The document summarizes key aspects of the external business environment, including the economic, technological, political-legal, and sociocultural environments. It describes how the economic environment includes factors like GDP, productivity, and fiscal/monetary policies. It also explains that the technological environment comprises technologies for products/services and business processes. Additionally, it states that the political-legal environment reflects government regulation of business, while the sociocultural environment involves societal values and customs.
The document discusses the economic environment and its importance for businesses. It describes the economic environment as consisting of macroeconomic and microeconomic factors that can influence business decisions. Macroeconomic factors affect the entire economy, such as interest rates, taxes, and unemployment. Microeconomic factors are more specific to individual businesses, like market size, demand, and competition. Understanding how the business cycle and international business environment impact economic conditions is also important for identifying opportunities and threats facing businesses.
The document discusses various sources of change for businesses, including both external factors outside their control such as changing markets, economic conditions, and technology, as well as internal factors they can influence. It provides examples of external factors like globalization, e-commerce, and economic indicators, and how governments can impact businesses through policies. Internal changes come from accelerating technology, new systems and business cultures that companies introduce.
The document provides an overview of business environment, its nature, components, dynamics and importance. It discusses the internal and external factors affecting a business. The external environment includes micro factors like suppliers, customers, competitors and macro factors like economic, political, social, technological, demographic and international elements. It also outlines the risks faced from the business environment and various measures to manage such risks.
The Most Challenging Economy in DecadesQamar Farooq
The document discusses key concepts in microeconomics and macroeconomics. It defines microeconomics as the study of small economic units like consumers and businesses, while macroeconomics is defined as the study of a nation's overall economic issues. The document also outlines factors that drive supply and demand, different market structures, economic systems, the business cycle, and how monetary and fiscal policy can be used to manage an economy. It concludes by mentioning some major global economic challenges faced in the 21st century.
The Most Challenging economy in Decades Qamar Farooq
This chapter discusses macroeconomic concepts and the factors that influence the stability of an economy. It begins by defining microeconomics as the study of small economic units like individuals and businesses, while macroeconomics examines a nation's overall economy. It then explains the four types of market structures and compares the main economic systems of capitalism, socialism, and mixed economies. The chapter concludes by analyzing how monetary and fiscal policy can be used to manage economic performance and the major global economic challenges faced in the 21st century.
Economic environment of business (1) by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses the importance of understanding a business's environment. It defines the internal and external components of a business environment and explains how environmental analysis involves scanning, monitoring, forecasting, and assessing trends. Understanding opportunities and threats in the internal strengths/weaknesses and external macro/micro environments allows businesses to identify opportunities for growth, anticipate threats, and form effective strategies. Regular environmental analysis provides benefits like gaining competitive advantages, early warning of issues, adapting to changes, improving performance, informing strategic decisions, intellectual stimulation, and building a responsive company image.
The document discusses several key concepts in economics and business including:
1. Types of business entities and their characteristics such as sole proprietorships, partnerships, public and private limited companies.
2. Internal organization structures of firms including U-form and M-form as well as advantages and disadvantages of each.
3. Factors that influence business goals and objectives such as the separation of ownership and control in public companies.
4. Tools for analyzing the external business environment including PEST analysis and classifying industries and firms.
This document discusses various external influences on business, including technological changes, social attitudes, legal and political factors, ethics and the macroeconomic environment. It notes that new technologies can create new opportunities or substitutes, while social attitudes impact consumer demand. External influences like regulations and government policies affect business costs and competitiveness. The macroeconomic factors of inflation, economic growth, interest rates and exchange rates also impact business activity and decision making.
The document discusses the economic environment and its importance for businesses. It describes the economic environment as consisting of macroeconomic and microeconomic factors that can influence business decisions. Macroeconomic factors affect the entire economy, such as interest rates, taxes, and unemployment. Microeconomic factors are more specific to individual businesses, like market size, demand, and competition. Understanding how the business cycle and international business environment impact economic conditions is also important for identifying opportunities and threats facing businesses.
The document discusses various sources of change for businesses, including both external factors outside their control such as changing markets, economic conditions, and technology, as well as internal factors they can influence. It provides examples of external factors like globalization, e-commerce, and economic indicators, and how governments can impact businesses through policies. Internal changes come from accelerating technology, new systems and business cultures that companies introduce.
The document provides an overview of business environment, its nature, components, dynamics and importance. It discusses the internal and external factors affecting a business. The external environment includes micro factors like suppliers, customers, competitors and macro factors like economic, political, social, technological, demographic and international elements. It also outlines the risks faced from the business environment and various measures to manage such risks.
The Most Challenging Economy in DecadesQamar Farooq
The document discusses key concepts in microeconomics and macroeconomics. It defines microeconomics as the study of small economic units like consumers and businesses, while macroeconomics is defined as the study of a nation's overall economic issues. The document also outlines factors that drive supply and demand, different market structures, economic systems, the business cycle, and how monetary and fiscal policy can be used to manage an economy. It concludes by mentioning some major global economic challenges faced in the 21st century.
The Most Challenging economy in Decades Qamar Farooq
This chapter discusses macroeconomic concepts and the factors that influence the stability of an economy. It begins by defining microeconomics as the study of small economic units like individuals and businesses, while macroeconomics examines a nation's overall economy. It then explains the four types of market structures and compares the main economic systems of capitalism, socialism, and mixed economies. The chapter concludes by analyzing how monetary and fiscal policy can be used to manage economic performance and the major global economic challenges faced in the 21st century.
Economic environment of business (1) by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses the importance of understanding a business's environment. It defines the internal and external components of a business environment and explains how environmental analysis involves scanning, monitoring, forecasting, and assessing trends. Understanding opportunities and threats in the internal strengths/weaknesses and external macro/micro environments allows businesses to identify opportunities for growth, anticipate threats, and form effective strategies. Regular environmental analysis provides benefits like gaining competitive advantages, early warning of issues, adapting to changes, improving performance, informing strategic decisions, intellectual stimulation, and building a responsive company image.
The document discusses several key concepts in economics and business including:
1. Types of business entities and their characteristics such as sole proprietorships, partnerships, public and private limited companies.
