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As indicated above, the environment of a business is dynamic and most noticeably complex. Therefore, these environmental aspects are considered crucial to a business, because they have an impact on the growth of business and generally, its survival in a competitive market. These aspects are not only critical because of a business’ survival in the market, but also because they are a gauge against changes in the market. These are changes that may be technological or economical in nature such as recessions or bank interests. When an organization is able to detect these changes, it becomes easier to adapt or work on how to evade any undesirable results. Business adaptability is crucial in a competitive market, and businesses that are not able to adapt to change soon operate on losses.
According to Goodman, Ladzani, Bates, Botha, and Vries a market is defined as a place where trade takes place and based on the participation of sellers and buyers. Sellers and buyers participate by trading in goods or information. In my opinion, this definition is simple and based on the physical location of a market. However, today’s markets are rather different and more virtual rather than physical. An excellent example of this is the internet, which is now a large market and one which is most liquid. In defining the market, it is crucial to also mention that the market is not only focused on products and services, but also satisfies the needs of customers (Goodman, Ladzani, Bates, Botha, and Vries 16). In my opinion, the most appropriate way of defining the market is to think about the needs of customers before making any other business related move. After this, the next best step to take is to identify the products which meet the customer needs.
In the contemporary society, companies use marketing tools to convince the buyers to buy goods from the market. The nonprofit organizations use the marketing tools to encourage buyers in the market. Hence, in
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In understanding this method of fiscal control, it is important to understand the meaning of ‘public’. As well, in determining the differences between public administration, public governance, and public management, the definition of public management, while varying across many scholars, can become a bit more clear.
Adoption of the country’s culture is essential and plays a big role in the success of the organization. In this case the company has acquired a manufacturing plant outside Kuala Lumpur and thus it becomes necessary to deal with the cultural shock so as HR professional it is necessary to select as well as train people.
Businesses are of different forms of ownership, one of such form is partnership. One of the major advantages of forming a partnership is that capital can be easily raised as different partners will invest capital on their own. Increase in the ability to generate more capital for running the business leads to increased profits.
Protectionism is an economic policy that attempts to limit the trade between states. As opposed to free trade, it makes use of methods like tariffs, restrictive quotas, duties, taxes, and other regulations to discourage the people from importing goods and services.
advantage will only occur, when the factor conditions, the supply and demand conditions, as well as related and supporting industries, and the local market are in favor for comparative advantage. Since diamonds do not meet up with these conditions anymore, diamonds have
access to approximately 4 billion consumers across the world, and over 300 million consumers domestically in the United States of America (Roberts & Berg, 190).
Despite being recognized both domestically and internationally as the largest discount store in the United States,
Being responsible for the welfare of the employees means that the human resource department has a direct effect on the outcome of the organization because this department determines how motivated the employees are and how satisfied they are with their jobs. Here, this
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