalds.com\/news-releases\/news-release-details\/mcdonalds-reports-fourth-quarter-and-full-year-2018-results-and\" target=\"_blank\" rel=\"noopener\">https:\/\/news.mcdonalds.com\/news-releases\/news-release-details\/mcdonalds-reports-fourth-quarter-and-full-year-2018-results-and<\/a>. <a href=\"#return-footnote-590-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-590-2\">Shedd, Karin. \"The Most Franchised Company in the World Isn't McDonald's or Starbucks.\" CNBC. August 15, 2018. Accessed May 13, 2019. <a href=\"https:\/\/www.cnbc.com\/2018\/08\/14\/subway-franchises-mcdonalds-starbucks-fast-food.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cnbc.com\/2018\/08\/14\/subway-franchises-mcdonalds-starbucks-fast-food.html<\/a>. <a href=\"#return-footnote-590-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":78,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Globalization and Global Business\",\"author\":\"Linda S Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Globalization Easily Explained\",\"author\":\"\",\"organization\":\"Explainity\",\"url\":\"https:\/\/youtu.be\/QXN_jl2abEE\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube license\"},{\"type\":\"cc\",\"description\":\"Globe\",\"author\":\"\",\"organization\":\"Pixabay\",\"url\":\"https:\/\/pixabay.com\/en\/globe-earth-planet-hand-keep-907709\/\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"McKebab, Bratislava\",\"author\":\"A.Currell\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/23748404@N00\/2118666061\/in\/photolist-4neNQc-4edHBc\",\"project\":\"\",\"license\":\"cc-by-nc\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Practice Question\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"1e6958d9-10f7-44d9-a33c-79d11c56cd83, f736d555-8ce4-47f9-9d22-12368e79b757","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-590","chapter","type-chapter","status-publish","hentry"],"part":82,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":90,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/590\/revisions"}],"predecessor-version":[{"id":15275,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/590\/revisions\/15275"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/82"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/590\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/media?parent=590"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=590"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=590"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/license?post=590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}