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Global Business Environment
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Global Business Environment

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Questions and Answers

What is environmental scanning?

  • A process of controlling the external environment to minimize threats
  • A process of analyzing internal factors that impact future decisions
  • A process that systematically surveys and interprets relevant data to identify external opportunities and threats (correct)
  • A process of predicting future trends based on historical data

    • What does environmental scanning help organizations to do?

  • Blame poor performance on uncontrollable external factors
  • Ignore external factors and focus solely on internal operations
  • Manage and anticipate developments in their environment to survive (correct)
  • Control all external factors to ensure success

    • What is a component of external scanning related to technology?

  • Assessing the impact of internal policies on technology usage
  • Identifying new technologies that can make the organization more efficient (correct)
  • Analyzing employee satisfaction with current technology
  • Predicting market trends without considering technological advancements

    • What does environmental scanning involve in relation to competition?

    <p>Identifying what the competition is doing that provides them an advantage</p> Signup and view all the answers

    What is a consideration under labour supply for environmental scanning?

    <p>Assessing the labor market in locations where the organization operates</p> Signup and view all the answers

    What does environmental scanning help organizations to anticipate?

    <p>Developments in their environment that could impact future decisions</p> Signup and view all the answers

    What did Thomas Friedman describe the world as?

    <p>A single globalised marketplace driven by the spread of free market capitalism</p> Signup and view all the answers

    Which countries are part of the BRICS group?

    <p>Brazil, Russia, India, China, and South Africa</p> Signup and view all the answers

    What is the main focus of culture in the context of global business environment?

    <p>Shared values and norms among a group of people</p> Signup and view all the answers

    What is a characteristic of a common law legal system?

    <p>Relies on case precedents and has an independent judiciary</p> Signup and view all the answers

    What does e-business refer to?

    <p>The interchange of goods, services or property through an electronic medium</p> Signup and view all the answers

    What shapes the competitive environment for organizations?

    <p>The need for sustainable competitive advantage</p> Signup and view all the answers

    What is the main focus of social-ethical context in the global business environment?

    <p>The demographics and attitudes of society members</p> Signup and view all the answers

    What are the main types of legal systems commonly in use?

    <p>Common law system, civil law system, theocratic law system</p> Signup and view all the answers

    What are the main trading blocks and regional trading agreements mentioned in the text?

    <p>The enlarged European Union (EU), North American Free Trade Agreement (NAFTA), Mercosur (South America), Association of Southeast Asian Nations (ASEAN)</p> Signup and view all the answers

    What is the main purpose of environmental scanning?

    <p>To identify external opportunities and threats that impact future decisions</p> Signup and view all the answers

    What aspect of technology is considered in environmental scanning?

    <p>Developments in technology that may impact the organization in the future</p> Signup and view all the answers

    What does environmental scanning involve in relation to labour supply?

    <p>Assessing the labor market in locations where the organization operates</p> Signup and view all the answers

    What is an important consideration under customers for environmental scanning?

    <p>How the customer base is changing and impacting the organization’s ability to provide top-notch customer service</p> Signup and view all the answers

    What component of external scanning involves examining what the competition is doing to gain an advantage?

    <p>Competition</p> Signup and view all the answers

    What is a key focus of environmental scanning in relation to technology?

    <p>Identifying new technologies that can make the organization more efficient</p> Signup and view all the answers

    Which of the following is NOT one of the main trading blocks and regional trading agreements mentioned in the text?

    <p>Commonwealth of Independent States (CIS)</p> Signup and view all the answers

    What is the basis of law in a common law legal system?

    <p>Independent judiciary and case precedents</p> Signup and view all the answers

    What does the term 'BRIC' refer to?

    <p>Four large emerging economies: Brazil, Russia, India, and China</p> Signup and view all the answers

    What is the primary impact of international trade policies on businesses?

    <p>Deregulation and liberalization</p> Signup and view all the answers

    What is the primary focus of culture in the global business environment?

    <p>Influencing demographics and social behavior</p> Signup and view all the answers

    What defines a civil law legal system?

    <p>A legal code applied universally</p> Signup and view all the answers

    What distinguishes the BRIC economies from other emerging economies?

    <p>Their population size and economic potential</p> Signup and view all the answers

    What does a theocratic legal system rely on?

    <p>An accepted religious code</p> Signup and view all the answers

    What is the fundamental impact of economic policies pursued by governments on businesses?

    <p>Affecting business operations and investment decisions</p> Signup and view all the answers

    What does environmental scanning involve in relation to labour supply?

    <p>Assessing the labor market in the locations where the organization operates</p> Signup and view all the answers

    What is a key focus of environmental scanning in relation to technology?

    <p>Identifying new technologies that can make the organization more efficient</p> Signup and view all the answers

    What is an important consideration under customers for environmental scanning?

    <p>Understanding changes in the customer base</p> Signup and view all the answers

    What shapes the competitive environment for organizations?

    <p>'Trends, competition, technology, customers, and labor supply'</p> Signup and view all the answers

    'What is a characteristic of a common law legal system?'

    <p>'Judicial decisions are a primary source of law'</p> Signup and view all the answers

    'What does environmental scanning involve in relation to competition?'