2. Internal organization structures of firms including U-form and M-form as well as advantages and disadvantages of each.
3. Factors that influence business goals and objectives such as the separation of ownership and control in public companies.
4. Tools for analyzing the external business environment including PEST analysis and classifying industries and firms.
This document discusses various external influences on business, including technological changes, social attitudes, legal and political factors, ethics and the macroeconomic environment. It notes that new technologies can create new opportunities or substitutes, while social attitudes impact consumer demand. External influences like regulations and government policies affect business costs and competitiveness. The macroeconomic factors of inflation, economic growth, interest rates and exchange rates also impact business activity and decision making.
This document defines and discusses key aspects of business environment. It begins by defining business environment as the relationship between a business and the surrounding factors that influence it, including political, economic, social and technological factors. It then discusses the internal and external components of business environment. The external environment includes micro environment factors like suppliers, customers and competitors, as well as macro factors like economic, social, political, technological and legal conditions. Key internal factors are the business's objectives, management, resources and culture. The document provides an overview of how businesses must assess their environment to develop effective strategies.
The economic environment consists of macro-level factors that impact the demand and supply for businesses, including the nature of the economy, level of development, resources, income levels, and income distribution. It includes economic conditions, policies, systems, and the international business environment. Economic factors like demand, supply, money, banking, income, employment, growth, and development all affect businesses. Recent economic facts about India note contributions of MSMEs, key crops and exports, foreign currency assets, and that services are the major driver of economic growth.
The document discusses the concept of state intervention in business. It provides a historical perspective on increasing government involvement in economic activities since the Industrial Revolution. State intervention is now necessary due to market failures like externalities, public goods problems, and information problems. The types and forms of government control are described, including formal/informal and coercive/inducive controls. Reasons for and disadvantages of intervention are outlined. The conclusion advocates for the government to redefine and improve its role by focusing on enhancing social sectors like education, health, housing and nutrition.
The document discusses the economic environment for businesses. It defines the economic environment as consisting of macro-level economic factors that impact businesses, including growth strategy, industry, agriculture, infrastructure, money/capital markets, income, population, and economic policy. Some key economic policies mentioned are industrial, fiscal, monetary, foreign investment, and exports/imports policies. The document also outlines several important economic factors that affect businesses, such as income, inflation, recession, interest rates, and exchange rates.
The document discusses the non-economic environment of business, which includes six factors: natural environment, social and cultural environment, demographic environment, political environment, technological environment, and regulatory environment. It provides details on each of these environments and how they impact business. For example, it notes that the social environment includes human relationships and culture, while the political environment includes the ruling party and political stability. The regulatory environment consists of government policies and legislation that control business.
ENVIRONMENTAL FACTORS THAT INFLUENCES THE OPERATIONS OF THE BUSINESSprince koduah
INFORMATION ON THE VARIOUS ENVIRONMENTAL FACTORS THAT BRINGS ABOUT THE RISE AND FALL OF THE BUSINESS OPERATIONS IN RESPECT TO THE MAIN OBJECTIVE OF THE BUSINESS.
The document provides information about business environment and its components. It defines business, discusses the nature and characteristics of business including objectives. It explains the differences between economic and non-economic activities. It also describes the various elements of internal and external environment that affect businesses. The internal environment includes factors under a firm's control while the external environment comprises of micro and macro level factors outside its control. [END SUMMARY]
This document provides an overview of key economic concepts and factors relevant to international business operations. It defines measures like gross national income, gross domestic product, inflation, unemployment, poverty, and productivity. It also profiles different types of economic systems, the dimensions of economic freedom, and means of economic transition.
This document provides an overview of international business concepts including:
- The definition and meaning of international business as carrying out business activities beyond national boundaries through trade of goods, capital, services, and production.
- Key features of the international business environment including cultural, social, technological, economic, political, and legal forces.
- Trends in international trade such as increasing global exports, shifts to regional trade blocs and multilateral agreements, and a move toward free trade.
- Needs for companies to go international including sales expansion, resource acquisition, risk minimization, diversification, and growth opportunities.
- An introduction to international marketing as the application of marketing principles across national boundaries.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
The document provides an overview of the business environment in India. It discusses the key components of the business environment including the social, technological, economic, and political environments. It then describes the nature of India's mixed economic system, including the role of various sectors, policies, and institutions. The document also covers social responsibility of businesses in India, including both classical and contemporary views. Finally, it summarizes India's New Economic Policy introduced in 1991 that focused on liberalization, privatization, and globalization to address the country's economic crisis.
The document discusses the business environment and its various components. It defines the business environment as comprising internal and external factors that influence a company's operations. It classifies the external environment into political, legal, economic, sociocultural, demographic, technological, and natural factors. The internal environment includes elements like organizational culture, management practices, and employee relations. Regular scanning and monitoring of the business environment is important for companies to identify opportunities and threats and respond with appropriate strategies.
This document provides an overview of business concepts including:
1. It defines business as an organization engaged in commercial activities like production, services, or retail for earning a livelihood.
2. It discusses different types of business organizations like sole proprietorships, partnerships, and corporations.
3. It explains key concepts around the economic, political, legal, social, and competitive environments that influence businesses.
The document discusses business environment and key economic concepts. It defines business environment as internal and external factors that impact a firm's functioning. The external environment includes economic, social, political, technological, and legal factors. The internal environment comprises strengths, weaknesses, resources, and culture.
It also explains key economic terms like economic systems, policies, national income accounting, and sectors of the economy. India's pre-1991 controlled economy and post-1991 liberalized market-oriented reforms are outlined. The reforms aimed to expand the private sector's scope and reduce barriers through industrial policy changes.
The document discusses the business environment and its internal and external factors. It defines the business environment as the aggregate of all conditions, events, and influences that surround and affect a business. The internal environment includes factors like management, goals, resources that are under a business's control, while the external environment includes socioeconomic forces like the economic system, legal regulations, and cultural aspects that are beyond a business's control. It then provides details on the key elements of the micro external environment like suppliers, customers, competitors and the macro external environment like economic, political, technological and socio-cultural forces that influence business decisions.
