What is meant by "managing for globalization" in management principles?

"Managing for globalization" refers to the processes and strategies that organizations implement to operate effectively in a global marketplace. This involves understanding and adapting to the complexities that come with operating in multiple countries, which includes different cultural, economic, and legal environments.

Selecting the option that aligns with "the expanding management universe" captures the essence of globalization, as it emphasizes the broadening scope and context in which management operates today. Companies are no longer limited to local markets; rather, they must develop global strategies that encompass diverse consumer needs, international competition, and cross-border collaborations. It entails not only expanding geographical reach but also incorporating international considerations into every facet of management, from marketing to human resources to supply chain management.

While implementation of local practices and a focus on domestic markets may indeed be important components of management strategies, they do not encapsulate the expansive and integrative nature of managing within a global context. Additionally, the reduction of international trade contradicts the concept of globalization, as globalization fundamentally involves increasing connectivity and interchange between nations. Thus, the first option accurately captures the comprehensive and dynamic nature of managing on a global scale.