Summary Introduction to Business Management Chapter 4 Complete
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Course
Introduction to Business Management (BMNG5121)
Institution
Rosebank College
Book
INTRODUCTION TO BUSINESS MANAGEMENT 11E
This document provides an in depth and thorough summary of chapter 4 of Introduction to Business Management 11th edition (Erasmus et. al.). It is ready for exam and tests. Everything is layed out as is is in the textbook. All needed information is provided in short. It is written in an easy to stud...
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Chapter 4
The business and environment change
Change is unmeasurable and uncontrollable, causing instability and uncertainty
Rapid pace of change due to the rise of a knowledge economy
Business organizations operate in a constantly changing environment due to technological innovations, economic
fluctuations, legislation, and social factors, and can cause industries to change or disappear
Management must align with the environment to identify opportunities and threats, ensuring full utilization of
opportunities and potential threats (SWOT)
Composition of the business environment
Management must adapt to environmental changes due to systems approach
Rising instability in business environment affects all variables
Management must understand environment composition for survival in competitive environment
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