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
Add Answer to:
Why is it vital for business managers to understand the
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understanding what international business is, why and how it
differs from domestic business, why it is important, and its
historical development. International business is a broad and
potentially complex field of study and practice. There are many
different definitions and concepts that are critical to this field,
and this activity will emphasize several of the most critical ones
that are used throughout the text. Understanding these terms and
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accounting helps managers perform three vital activities -
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paper about your employer or a favorite business you personally
visit or are a patron (Starbucks, Netflix, Planet Fitness, etc.)
and discuss the risks they face in their industry that can
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