Economics for business by David Begg and Damian ward (3rd edition) chapters 1-8 Chapter 1: Economics for business. 1.1; What is economics? Economics is the social science that analyzes the production‚ the distribution and consumption of goods and services. It studies how individuals‚ firms‚ governments and economies deal with the problem of infinite wants and finite resources. Factors of production are the resources needed to make goods and services‚: land‚ labor‚ capital and enterprise. - Land
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the fast evolution of information and technology organization are operating in an environment where the geographical boundaries are none existent and a company with a subsidiary in another continent operates as if they are in the same city. This paper seeks to identify how this has affected way of doing business by multinational organization by looking and four aspects‚ which are cultural differences‚ ethical issues‚ strategy and industrial or business. 1 1. CULTURAL DIFFERENCES Culture plays a very
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The Impact of Electronic Business on the Organisation Ronel Smith Information and Communication Technology - icomtek CSIR South Africa rsmith2@csir.co.za Abstract E-business is fast becoming an important initiative for companies to consider‚ one that impacts every aspect of how a business is run. This report investigates the impact of e-business implementation on various aspects of the organisation including; strategy‚ human resources‚ customer relationship management‚ the IT department
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Define control and discuss the control process and the importance of control in business organizations. * Define control Management process in which the (1) actual performance is compared with planned performance‚ (2) difference between the two is measured‚ (3) causes contributing to the difference are identified‚ and (4) corrective action is taken to eliminate or minimize the difference Control Process The control process is a continuous flow in Taj between measuring‚ comparing and action
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Introduction A Strategic Business Unit (SBU) is when a unit comprises one or more products having a common market base whose manager has complete responsibility for integrating all function in to a strategy against an identifiable competitor. An SBU is composed of a product or product lines having identifiable independence from other products or product lines in term of competition‚ prices‚ substitutability of product‚ style/quality‚ and impact of product withdrawal. (Kendrick‚ 2009) Sometimes
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y Strategic Management & Business Policy‚ 12e (Wheelen/Hunger) Chapter 1 Basic Concepts in Strategic Management 1) Strategic management is one decision that determines the short-term performance of a corporation. Answer: FALSE Diff: 1 Page Ref: 5 Topic: The Study of Strategic Management 2) In the externally oriented planning phase‚ plans are developed by heavily involving the input of managers from lower levels. Answer: FALSE Diff: 2 Page Ref: 5 Topic: The Study of Strategic Management
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Analyze the business-level strategy: Staples original strategy was to “Establish superstores that were smaller than most‚ save in rent and operating costs‚ cluster them in densely populated areas to justify paying for expensive advertising and stock the stores from a distribution center”. Staples see the office products market as a ‘large‚ diversified market for office supplies and services‚ business machines and related products‚ computer‚ technology and office furniture’. They attempt to reach
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ineffective planning and control system can be disastrous. For the typical multinational firm‚ the budgeting process is the primary period of planning at both corporate and subsidiary levels. During the planning phase‚ the subsidiaries establish short-term goals and objectives‚ devise appropriate operating strategies‚ and prepare a budget document for subsequent monitoring‚ control‚ and evaluation of operations. Although the budgeting process is an important element of success‚ very little is known about the
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of any business. However this task has become harder as ever since manufacturing shifts to standardization. Today not only the core product or service is matter to customer‚ but also the value that go with it. This explains why firms are desperate to find the competitive advantages that can help them produce such value and differentiate themselves from competitors. In order to create competitive advantages‚ firm need to build up business level strategies step by step through a strategic direction
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linked to the strategic plan? E) Where are we going to get the resources to do this project? 2 Strategy considered to be under purview of senior management is A) Old school thinking B) A new school of management thought C) Necessary in a company structure D) Beneficial to the Project Manager E) Dependent on company goals 3 The intended outcome of strategy/projects integration is A) Clear organization focus B) Best use of scarce organization resources
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