This document provides an analysis of the macro environment in Turkey using the PEST framework. It begins with an introduction to macro environmental analysis and the PEST method. It then examines the political, economic, social-cultural, and technological factors affecting Turkey. For each factor, it provides examples and data like population growth rates and urbanization trends. It concludes with an example PEST analysis of Pepsi to demonstrate how the framework can be applied.
The document provides an overview of key topics related to business environment including:
- Internal and external factors that comprise the business environment
- Micro and macro environmental factors such as economic conditions, technology, competition, and regulations
- Tools for analyzing opportunities and threats like PEST analysis, SWOT analysis, and competitive indexes
- India's ranking in global competitiveness and the ranking of competitive cities within India based on factors like infrastructure and skilled workforce.
BUS106 wk2 ch2 how economic issues affect business Bhupesh Shah
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
This chapter discusses the nature of management and the manager's job. It defines management as a set of activities including planning, organizing, leading and controlling organizational resources to achieve goals efficiently and effectively. It describes the four main management functions and different types of managers based on their level and area in the organization. The chapter also outlines managerial roles, skills, and how management involves both science and art. It concludes by discussing paths to becoming a manager and types of organizations.
The document discusses traditional and contemporary issues and challenges in management. It provides an overview of different perspectives in management including classical, behavioral, quantitative, systems, and operations management perspectives. It emphasizes that an effective framework integrates these perspectives and recognizes their situational and contingent nature to provide a complete understanding of management.
1. A function is a relation where each input is paired with exactly one output.
2. To determine if a relation is a function, use the vertical line test - if any vertical line intersects more than one point, it is not a function.
3. To find the value of a function, substitute the given value for x into the function equation and simplify.
This document defines and discusses key aspects of business environment. It begins by defining business environment as the relationship between a business and the surrounding factors that influence it, including political, economic, social and technological factors. It then discusses the internal and external components of business environment. The external environment includes micro environment factors like suppliers, customers and competitors, as well as macro factors like economic, social, political, technological and legal conditions. Key internal factors are the business's objectives, management, resources and culture. The document provides an overview of how businesses must assess their environment to develop effective strategies.
The economic environment consists of macro-level factors that impact the demand and supply for businesses, including the nature of the economy, level of development, resources, income levels, and income distribution. It includes economic conditions, policies, systems, and the international business environment. Economic factors like demand, supply, money, banking, income, employment, growth, and development all affect businesses. Recent economic facts about India note contributions of MSMEs, key crops and exports, foreign currency assets, and that services are the major driver of economic growth.
The document discusses the concept of state intervention in business. It provides a historical perspective on increasing government involvement in economic activities since the Industrial Revolution. State intervention is now necessary due to market failures like externalities, public goods problems, and information problems. The types and forms of government control are described, including formal/informal and coercive/inducive controls. Reasons for and disadvantages of intervention are outlined. The conclusion advocates for the government to redefine and improve its role by focusing on enhancing social sectors like education, health, housing and nutrition.
The document discusses the economic environment for businesses. It defines the economic environment as consisting of macro-level economic factors that impact businesses, including growth strategy, industry, agriculture, infrastructure, money/capital markets, income, population, and economic policy. Some key economic policies mentioned are industrial, fiscal, monetary, foreign investment, and exports/imports policies. The document also outlines several important economic factors that affect businesses, such as income, inflation, recession, interest rates, and exchange rates.
The document discusses the non-economic environment of business, which includes six factors: natural environment, social and cultural environment, demographic environment, political environment, technological environment, and regulatory environment. It provides details on each of these environments and how they impact business. For example, it notes that the social environment includes human relationships and culture, while the political environment includes the ruling party and political stability. The regulatory environment consists of government policies and legislation that control business.
ENVIRONMENTAL FACTORS THAT INFLUENCES THE OPERATIONS OF THE BUSINESSprince koduah
INFORMATION ON THE VARIOUS ENVIRONMENTAL FACTORS THAT BRINGS ABOUT THE RISE AND FALL OF THE BUSINESS OPERATIONS IN RESPECT TO THE MAIN OBJECTIVE OF THE BUSINESS.
The document provides information about business environment and its components. It defines business, discusses the nature and characteristics of business including objectives. It explains the differences between economic and non-economic activities. It also describes the various elements of internal and external environment that affect businesses. The internal environment includes factors under a firm's control while the external environment comprises of micro and macro level factors outside its control. [END SUMMARY]
This document provides an overview of key economic concepts and factors relevant to international business operations. It defines measures like gross national income, gross domestic product, inflation, unemployment, poverty, and productivity. It also profiles different types of economic systems, the dimensions of economic freedom, and means of economic transition.
This document provides an overview of international business concepts including:
- The definition and meaning of international business as carrying out business activities beyond national boundaries through trade of goods, capital, services, and production.
- Key features of the international business environment including cultural, social, technological, economic, political, and legal forces.
- Trends in international trade such as increasing global exports, shifts to regional trade blocs and multilateral agreements, and a move toward free trade.
- Needs for companies to go international including sales expansion, resource acquisition, risk minimization, diversification, and growth opportunities.
- An introduction to international marketing as the application of marketing principles across national boundaries.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
The document provides an overview of the business environment in India. It discusses the key components of the business environment including the social, technological, economic, and political environments. It then describes the nature of India's mixed economic system, including the role of various sectors, policies, and institutions. The document also covers social responsibility of businesses in India, including both classical and contemporary views. Finally, it summarizes India's New Economic Policy introduced in 1991 that focused on liberalization, privatization, and globalization to address the country's economic crisis.
The document discusses the business environment and its various components. It defines the business environment as comprising internal and external factors that influence a company's operations. It classifies the external environment into political, legal, economic, sociocultural, demographic, technological, and natural factors. The internal environment includes elements like organizational culture, management practices, and employee relations. Regular scanning and monitoring of the business environment is important for companies to identify opportunities and threats and respond with appropriate strategies.
This document provides an overview of business concepts including:
1. It defines business as an organization engaged in commercial activities like production, services, or retail for earning a livelihood.
