Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Textbook Question
thumb_up100%
Chapter 8, Problem 4CRQ
What is a firm’s micro environment, and why is it important?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Mr. Roger Munson, the owner-manager of a construction company, is skeptical about investing in training for his 50 construction employees. He believes the investment might be wasted if the newly skilled employees are quickly poached by other companies, and he doubts the training will yield significant productivity improvements. Nevertheless, a performance management consultant argues that enhancing employee skills will boost productivity and positively impact the company’s bottom line. Reluctantly, Mr. Munson has agreed to allow the consultant to conduct a study involving the training of all 50 employees. Providing the training services pro bono, with payment contingent upon demonstrating, through empirical evidence, that the training results in significant productivity gains within a three-month period following the training. Table 4.1 presents an excerpt of the evaluation comparing each employee’s productivity before and after the training. Employee productivity was measured as a…
The Africa Continental Free Trade Area (AfCFTA) Agreement is a relatively new and evolving agreement aimed at boosting intra-African trade (Sullivan, 2023). The AfCFTA faces several unique challenges due to its diverse member countries, eachwith distinct regulatory frameworks, infrastructure levels, and economic conditions (Miller & Kessler, 2023). These differences complicate the harmonisation of standards, tariffs, and customs procedures (Olufemi et al., 2024). In addition, many African countries struggle with underdeveloped transport networks and logistics facilities, impacting supply chain efficiency and reliability (Rosenberg & Allen, 2023). Cultural and linguistic diversity across the AfCFTA further affects communication and business practices (Adebanjo & Elakkiya, 2024).While the AfCFTA aims to reduce trade barriers and establish a single market, the process entails complex and gradual policy integration, requiring continuous adjustments and integration efforts…
Entrepreneurship Management (EM) and Project Management (PM) are among the most popular electives for MBA students. To understand why these electives are popular, a narrative interview was conducted with ten MBA graduates who had selected EM or PM. The findings suggested that MBA students consider these electives as key pathways for enhancing their monetary compensation (i.e., remuneration). As an HR specialist, you are keen to empirically determine whether the choice of electives has a lasting impact on the monetary compensation of MBA graduates. To investigate this, you distributed a questionnaire (same as the one below) to a sample of MBA graduates who obtained their qualification from a prestigious business school in, anonymized as XXX Business School.
REQUIRED:1. Based on the background information provided above, specify the objectives of the investigation anddiscuss the design employed to achieve them. 2. Using the standard reporting format, provide a comprehensive…
Chapter 8 Solutions
Principles of Management
Ch. 8.1 - Why do managers use strategic analysis?Ch. 8.1 - How are internal factors different from external...Ch. 8.2 - Explain the elements of a SWOT analysis.Ch. 8.2 - What information does a SWOT analysis provide...Ch. 8.3 - Describe a firms macro environment.Ch. 8.3 - What does PESTEL stand for? How do managers use...Ch. 8.3 - How would you approach this issue if you were the...Ch. 8.3 - What PESTEL challenges is LEGO trying to address...Ch. 8.3 - Explain what favorable PESTEL factors support...Ch. 8.4 - Describe each of Porters Five Forces. What...
Ch. 8.5 - What are firm resources and capabilities?Ch. 8.5 - Describe a value chain and what the activities in...Ch. 8.5 - What is VRIO? What questions do the letters stand...Ch. 8.5 - What resource or capability challenges have Uber...Ch. 8.5 - What PESTEL factors do you think are contributing...Ch. 8.5 - What industry challenges (think of Porters Five...Ch. 8.6 - What is competition, and what is the role of...Ch. 8.6 - When does a firm have a competitive advantage over...Ch. 8.6 - Explain the differences between the three...Ch. 8.7 - How does strategic analysis help a firm develop...Ch. 8 - Why do managers use strategic analysis?Ch. 8 - What information does a SWOT analysis provide...Ch. 8 - Describe a firms macro environment and how...Ch. 8 - What is a firms micro environment, and why is it...Ch. 8 - What is an industry, and how do Porters Five...Ch. 8 - What are firm resources and capabilities, and what...Ch. 8 - When does a firm have a competitive advantage over...Ch. 8 - What are generic competitive strategies, and how...Ch. 8 - What do strategic group members have in common...Ch. 8 - How does strategic analysis help a firm develop...Ch. 8 - What PESTEL factors supported Teslas success?...Ch. 8 - How has Teslas strategic position changed since it...Ch. 8 - What kind of responses would you expect from...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Create an Excel spreadsheet on your own that can make combination forecasts for Problem 18. Create a combinatio...
