M: MANAGEMENT
6th Edition
ISBN: 9781260923346
Author: BATEMAN
Publisher: McGraw Hil
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Chapter 3, Problem 1LO
Summary Introduction
To discuss: The 5 elements of the macroenvironment of the organization.
Expert Solution & Answer
Explanation of Solution
The macroenvironment includes the usual elements in the outside environment, which could affect the strategic decisions. The 5 components of the firm’s macroenvironment includes the following:
- Laws and regulations
- Economy
- Technology
- Demographics
- Social values
The laws and regulations safeguards and restrain the firms. The economy has an impact on the firms and managers. The technology is bringing a new change to each business function, the demographics states about the customers and employees. Finally, the social values brings attitude to the company and its products.
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