MG4031 Management Principles - Chapter 3

False (B)

Brazil, Russia, India, China, South Africa

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

<p>Trends = Indicators of changes in the marketplace Competition = Analysis of rival strategies Technology = Innovations that could impact efficiency Customers = Changes in customer preferences and demographics</p> Signup and view all the answers

<p>Increasing interactions between organizations globally (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>To enhance trade relations and competition among member countries.</p> Signup and view all the answers

<p>Proactive and Reactive (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Common law, Civil law, or Theocratic law</p> Signup and view all the answers

<p>BRIC (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>common law</p> Signup and view all the answers

<p>Common law = Based on case precedents Civil law = Relies on a legal code Theocratic law = Based on a religious code</p> Signup and view all the answers

<p>European Union or North American Free Trade Agreement or Mercosur or ASEAN or CARICOM or African Continent Free Trade Agreement.</p> Signup and view all the answers

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

<p>Inflation and government regulations (C)</p> Signup and view all the answers

<p>Globalization = Driven by free market capitalism and interconnectedness BRIC = Group of emerging economies including Brazil, Russia, India, and China Regional Trading Alliance = Agreements between countries to foster trade Culture = Enduring belief systems shared among a group</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Political-Legal Context</p> Signup and view all the answers

<p>40% (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Significant changes for the world economy and international relations.</p> Signup and view all the answers

<p>A platform for online trading of goods and services (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>It creates new products and services.</p> Signup and view all the answers

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

<p>Cost Leadership Strategy = Firms offer lower prices to attract customers Differentiation Strategy = Firms enhance product or service quality Focus Strategy = Firms target specific niche markets</p> Signup and view all the answers

<p>Social media trends (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Increased environmental awareness.</p> Signup and view all the answers

All factors outside an organization that affect it.

Deepening connections between people, groups, and organizations worldwide.

Identifying external opportunities & threats.

Trends, competition, technology, customers, labor supply.

Marketplace shifts impacting organizations.

Analyzing what competitors do.

Future technology's potential impact on organizations.

Understanding customer base changes.

Expanding a business into international markets.

Intentionally seeking new markets.

Responding to market changes, often driven by competitors.

Government policies and laws affecting businesses.

Justice system based on prior court rulings (case precedents).

Justice system using written codes and laws applied universally.

Justice system guided by religious principles.

Economic conditions in a country/region, affecting business opportunities.

The exchange of goods, services, or property electronically.

A business strategy focusing on creating low-cost products making them price competitive.

A business strategy that gives their products more value by creating superior characteristics/quality.

A business strategy targeting a specific section of the market to gain advantage.

Broad influences affecting businesses, encompassing political, economic, technological and social-ethical factors.

The external forces that shape how businesses compete.

A system interacting with the environments around it.

Factors that can impact organizations.

Groups of countries that work together to reduce trade barriers and promote economic cooperation within a specific geographic region.

A group of five major emerging economies: Brazil, Russia, India, China, and South Africa. (BRICs).

Variations in values, beliefs, and norms among different societies that can impact business practices and interactions.

An economic system in which the means of production are privately owned and operated , driven by supply and demand.

The worldwide arena for buying and selling goods and services.

Countries experiencing significant economic growth and industrialization.

Groups of countries that have agreements to reduce or eliminate trade barriers among them.