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Management, Loose-Leaf Version

13th Edition
Richard L. Daft
Publisher: South-Western College Pub
ISBN: 9781305969308

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BuyFindarrow_forward

Management, Loose-Leaf Version

13th Edition
Richard L. Daft
Publisher: South-Western College Pub
ISBN: 9781305969308
Chapter 4, Problem 3OTJVC
Textbook Problem
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Describe at least two environmental factors that affect this business and summarize how the managers are responding to these factors.

Summary Introduction

To determine:

The two environmental factors that affects a business and the response from the managers to those factors.

Introduction:

The business whether small or big it gets affected by the environment factors based on the demographic, economy, geographical, physical and technology that affects the growth of the company with its operations.

Explanation of Solution

Given information:

The factors affecting the business and the managerial skill required by the managers to deal with the factors affecting the business.

There are many environmental factors that may affect the business and the two most important factors are as follows:

The internal factors are that which affects the business by the actions done within the premises that affect the other operations in business:

  • The internal factors are based on the value system that includes the norms and culture of a particular organization. This creates a framework and demands the workers to follow it.
  • Missions and objective: The objectives of the business are identified with their policies and priorities.
  • Financial Factors: This is the most important factor for all the business and it is important to see the capital structure and financial positions of the business.
  • Internal relationship: The relationship between the workers should be good and interactive where the top management should give the employees to become the shareholders and promotions if needed.

The second factor is the external factor that includes the following:

  • Suppliers are needed for a business as it requires the supplement of the products from the suppliers that gives a good production and good output.
  • Competitors are also the factors that affect the business where there is a rivalry and to survive it management should take proper decisions.
  • Economic factors: The economic condition of the country or even the individual should be considered as the economy decrease the demand of the products will decrease...

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