2. It discusses different types of business organizations like sole proprietorships, partnerships, and corporations.
3. It explains key concepts around the economic, political, legal, social, and competitive environments that influence businesses.
The document discusses business environment and key economic concepts. It defines business environment as internal and external factors that impact a firm's functioning. The external environment includes economic, social, political, technological, and legal factors. The internal environment comprises strengths, weaknesses, resources, and culture.
It also explains key economic terms like economic systems, policies, national income accounting, and sectors of the economy. India's pre-1991 controlled economy and post-1991 liberalized market-oriented reforms are outlined. The reforms aimed to expand the private sector's scope and reduce barriers through industrial policy changes.
The document discusses the business environment and its internal and external factors. It defines the business environment as the aggregate of all conditions, events, and influences that surround and affect a business. The internal environment includes factors like management, goals, resources that are under a business's control, while the external environment includes socioeconomic forces like the economic system, legal regulations, and cultural aspects that are beyond a business's control. It then provides details on the key elements of the micro external environment like suppliers, customers, competitors and the macro external environment like economic, political, technological and socio-cultural forces that influence business decisions.
This document provides an analysis of the macro environment in Turkey using the PEST framework. It begins with an introduction to macro environmental analysis and the PEST method. It then examines the political, economic, social-cultural, and technological factors affecting Turkey. For each factor, it provides examples and data like population growth rates and urbanization trends. It concludes with an example PEST analysis of Pepsi to demonstrate how the framework can be applied.
The document provides an overview of key topics related to business environment including:
- Internal and external factors that comprise the business environment
- Micro and macro environmental factors such as economic conditions, technology, competition, and regulations
- Tools for analyzing opportunities and threats like PEST analysis, SWOT analysis, and competitive indexes
- India's ranking in global competitiveness and the ranking of competitive cities within India based on factors like infrastructure and skilled workforce.
BUS106 wk2 ch2 how economic issues affect business Bhupesh Shah
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
This chapter discusses the nature of management and the manager's job. It defines management as a set of activities including planning, organizing, leading and controlling organizational resources to achieve goals efficiently and effectively. It describes the four main management functions and different types of managers based on their level and area in the organization. The chapter also outlines managerial roles, skills, and how management involves both science and art. It concludes by discussing paths to becoming a manager and types of organizations.
The document discusses traditional and contemporary issues and challenges in management. It provides an overview of different perspectives in management including classical, behavioral, quantitative, systems, and operations management perspectives. It emphasizes that an effective framework integrates these perspectives and recognizes their situational and contingent nature to provide a complete understanding of management.
1. A function is a relation where each input is paired with exactly one output.
2. To determine if a relation is a function, use the vertical line test - if any vertical line intersects more than one point, it is not a function.
3. To find the value of a function, substitute the given value for x into the function equation and simplify.
Uses of computer in various fields of lifeAftab Badshah
This document discusses the various uses of computers in different fields such as business, commerce, banking, industry, medicine, education, weather forecasting, transportation, defense, and nuclear energy. Computers are used in businesses for marketing, stock exchanges, and departmental stores. In banking, they handle multi-currency trading and automatic teller machines. Computers are also used in industry for machinery monitoring, temperature and pressure readings. Additional fields discussed include use of computers in travel, tourism, education, and home applications.
Computers are used across many areas including education, banking, entertainment, transportation, offices, hospitals, defense, and design. They help with tasks like teaching students, keeping financial records, playing games, making reservations, sending emails, storing patient information, launching missiles, and designing publications and structures. Computers have become essential tools that are utilized in various sectors to increase efficiency, automation, and access to information.
Computers are used in many fields including education, health, business, science, government, entertainment, sports, and defense. In education, computers enhance learning and allow for distance learning courses. In health, computers digitize medical information, analyze disease risk, and help communicate for patients with disabilities. Businesses use computers to improve productivity, marketing, banking, and sales. Scientists collaborate globally using internet-based laboratories, and governments use computers for planning, control, and law enforcement. Sports utilize computers for statistics, tickets, training, game strategies, and safety equipment design. Defense applies computers to control vehicles, missiles, situational awareness, communications, logistics, platforms, and system design.
The document discusses various aspects of business environment including:
1. It defines business environment as the total surroundings that have a direct or indirect influence on business operations. The business environment includes economic, social, political, legal, technological factors that are beyond a business's control.
2. The economic environment includes economic conditions, policies and the economic system of a country which greatly impact businesses.
3. The non-economic environment includes social, political, legal, technological and demographic factors that also influence business operations.
4. Understanding the business environment is important for businesses to identify opportunities and threats, direct growth, and adapt to changes in order to succeed.
The document discusses various external influences on businesses:
1. Businesses are affected by factors outside their control such as economic, legal, political, social, technological and environmental conditions. Successful managers understand how these external influences impact their operations.
2. Key external influences include economic conditions, interest rates, competition in the market, laws and regulations, demographic changes, globalization, and technological innovations.
3. Managers must consider how changes in the external environment could present opportunities or threats and respond appropriately to maximize benefits and mitigate risks to the business.
The document discusses the nature of business environment. It defines business and outlines its purpose beyond just earning profits, such as supplying goods/services and creating jobs. It describes the internal and external factors that influence business decisions, including strengths/weaknesses and opportunities/threats. It also explains Porter's five forces model and SWOT analysis as tools for understanding competitive dynamics and strategic decision making.
The document discusses the nature of business environment. It describes that business aims to supply goods and services to consumers for profit, while also creating jobs, economic growth, and quality of life. The business environment includes production, trade, banking, and related activities. It is influenced by factors inside the organization and in the external environment. A SWOT analysis identifies internal strengths and weaknesses and external opportunities and threats. The macro environment comprises political, economic, technological, sociocultural, and global forces outside a firm's control. The micro environment includes interactions with customers, suppliers, competitors and other stakeholders. Firms must analyze trends and changes in the internal and external environments to develop effective strategies.
applied economics in grade11: its effects on the philGarryGonzales12
Here are the matches for the activity:
1. Economic Changes
2. Changes in technology
3. Sustainable
4. Taxes
5. Entrepreneurs
6. Socioeconomic factors
7. Education
8. Business viability
9. Income
10. HHI (Herfindahl-Hirschman Index)
The document provides an overview of PESTLE analysis, which is a framework used to analyze the macroenvironmental factors that may have a significant impact on a business. It examines the Political, Economic, Social, Technological, Legal, and Environmental factors (PESTLE). Each factor is described in terms of its key elements and examples are provided to illustrate how changes in these external factors can influence industries and companies. The document emphasizes that PESTLE analysis is an important tool that executives use to identify opportunities and risks posed by the broader business environment.
