Why is it vital for business managers to understand the economic environment? How does data help...
- Why is it vital for business managers to understand the economic environment?
- How does data help support a leader’s rationale and decision-making?
- How can the concepts be applied to someone just starting out in their carrer?
Homework Answers
1) Understanding of economic environment helps in developing long term policies and broad strategies for the firm which are in tandem with external environment.
2) In decision making process and action plans to deal with changes in economic environment.
3) To assess the firms stability on national and international fronts.
4) To formulate effective counter measures against competitors policies
5) To be dynamic and upgraded
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