Answered: What are the key concepts of cross…

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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Question

What are the key concepts of cross national management? Please explain in an essay format.

Expert Solution

Step 1: Define background related to management

Management is a process that helps in getting the work done. It helps in coordinating the efforts of people towards the accomplishment of organizational goals. There are several functions which are performed in management. These include planning, organizing, staffing, leading, directing and controlling. All of these functions carry importance and are performed in order to attain the organizational goals. Businesses function in an environment that is volatile. It is important for organizations to examine and analyze the changes that are taking place in the business environment and then adapt the strategies accordingly.