The document discusses market environment factors that affect companies. It describes the macro and micro market environments. The macro environment includes broad economic factors that influence all markets, such as gross domestic product, demographics, employment, taxes, and consumer spending. The micro environment surrounds a specific business and includes suppliers, intermediaries, customers, partners, competitors, and the public. It also provides a case study of Naked Wines, an online wine retailer, and how it ensured a robust supply chain during the COVID-19 pandemic.
The document discusses how businesses are affected by factors in the external environment that are outside of their control, including political, economic, social, technological factors. It introduces the PEST analysis framework for examining the external environment and provides examples of how different external factors impact businesses and should be considered in their objectives and strategies. The document also gives specific examples analyzing how certain external and economic factors impact businesses.
This document outlines the course content, structure, and assessments for an introductory business environment course. It covers key topics like the contemporary business scenario, economic factors, and macroeconomic policies. It also discusses the internal and external environment factors that influence businesses, including competitors, technologies, regulations, and globalization trends. The course aims to help students understand the complex environment in which businesses operate and develop strategies for sustainability and growth.
The document provides an overview of key topics related to business environment including economic factors, socio-cultural factors, technological factors, macroeconomic environment, financial environment, industrial environment, characteristics of business, Indian companies in the Fortune 500 list, government control, diversification strategies, globalization, nature of competition, business challenges, internal and external environment, micro and macro environment, economic and non-economic factors, tools for analyzing the environment like PEST analysis and SWOT analysis, relevance of WTO for Indian companies, and rankings of most competitive cities in India.
The document discusses the various factors that make up the business environment, including the economic, political/government, natural/technological, legal, social, and global environments. It provides details on aspects of each environment like economic policies, government bodies, technologies, laws, and social trends. Throughout, it gives examples of how changes in the environments, like economic reforms, new regulations, and technological advances have impacted businesses in India.
The document provides an overview of international business management. It defines international business as commercial transactions that cross national borders and involve two or more countries. It discusses the nature of international business, including involvement of multiple countries and currencies. The objectives of international business are outlined as integrating economies, offering new markets, and facilitating the exchange of ideas, services, and capital globally. The document also examines factors like political systems, economic environments, socio-cultural differences, and the natural/technological landscape that comprise the international business environment.
The document discusses business, business environment, business objectives, and e-commerce. It defines business as organized efforts by enterprises to supply goods and services to consumers for profit. The business environment consists of internal and external factors that influence a business. Business objectives can include profit, growth, employee satisfaction, and service to society. E-commerce involves buying and selling of products and services over electronic systems like the internet.
The document discusses the impact of economic environment on business. It defines business environment as all external forces that affect business operations, including economic, social, legal, technological, political, and other factors. The economic environment specifically refers to factors like government economic policies, interest rates, privatization policies, per capita income, and more. Understanding the business environment is important for managers to make informed decisions and adapt their business appropriately to changes in the external forces that affect it.
This document discusses how public policy impacts global supply chains. It explains that policy can affect both the general business environment and internal company operations. Changes in areas like taxation, trade, labor costs, environmental regulation, and infrastructure can influence where companies locate facilities and source parts. The document also examines specific policies in these areas and how they are considerations for businesses structuring their supply chains on a global scale.
The document discusses key economic concepts including different types of economic systems, key economic indicators, and macroeconomic issues. It defines market, centrally planned, and mixed economies. Key economic indicators examined are per capita income, quality of life, purchasing power, and structure of production. Macroeconomic issues covered are economic growth, inflation, external debt, and deficits. Understanding a country's economic environment can help companies predict how trends may affect future business performance.
Chapter 4 Types of Business Environment by Islam El-ShafieIslam El-Shafie
The document discusses the different components of a business environment including:
- The social, political, legal, technological, demographic, natural, and economic factors that can influence a business. These factors can be external and outside a business's control or internal factors that a business can control to some extent.
- The social environment includes factors like customs, values, and consumption patterns that influence demand. The political environment includes the stability of government and policies. The legal environment comprises the laws and regulations businesses must follow.
- Technological advances can require businesses to adopt new technologies. Demographic factors like population size and distribution affect demand. Natural factors incorporate environmental resources and conditions. Economic conditions, policies, and the type of economic
A PESTEL analysis is a framework that analyzes the external macroenvironment factors that influence an organization. It assesses the Political, Economic, Social, Technological, Environmental, and Legal factors (PESTEL) to identify threats and opportunities. The results are used to inform a SWOT analysis. The document provides examples of factors to consider under each category, such as government policy, economic growth rates, population trends, technological changes, environmental regulations, and legal standards. It outlines steps to perform a PESTEL analysis including brainstorming relevant factors, analyzing their impact, and discussing how to manage the most significant threats and opportunities.
The document discusses the business environment and its various components. It defines business as an organization that provides goods and services to earn profits. The business environment comprises all external factors that influence a business's operations and includes the social, legal, economic, political, technological, and international environments. Each of these environments is discussed in detail covering their key aspects and impacts on businesses. The social environment includes cultural values and traditions that shape consumer behavior and demand. Laws and regulations comprise the legal environment. Economic factors like inflation, interest rates, and policies influence business growth. Political stability and policies also impact businesses. Technological advancements present opportunities and threats with changing consumer preferences and competition.
This document defines and compares international business and international business environment. It outlines the key differences between domestic and international business. It then discusses the various entry modes for international business, including import/export, licensing, joint ventures, and foreign direct investment. Finally, it analyzes the different elements of the international business environment, such as political, legal, economic, technological, socio-cultural, demographic, financial, and ecological factors.