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
The new value of the portfolio. Introduction: Portfolio refers to a set of financial investments owned by an in...
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
5. Which inventory costing method results in the lowest net income during a period of rising inventory costs?
W...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
What is an action plan? Why are action plans such an important part of market planning? Why is it so important ...
MARKETING:REAL PEOPLE,REAL CHOICES
Horizontal analysis(Learning Objective 2)15-20 min. What were the dollar and percentage changes in Fesslers Fin...
Financial Accounting, Student Value Edition (5th Edition)
The exchange rate, potential risk, transfer pricing, tax law differences and strategies are the items affects t...
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
Knowledge Booster
Similar questions
- The Africa Continental Free Trade Area (AfCFTA) Agreement is a relatively new and evolving agreement aimed at boosting intra-African trade (Sullivan, 2023). The AfCFTA faces several unique challenges due to its diverse member countries, eachwith distinct regulatory frameworks, infrastructure levels, and economic conditions (Miller & Kessler, 2023). These differences complicate the harmonisation of standards, tariffs, and customs procedures (Olufemi et al., 2024). In addition, many African countries struggle with underdeveloped transport networks and logistics facilities, impacting supply chain efficiency and reliability (Rosenberg & Allen, 2023). Cultural and linguistic diversity across the AfCFTA further affects communication and business practices (Adebanjo & Elakkiya, 2024).While the AfCFTA aims to reduce trade barriers and establish a single market, the process entails complex and gradual policy integration, requiring continuous adjustments and integration efforts…arrow_forwardThe Africa Continental Free Trade Area (AfCFTA) Agreement is a relatively new and evolving agreement aimed at boosting intra-African trade (Sullivan, 2023). The AfCFTA faces several unique challenges due to its diverse member countries, eachwith distinct regulatory frameworks, infrastructure levels, and economic conditions (Miller & Kessler, 2023). These differences complicate the harmonisation of standards, tariffs, and customs procedures (Olufemi et al., 2024). In addition, many African countries struggle with underdeveloped transport networks and logistics facilities, impacting supply chain efficiency and reliability (Rosenberg & Allen, 2023). Cultural and linguistic diversity across the AfCFTA further affects communication and business practices (Adebanjo & Elakkiya, 2024).While the AfCFTA aims to reduce trade barriers and establish a single market, the process entails complex and gradual policy integration, requiring continuous adjustments and integration efforts…arrow_forwardThe Africa Continental Free Trade Area (AfCFTA) Agreement is a relatively new and evolving agreement aimed at boosting intra-African trade (Sullivan, 2023). The AfCFTA faces several unique challenges due to its diverse member countries, eachwith distinct regulatory frameworks, infrastructure levels, and economic conditions (Miller & Kessler, 2023). These differences complicate the harmonisation of standards, tariffs, and customs procedures (Olufemi et al., 2024). In addition, many African countries struggle with underdeveloped transport networks and logistics facilities, impacting supply chain efficiency and reliability (Rosenberg & Allen, 2023). Cultural and linguistic diversity across the AfCFTA further affects communication and business practices (Adebanjo & Elakkiya, 2024).While the AfCFTA aims to reduce trade barriers and establish a single market, the process entails complex and gradual policy integration, requiring continuous adjustments and integration efforts…arrow_forward
