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Elis [28]
3 years ago
8

What is the Porter's 5 forces model?

Business
1 answer:
neonofarm [45]3 years ago
4 0

Answer:

Created by a Professor Michael E. Porter, from Harvard, this model explains the various forces applied to a business.

Competition in the industry : Are there competitors in the industry?  If so, are they numerous and weak or is the industry dominated by a few major players?

Potential of new entrants into the industry : What's the risk of having new competition?  If you are selling a product, can you protect it with a patent for example?

Power of suppliers : Can the suppliers of what you need easily affect the prices?  It's basically asking if there is competition in your suppliers' market.

Power of customers : That related to your customer base.  If your customer base is large, chances are no individual will be able to force your price down.  But if you are dealing with a limited number of customers, one of them might force you to lower your prices.

Threat of substitute products: Is there any comparable product/service offered at a lower cost that might bring your prices down?

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Megan McCoy has a bachelor's degree in business management and human resources. She has 5 years of HR experience as an HR assist
mote1985 [20]

Answer:

The correct option of this question is (B). Explanation of this answer is given below in the explanation section

Explanation:

(B) is Correct Option:

Human resource manager in an organization is responsible for planning, directing and coordinating human resource management activities such as employee compensation, employee recruitment, promotions offer to an employee, etc. The major duties of the HR manager is to manage the human resource in an organization.

Why other options are not correct

(A). Interaction with customers to provide information in response to inquiries about products and services, and to handle and resolve complaints is not the responsibility of the HRM manager. It is the responsibility of the Marketing department and customer service department. In short, the customer service and marketing department are mainly responsible to perform such activities in an organization.

(C). Analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization is the responsibility of the accounting department. And, accounting manager is responsible for such types of activities to perform in an organization.

(D) Supervise and coordinate the activities of clerical and administrative support workers is the responsibility of Admin (a managerial post) working in the administrative unit of an organization. Usually, at this post, first-line manager, team lead, assistant manager are working under the supervision of the administrative department.

(C) Compile and keep personnel records. Record data for each employee, such as address, weekly earnings, absences, amount of sales or production, supervisory reports on ability, and date of and a reason for termination is also a responsibility of the HRM and sales department. However, it is noted some responsibility such as employee record management is the sole responsibility of the HRM department and HRM manager. But termination of an employee, absence recording, amount of sales or production are the responsibility of other departments such as the administrative department, sales department, and marketing department, etc. However, this option is also correct in a sense only if employee management involved, otherwise, this option is not correct.

3 0
3 years ago
Suppose charles owns a​ lawn-mowing company. assume that without​ workers, no yards are mowed. when he hires one​ worker, he is
Marysya12 [62]
<span>Marginal pruduct of first worker is 3 yards. Marginal product of second worker is 4 yards. Marginal product of third worker is 5 yards.The marginal product of labor potentially increases due to specialization.</span>
4 0
3 years ago
According to the text, management contracts usually stipulate that a fee of __________ be paid to the firm providing the managem
harina [27]

Answer:

A. 2 to 5 percent of sales

Explanation:

According to the text, management contracts usually stipulate that a fee of 2 to 5 percent of sales be paid to the firm providing the management expertise.

7 0
3 years ago
Read 2 more answers
Nancy Company has a balance of $15,000 in accounts receivable on December 31, of which $1,500 is more than 30 days overdue. The
BabaBlast [244]

Answer:

E. $330 credit to allowance for doubtful accounts

Explanation:

With regards to the above, the adjusting entry on December 31st is computed as;

= [($15,000 - $1,500)× 0.1)]

= $135

1% of the balance less than 30days

= $1,500 × 0.1 = $150

Total = $45 + $135 + $150 = $330

5 0
3 years ago
_____ refers to the process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data model
8090 [49]

Answer:

C.business intelligence is the correct answer.

Explanation:

  • Business intelligence applies to applications and technologies used by the enterprises for the integration,data presentation, and analysis of business information.
  • The main purpose of business intelligence is to help the business managers,executives and operational workers to make the business better and informed marketing decisions.
  • Companies use business intelligence to find out the new market opportunities,for cost-cutting and to identify the ineffective business methods.
7 0
3 years ago
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