Similar to Griffin chap02 environments_notes (ITB ECO) (20)
The document provides an overview of the US business system. It discusses that the US has a market economy based on capitalism where demand and supply determine prices. Businesses are privately owned and operate for profit. Competition varies across industries from perfect to monopolistic. The evolution of business in the US progressed from factories to large corporations to a focus on marketing and globally integrated operations.
3. global context of business - itb - ayesha aman - EconomicsAmaan Hussain
This document summarizes key concepts about international business and globalization from a textbook chapter. It defines important terms like imports, exports, and per capita income. It also outlines several forces driving globalization like new technologies and competitive pressures. Additionally, it discusses major world marketplaces in regions like North America, Europe, and Asia and examines trade agreements and competitive advantages among nations.
2. understanding the environments of business - itb - ayesha aman - EconomicsAmaan Hussain
This document provides an overview of the key environments that influence businesses:
1) The economic environment includes factors like economic growth, inflation, unemployment, and globalization that impact businesses.
2) The technological environment examines how new technologies create opportunities for businesses through product and process innovations.
3) Non-economic factors also shape businesses, such as the political-legal rules established by governments and sociocultural preferences of customers.
Communicating at work chapter 1 (buss. English)Amaan Hussain
The document discusses communication in the workplace. It outlines the communication process and barriers to effective communication like lack of listening skills. It also discusses how communication can break down as messages are transmitted through organizations, distorting the original intent. Overcoming barriers requires understanding that communication is imperfect and adapting messages for different audiences. Changes in the modern workplace like new technologies and diverse teams make communication skills more important.
The document provides an overview of business report writing, including the planning, research, organization, and presentation of reports. It discusses the common formats and styles of reports, the writing of informational and analytical reports, documenting sources, and following citation styles like MLA, APA, and Chicago. Key aspects covered include outlining the problem and purpose, researching primary and secondary sources, organizing content, and providing citations and a reference list.
Bc presentation chapter 13(2) (buss. English)Amaan Hussain
The document discusses different types of typical business reports including periodic reports, situational reports, investigative reports, compliance reports, analytical reports, justification/recommendation reports, and feasibility reports. It provides examples of each type of report and discusses their purpose, format, and key elements. The document aims to provide guidance on writing different business reports for various audiences and situations.
The document discusses the importance of time management for students. It identifies several common time wasters for students such as procrastination, lack of focus, and not taking notes. It then provides suggestions for effective time management including setting goals, prioritizing tasks, planning your week, and using leisure time effectively. Fifteen specific time management tips are also outlined such as writing things down, prioritizing tasks, and avoiding "filler" activities.
The document discusses different types of listening and the importance of being a good listener. It defines listening and outlines some common myths. It also describes four main types of listening: pleasurable, informational, critical, and empathetic. For each type, it provides the goal and ways to increase effectiveness. The document concludes by listing some faulty listening behaviors and reasons for poor listening.
The document discusses the differences between IQ and EQ. IQ refers to a person's intelligence quotient and measures how smart someone is, while EQ refers to emotional intelligence and measures how well someone can use their smarts and manage their emotions. Emotional intelligence involves being self-aware of one's own emotions and the emotions of others. There are five essential skills of emotional intelligence: self-awareness, managing emotions, motivating oneself, empathy, and handling relationships. People with high emotional intelligence can identify and understand their emotions, control emotional responses, recognize past emotional triggers, and manage emotions in constructive ways.
Stress is the body's response to any demand placed on it and can be caused by both external and internal factors. The effects of stress include emotional, physiological, cognitive, and behavioral impacts. While some stress is normal and can be motivating, too much stress without adequate coping resources can negatively impact health and well-being. It is important to learn to manage stress through awareness, reducing stressors when possible, moderating emotional and physical reactions, maintaining physical and emotional reserves, and using stress reduction techniques like exercise, relaxation, and social support.
The document discusses conflict, its nature, sources, and strategies for resolution. It defines conflict as contradictory values, perspectives or opinions between two or more parties. Conflict can be intraindividual or interactive. Effective conflict resolution requires negotiation skills and managing conflict in a supportive climate rather than a defensive one. The document outlines a "core process" for managing internal conflict which involves identifying the issue, gaining perspective, considering alternative actions, discussing the best option, acting on it after a cooling off period, and reevaluating if needed.
The document discusses leadership concepts including:
- The objectives of learning about leadership, understanding myths and qualities of good leaders
- Common myths about leaders being born vs made and that leaders can lead in any situation
- Definitions of leadership as the ability to influence others towards goals and create an environment for success
- Functions of leadership including defining tasks, motivating followers, and developing individuals and groups
- Key qualities of good leaders including integrity, emotional maturity, confidence, using power to benefit others, and having energy to handle stress
The document discusses the concepts of self-esteem, including its importance and signs of low self-esteem. It explains that self-esteem develops from childhood experiences and one's inner voice. People with low self-esteem often consider themselves unworthy and seek approval, while those with high self-esteem have confidence and feel deserving. The pillars of self-esteem are self-acceptance, living consciously, taking responsibility, assertiveness, living purposefully, and integrity.
This document discusses the importance of self-discipline and provides examples of how to strengthen it. It defines self-discipline as controlling desires and feelings to achieve goals instead of instant gratification. The principles of self-discipline are setting goals, having a strong desire to achieve them, persevering despite failure, and taking things one step at a time. Ways to strengthen self-discipline include committing to its development, being accountable, practicing self-discipline, doing enhancing activities, and eliminating harmful habits.
Session 3 overcoming some obstacles ( SMS )Amaan Hussain
The document discusses communication apprehension, which refers to the fear of communication. It identifies two types of communication apprehension: trait apprehension which is a general fear of communication, and state apprehension which refers to fear specific to a given situation. Factors that can increase communication apprehension are discussed such as the degree of evaluation, unpredictability, and dissimilarity in a situation. Theories for managing communication apprehension include cognitive restructuring, systematic desensitization, and skill acquisition. Suggestions are provided for empowering apprehensive communicators such as practicing active listening and speaking to one person at a time.