- Once you know your decision-making style, read the case and answer the following questions. Be sure to use case examples and your understanding of Rowe's Decision Making Styles to support your arguments. What type of decision on the risk-taking continuum (Certainty, Risk, Uncertainty, Ambiguity) does the company face when they are told about the people who got sick after taking the ChargeUp supplement with Lipitren? Be sure to explain why you think this.arrow_forwardAn insurance producer MUST report which of the following situations to the director of insurance within 30 days of the judgment? When the insurance producer files for a personal bankruptcy When the producer receives a felony conviction When the producer is ordered to pay a judgment for a claim due to failure to place the insurance policy with an insurance company When the producer is ordered by the court to pay the real estate taxes on a contested tax filing on the insurance producers sales officearrow_forwardPlease original work Background informaton attached How did Corning address the issues presented in this chapter? What advice would you give to Corning about planning for innovation? If you were a Corning competitor, what would worry you most? How would you compete with them? Look at two articles that talk about planning for innovation. Compare the suggestions they make with the steps that Corning has taken. How are they different? How are they similar? Please cite in text references and add weblinksarrow_forward
- you have been hired as a project management consultant for the company “amazonas corp.”, a horticulture company. you received an email by the ceo that reads: "our budget is $20,000 for 10 worked acres. at the end, 8 acres were completed and $6,000 was actually expended. let me know the cost performance index. what is the interpretation of this?" formulas earned value = % of completed job x total budgeted cost cost performance index = cumulative earned value / cumulative actual cost cost variance = cumulative earned value - cumulative actual cost estimated cost at completion = total budgeted cost / cost performance index to-complete performance index = (total budgeted cost - cumulative earned value) / (total budgeted cost - cumulativearrow_forward1) View the video What is Operations Management (14.01 minutes, Ctrl+Click on the link); what are your key takeaways (tie to one or more of the topics discussed in Chapters 1 and/or 2) after watching this video. (https://www.viddler.com/embed/d01189e1) Note: As a rough guideline, please try to keep the written submission to one or two paragraphs. 2) View the video What McDonald’s is serving up at its new CosMc’s Chain (3.42 mins, Ctrl+Click in the link), and answer the following questions: (https://www.youtube.com/watch?v=k7ojpUzE8q4) i) From a strategic perspective, why do you think McDonald’s is opting for this new chain rather than trying to launch the new menu in its existing restaurants? ii) What factors do you think in McDonald’s external and internal environments are driving its decision to open the CosMc’s locations? iii) How do you think this format will improve McDonald’s profit margin as compared to its regular fast-food restaurants? Note: As a…arrow_forwardDiscuss the long- and short-term impacts a CRM can have on an organization. Discuss both positive and negative impacts of CRM. Describe how an organization ensures data is up to date, correct, and consistently supporting the organization’s needs.arrow_forward
- Please original work Compare and contrast H-E-B and Walmart mission, values, and vision statements and include: Which company has a more inspiring vision statement? Why? Which company better describes the reason for its existence? How? Which company’s values most resonate with you? Why? Which company has done a better overall job of preparing the mission, values, and vision statements in order to design an effective balanced scorecard? Explain. Please cite in text references and add weblinksarrow_forwardA crash plan is something we often forget to consider. What happens if my internet goes down or electricity goes out and I have an assignment due? Having a back-up plan is always important. Answer the following: 1. In the event your primary computer crashes and loses all data, what is your back-up plan?arrow_forwardA crash plan is something we often forget to consider. What happens if my internet goes down or electricity goes out and I have an assignment due? Having a back-up plan is always important. Answer the following: 2. Where do you store your assignments and files other than on your primary computer?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning- MarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational Publishing
Understanding Management (MindTap Course List)ManagementISBN:9781305502215Author:Richard L. Daft, Dorothy MarcicPublisher:Cengage Learning
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub