Answered: 1. Using a visual or graphical…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Wanda has never thought of herself as running a business, although it certainly seems to have turned out that way. Originally she really just wanted to give her friends and family an alternative to cheap, low-nutrition dog treats. When you explain to Wanda that she has created a business with stakeholders and all of the internal workings and structure of a business, she just stares at you blankly. So, you tell her to just hang on and you will explain this in more detail. 1. Using a visual or graphical representation, show Wanda what her business looks like from the inside and the outside. Include forces in the external environment and internal functional areas, as well as both internal and external stakeholders. In other words, what components of a business have come together with Wanda’s work?

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