Session 2 positive thinking and attitude ( SMS )Amaan Hussain
The document discusses positive thinking and its benefits. Positive thinking involves focusing on opportunities rather than difficulties and expecting positive outcomes. It can improve health, help achieve goals, increase happiness and energy. Developing positive thinking involves using positive self-talk, visualizing success, reading inspiring materials, and believing in one's abilities rather than dwelling on negatives.
The document discusses assertiveness and how to be more assertive. It defines assertiveness as being direct and appropriately expressive while standing up for yourself in a respectful manner without blaming others or violating their rights. It contrasts assertiveness with aggression and passive behavior. The document provides tips for how to be assertive such as being honest about your feelings and needs, expressing yourself firmly, saying no to unreasonable expectations, and respecting others' rights.
Session 9 motivation and peak performance ( SMS )Amaan Hussain
This document discusses motivation and peak performance. It defines motivation and explains the motivation process, which involves identifying needs, finding ways to satisfy them, engaging in goal-directed behavior, performing acts, receiving rewards or punishments, and reassessing needs. Intrinsic and extrinsic motivation are explained. Motivational theories covered include expectancy theory, drive reduction theory, Maslow's hierarchy of needs, goal setting theory, and McClelland's theory of needs. Demotivating factors and the importance of motivation are also discussed. Peak performers are said to lead balanced lives, care about their careers, rehearse tasks, seek results but not perfection, take risks, rely on themselves, and compete with self.
Students will be required to give 10 to 15 presentations on topics related to their course, which teachers will judge based on students' confidence, communication skills, language proficiency, use of visual aids, voice quality, command of the topic, response to questions, appearance, and use of relevant examples.
The document is a midterm examination for a course titled SMS during the fall 2007 semester. It provides instructions for a two hour exam for 20 students with a maximum of 25 marks. The exam consists of filling in the blanks for 10 questions worth a total of 10 marks and answering 4 short questions worth 2 marks each. The questions cover topics like empathy, assumptions, arguments, responding to criticism, thinking, procrastination, overcoming speech anxiety, types of thinking, life goals, and ultimate goals.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
1. chapter 2<br />Understanding the environments of business<br />Chapter Overview<br />All businesses, regardless of their size, location, or mission, operate within a larger external environment. This external environment consists of everything outside an organization’s boundaries that might affect it. The external environment plays a major role in determining the success or failure of any organization.<br />The economic environment refers to the conditions of the economic system in which an organization operates. The basic goals of an economic system are stability, full employment, and growth. Measures of how well an economy has accomplished these goals include gross national product, gross domestic product, productivity, balance of trade, and national debt. The U.S. government uses fiscal policies to manage the effects of its spending and revenue collection and monetary policies to control the size of the nation’s money supply.<br />The technological environment generally includes all the ways by which firms create value for their constituents. Technology includes human knowledge, work methods, physical equipment, electronics and telecommunications, and various processing systems that are used to perform business activities.<br />The political-legal environment reflects the relationship between business and government, usually in the form of government regulation of business. For example, the legal system defines in part what an organization can and can’t do. Although the United States is basically a free market economy, it still has major regulation of business activity. Likewise, various government agencies regulate important areas such as advertising practices, safety and health considerations, and accept-able standards of business conduct.<br />The sociocultural environment includes the customs, mores, values, and demographic characteristics of the society in which an organization functions. Sociocultural processes determine the goods and services as well as the standards of business conduct that a society is likely to value and accept.<br />Business today is faster paced, more complex, and more demanding than ever before. The challenges businesses face and their solutions make up the business environment.<br />Chapter Outline<br />Opening Case: Making the Grade<br />Organizational Boundaries and Environments<br />Organizational Boundaries<br />Multiple Environments<br />The Economic Environment<br />Economic Growth<br />Aggregate Output and Standard of Living<br />Gross Domestic Product<br />Real Growth Rate<br />GDP per Capita<br />Real GDP<br />Purchasing Power Parity<br />Productivity<br />Balance of Trade<br />National Debt<br />Economic Stability<br />Inflation<br />Measuring Inflation: The CPI<br />Unemployment<br />Recessions and Depressions<br />Managing the U.S. Economy<br />Fiscal policies <br />Monetary policies<br />Stabilization policy<br />The Global Economy in the Twenty-first Century<br />Three Major Forces<br />Projected Trends and Patterns<br />The Technological Environment<br />Product and Service Technologies<br />Business Process Technologies<br />Enterprise Resource Planning<br />The Political-Legal Environment<br />The Sociocultural Environment<br />Customer Preferences and Tastes<br />Ethical Compliance and Responsible Business Behavior<br />The Business Environment<br />Redrawing Corporate Boundaries<br />Emerging Challenges and Opportunities in the Environment of Business<br />Outsourcing<br />Outsourcing versus Vertical Integration<br />Disadvantages of Outsourcing<br />Viral Marketing<br />Business Process Management<br />The Aftermath of 9/11<br />Learning Objectives<br />Explain the concepts of organizational boundaries and multiple organizational environments.<br />Explain the importance of the economic environment to business and identify the factors used to evaluate the performance of an economic system.<br />Discuss the current economic picture in the United States and summarize expert predictions about its future.<br />Describe the technological environment and its role in business.<br />Describe the political-legal environment and its role in business.<br />Describe the sociocultural environment and its role in business.<br />Discuss the business environment and identify emerging challenges and opportunities in the environment of business.<br />Lecture Outline for powerpoint<br />Organizational Boundaries and EnvironmentsAll businesses, regardless of their size, location, or mission, operate within a larger external environment.External environment—Everything outside an organization’s boundaries that might affect it.<br />Organizational Boundaries—That which separates the organization from its environment. Today boundaries are becoming increasingly complicated and hard to pin down.<br />Multiple Environments include economic conditions, technology, political-legal considerations, social issues, the global environment, issues of ethical and social responsibility, the business environment itself, and numerous other emerging challenges and opportunities.