BUSİNESS MANAGEMENT

The analysis of the general environment is called PEST (Political and legal, Economic, Sociocultural, and Technological factors) analysis. The correct answer is B.

Sociocultural factors are one of the dimensions of the general environment. The sociocultural component within sociocultural factors is concerned with societal and cultural factors such as values, attitudes, trends, traditions, lifestyles, beliefs, tastes, and patterns of behavior. Among the answers, D is the correct one because interest rates is one of the economic factors.

Global factors are outcomes of changes in international relationships, changes in a nation’s economic, political, and legal systems, and changes in technology. The correct answer is D.

Suppliers are individuals or organizations providing businesses with inputs such as raw materials, semi-finished materials, and energy. The correct answer is A.

The internal environment includes leadership and management styles, organizational culture, human resources, organizational structures, business assets, financial strength, and operational and managerial processes. On the other hand, stock market fluctuations is among the economic elements of the general environment. Therefore, the correct answer is C.

Organizational culture indicates overall values of work relations among employees as well as attitudes towards customers. The correct answer is B.

Managerial ethics emphasizes the crucial necessity for ethical approach in management practices starting with the decision-making process. The correct answer is E.

A code of ethics declares the values, ethics, objectives, and responsibilities of the companies. Codes of ethics commonly address such issues as conflict of interest, privacy of information, gift giving, and giving and receiving political contributions. The correct answer is E.

The stakeholder viewpoint contends that firms must be responsible for the quality of life of the many groups affected by the firm’s actions. The correct answer is A.

Philanthropic responsibilities are voluntary obligations a business firm assumes. Among them are contributions, training the unemployed, and providing day-care centers. The correct answer is C.

Internal environmental factors affect organizations, they are in turn, affected by the decisions of managers. For example, by developing plans and revising processes, managers can regain or maintain control over internal factors. Similarly, actions like modifying organizational structures, increasing/ decreasing tangible assets, and hiring/developing human resources are some of the very basic managerial activities towards this end.

The task environment typically includes competitors, suppliers, and buyers (customers or distributors); businesses that produce substitute products to those sold in the industry; and businesses that provide complementary products/services.

The dimensions of the general environment are political and legal economic, sociocultural, technological, and global factors.

Structural changes denote the changes that significantly effect the dynamics of the economy now and in the future.

Global factors are outcomes of changes in international relationships, changes in nation’s economic, political, and legal systems, and changes in technology.

Suppliers are individuals or organizations providing businesses with inputs such as raw materials, semi-finished materials, and energy

Organizational structure of a business typically reflects the managerial layers, lines of authority, rights, and responsibilities in a firm.

Ritual: A standardized set of behaviors used to manage anxieties.

Organizational decisions and actions emphasize maintaining the status quo