    <p>'Identifying what the competition is doing that provides them an advantage'</p> Signup and view all the answers

    What is a component of external scanning related to technology?

    <p>Assessing technological developments that may impact the organization in the future</p> Signup and view all the answers

    What does environmental scanning help organizations to anticipate?

    <p>Future developments in their environment</p> Signup and view all the answers

    What defines a civil law legal system?

    <p>Laws are primarily based on statutes and codes</p> Signup and view all the answers

    What does e-business refer to?

    <p>The use of electronic platforms for conducting business transactions</p> Signup and view all the answers

    What did Thomas Friedman describe the world as?

    <p>'Flat' due to technological advancements and globalization</p> Signup and view all the answers

    'What is a consideration under labour supply for environmental scanning?'

    <p>'Assessing talent availability in locations where the organization operates'</p> Signup and view all the answers

    Which of the following is NOT one of the main trading blocks and regional trading agreements mentioned in the text?

    <p>Commonwealth of Independent States (CIS)</p> Signup and view all the answers

    What distinguishes the BRIC economies from other emerging economies?

    <p>They collectively cover more than a quarter of the world’s land area</p> Signup and view all the answers

    What did Thomas Friedman describe the world as?

    <p>'A single globalised marketplace driven by the spread of free market capitalism to virtually every country in the world'</p> Signup and view all the answers

    What is a characteristic of a common law legal system?

    <p>Relies on an independent judiciary and case precedents</p> Signup and view all the answers

    What does environmental scanning help organizations to anticipate?

    <p>Market trends and changes in consumer behavior</p> Signup and view all the answers

    What are the main types of legal systems commonly in use?

    <p>'Common law, civil law, and theocratic law'</p> Signup and view all the answers

    What does e-business refer to?

    <p>The interchange of goods, services or property through an electronic medium</p> Signup and view all the answers

    What does environmental scanning involve in relation to competition?

    <p>Examining what competitors are doing to gain an advantage</p> Signup and view all the answers

    What is a consideration under labour supply for environmental scanning?

    <p>'Anticipating changes in labor laws and regulations'</p> Signup and view all the answers

    What aspect of technology is considered in environmental scanning?

    <p>'New products &amp; services, new production techniques, new ways of communicating &amp; managing information flow'</p> Signup and view all the answers

    What is the primary focus of social-ethical context in the global business environment?

    <p>'Demographics, attitudes and behavior of members of society'</p> Signup and view all the answers

    Study Notes

    Environmental Scanning

    • Environmental scanning involves the analysis of external and internal environments to identify opportunities and threats.
    • Helps organizations anticipate changes in the market, including economic shifts, technological advancements, and sociocultural trends.
    • Essential for strategic planning and informed decision-making.

    Components of External Scanning

    • External scanning related to technology includes evaluating new technological trends and their impact on business operations.
    • Involves analyzing competitor strategies and actions to identify competitive advantages.
    • Considers labour supply factors such as availability of skilled workers and demographic trends.

    Anticipating Changes

    • Environmental scanning helps organizations to anticipate shifts in customer preferences and market demands.
    • Enables businesses to prepare for regulatory changes and innovations in technology.

    BRICS Group

    • BRICS consists of Brazil, Russia, India, China, and South Africa.
    • These economies are distinguished by rapid growth and their influence on global economic dynamics.

    Cultural Focus in Global Business

    • Culture in a global business environment emphasizes the importance of understanding local customs, values, and practices.
    • Affects marketing, management practices, and customer relations.
    • Common law legal systems are characterized by case law and judicial precedents.
    • Civil law systems are defined by formal legal codes and statutes.
    • Common legal systems also include theocratic systems, which rely on religious laws.

    E-Business

    • E-business refers to all aspects of running a business online, including buying and selling products, online marketing, and customer service.

    Competitive Environment

    • The competitive environment is shaped by factors such as market trends, customer preferences, and competitor actions.
    • Environmental scanning involves monitoring these factors to gain strategic insights.

    Trading Blocks and Agreements

    • Major trading blocks and regional agreements include the European Union (EU), North American Free Trade Agreement (NAFTA), and the Association of Southeast Asian Nations (ASEAN).
    • They facilitate trade and economic cooperation among member countries.

    Social-Ethical Context

    • The social-ethical context focuses on corporate social responsibility, ethical business practices, and the implications of business decisions on society.

    Economic Policies Impact

    • Economic policies pursued by governments significantly influence business operations, market conditions, and competitive landscapes.

    Characteristics Distinguishing BRIC Economies

    • BRIC economies exhibit rapid industrialization, large populations, and increasing global trade influence compared to other emerging economies.

    Important Considerations

    • Important factors for environmental scanning under customers include understanding demographics, consumer behavior, and trends influencing purchase decisions.

    Non-Main Trading Blocks

    • Identifying which agreements or blocks are not among the primary trading groups mentioned helps clarify the scope of international trade.

    Summarizing Key Points

    • Understanding the context and components of environmental scanning is critical for strategic management and organizational success.

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    Description

    Test your knowledge of the external factors influencing organizations and the process of environmental scanning. Understand how organizations manage and anticipate environmental developments to ensure survival in a dynamic global business environment.

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