Summary "Comprehensive Overview: Introduction to Management and Ethical Responsibilities in the 21st Century"
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Course
Introduction to Management (MGMT)
Institution
Rosebank College
Title: Introduction to Management: A Competency-Based Approach, 10th Edition
Description: This document provides a comprehensive overview of the field of management, focusing on the fundamental concepts, theories, and practices involved in effectively leading and coordinating organizations. Base...
- Understanding the external environment: economic, social, political, technological, and
legal factors:
- Economic factors: include economic growth, inflation rates, unemployment, and consumer
spending patterns, which impact organizations' operations and profitability.
- Social factors: encompass demographic trends, cultural values, consumer behavior, and
social norms that influence market demand and organizational strategies.
- Political factors: refer to government policies, regulations, and stability, which can affect
business operations, trade, and market entry.
- Technological factors: involve advancements in technology, innovation, and digital
transformation that can create new opportunities or disrupt industries.
- Legal factors: encompass laws and regulations related to business operations, intellectual
property, labor, health and safety, and environmental protection.
- Impact of globalization on organizations:
- Globalization refers to the increasing interconnectedness and interdependence of
economies and societies worldwide.
- It has expanded market opportunities, facilitated international trade, and allowed
organizations to access global resources and talent.
- Organizations need to adapt to cultural diversity, manage global supply chains, and
navigate complex international business environments.
- Internal environment: organizational culture, structure, and resources:
- Organizational culture: the shared values, beliefs, norms, and behaviors that shape the
organization's identity and influence employee behavior and decision-making.
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