<br />The Economic EnvironmentEconomic environment—Conditions of the economic system in which an organization operates<br />Economic Growth<br />Aggregate Output and Standard of Living<br />Business cycle—Pattern of short-term ups and downs (expansions and contractions) in an economy<br />Aggregate output—Total quantity of goods and services produced by an economic system during a given period<br />Standard of living—Total quantity and quality of goods and services that a country’s citizens can purchase with the currency used in their economic system<br />Gross Domestic ProductGross domestic product (GDP)—Total value of all goods and services produced within a given period by a national economy through domestic factors of productionGross national product (GNP)—Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located<br />Real Growth Rate—the growth rate of GDP adjusted for inflation and changes in the value of the country’s currency<br />GDP per Capita—GDP per person and reflects the standard of living.<br />Real GDP—GDP calculated to account for changes in currency values and price changes versus Nominal GDP, GDP measured in current dollars or with all components valued at current prices.<br />Purchasing Power Parity—Principle that exchange rates are set so that the prices of similar products in different countries are about the same.<br />Productivity—Measure of economic growth that compares how much a system produces with the resources needed to produce it.<br />There are a number of factors which can inhibit the growth of an economic system including:<br />Balance of Trade—the economic value of all the products that a country exports minus the economic value of imported products.<br />Trade Deficit—A positive balance of trade results when a country exports (sells to other countries) more than it imports (buys from other countries).<br />Trade Surplus—A negative balance of trade results when a country imports more than it exports.<br />National Debt—Amount of money that a government owes its creditors. The U.S. national debt is over $6 trillion.<br />Economic StabilityCondition in an economic system in which the amount of money available and the quantity of goods and services produced are growing at about the same rate.Factors which threaten stability include:<br />Inflation—Occurrence of widespread price increases throughout an economic system<br />Measuring Inflation: The CPI—Measure of the prices of typical products purchased by consumers living in urban areas<br />Unemployment—Level of joblessness among people actively seeking work in an economic system. Unemployment may be a symptom of economic downturns.<br />Recessions and DepressionsRecession—Period during which aggregate output, as measured by real GDP, declines<br />Depression—Particularly severe and long-lasting recession<br />Managing the U.S. Economy<br />Fiscal policies—Government economic policies that determine how the government collects and spends its revenues<br />Monetary policies—Government economic policies that determine the size of a nation’s monetary supply<br />Stabilization policy—Government policy, embracing both fiscal and monetary policies, whose goal is to smooth out fluctuations in output and unemployment and to stabilize prices<br />The Global Economy in the Twenty-first CenturyThe decade of the 1990s saw a sustained period of expansion and growth that served to increase business profits, boost individual wealth, and fuel optimism. During the latter part of 2001 and into 2002, however, economic growth began to stall.<br />Three Major Forces<br />The information revolution will continue to enhance productivity across all sectors of the economy, most notably in such information-dependent industries as finance, media, and wholesale and retail trade.<br />New technological breakthroughs in areas such as biotechnology will create entirely new industries.<br />Increasing globalization will create much larger markets while also fostering tougher competition among global businesses; as a result, companies will need to focus even more on innovation and cost cutting.<br />Projected Trends and Patterns—There are a number of projections for the near future. Sudden changes in environmental factors, such as war, can alter these projections.<br />The Technological EnvironmentTechnology has a variety of meanings, but as applied to the environment of business, it generally includes all the ways by which firms create value for their constituents.<br />Product and Service Technologies—the technologies employed for creating products (both physical goods and services) for customers. Although many people associate technology with manufacturing, it is also a significant force in the service sector.<br />Business Process Technologies—are used not so much to create products as to improve a firm’s performance of internal operations (such as accounting, managing information flows, creating activity reports, and so forth). They also help create better relationships with external constituents, such as suppliers and customers.<br />Enterprise Resource Planning—Large-scale information system for organizing and managing a firm’s processes across product lines, departments, and geographic locations<br />The Political-Legal EnvironmentConditions reflecting the relationship between business and government, usually in the form of government regulation. Pro- or anti-business sentiment in government can further influence business activity. Political stability is also an important consideration, especially for international firms.<br />The Sociocultural EnvironmentConditions including the customs, mores, values, and demographic characteristics of the society in which an organization functions<br />Customer Preferences and Tastes—Customer preferences and tastes vary both across and within national boundaries. Similarly, consumer preferences can also vary widely within the same country. Consumer preferences and tastes also change over time. Finally, sociocultural factors influence the way workers in a society feel about their jobs and organizations.<br />Ethical Compliance and Responsible Business Behavior<br />The Business Environment<br />Redrawing Corporate Boundaries—To stay competitive, companies are removing traditional corporate boundaries. For example building partnerships or temporary alliances with other companies or competitors.<br />Core competency—Skills and resources with which an organization competes best and creates the most value for owners<br />Emerging Challenges and Opportunities in the Environment of Business<br />Outsourcing—Strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or resources<br />Outsourcing versus Vertical IntegrationOutsourcing is why vertical integration is no longer as popular as it once was.<br />Vertical integration—Strategy of owning the means by which an organization produces goods or services. <br />Disadvantages of Outsourcing—The expected benefits of outsourcing are sometimes not realized. For example, suppliers often don’t understand what they are supposed to do, charge too much, and provide poor service.<br />Viral Marketing—Strategy of using the Internet and word-of-mouth marketing to spread product information. Using various formats—games, contests, chat rooms, and bulletin boards—marketers encourage potential customers to try out products and tell other people about them.<br />Business Process Management<br />Process—Any activity that adds value to some input by transforming it into an output for a customer (whether internal or external)<br />Business process management—Approach by which firms move away from department-oriented organization and toward process-oriented team structures that cut across old departmental boundaries<br />The Aftermath of 9/11—The flexibility and strength inherent in the U.S. political and economic systems became just as obvious as their flaws. Most people kept their jobs, and most businesses kept going. Even as some economic sectors declined, others continued to expand. Exports continue to flow into other countries, as did foreign direct investment.On the other hand, American business now faces major changes. A specific effect that businesses themselves are already addressing involves workplace security.<br />