Please answer. In the middle of a test!

List the five elements of a firm's macroenvironment, and illustrate how each element affects the firm.

mojhsa [17]

The five elements of a firm's macroenvironment are given below.

1) Laws and Regulations Protect and Restrain Organizations

2) The Economy Affects Managers and Organizations

3) Technology is Changing Every Business Function

4) Demographics Describe Your Employees and Customers

5) Social Values Shape Attitudes Toward Your Company and Its Products

A firm's macroenvironment consists of elements that may impact the firm but are commonly beyond its direct manipulation. These elements are traits of the arena at large and are factors that all organizations must contend with, no matter the enterprise they may be in or the sort of enterprise they're in.

The most important uncontrollable, external forces (monetary, demographic, technological, natural, social and cultural, felony and political) have an impact on a company's decision-making and feature an impact upon its overall performance.

Macro-surroundings often indicate a circumstance affecting the general financial system, and it isn't affecting a selected segment of the marketplace. A macro surroundings condition will impact commercial enterprise selections. Spending, investing, and borrowing activities may be affected due to the presence of macro surroundings.

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4 0

1 year ago

Raphael lives in Detroit and runs a business that sells boats. In an average year, he receives $793,000 from selling boats. Of t

Misha Larkins [42]

Answer:

Implicit cost

The salary Manuel could earn if he worked as a financial advisor

b. The rental income Manuel could receive if he chose to rent out his showroom

explicit cost

c. The wholesale cost for the pianos that Manuel pays the manufacturer

d. The wages and utility bills that Manuel pays

Explanation:

Explicit cost includes the amount expended in running the business. They include rent , salary and cost of raw materials.

Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

Only explicit cost is considered when calculating accounting profit while both explicit and implicit costs are considered in calculating economic profit.

Accounting profit= total revenue - explicit cost

Economic profit = accounting profit - implicit cost

If Manuel did not sell pianos, he would be working as a financial advisor, this is his next best option. Thus the salary he would have earned as a financial advisor is his explicit cost

If he did not use the showroom, he could have rented it out. Renting it out is his next best option. Thus the income from renting the showroom is his explicit cost

The wholesale cost of the pianos, wages and utility bills are monies actually expended in the course of running the business. Thus they are explicit costs

8 0

3 years ago

Negotiation is gendered in that the qualities of bargainers such as analytic rationality and strategic thinking are linked to:__

Agata [3.3K]

Answer:

Masculinity.

Explanation:

Negotiation can be defined as the process in which a buyer and a seller of goods and services reach a compromise on the price or amount of money to be paid. Negotiations in business depicts a win-win situation for both the buyer and seller.

Negotiation is gendered in that the qualities of bargainers such as analytic rationality and strategic thinking are linked to masculinity.

This ultimately implies that, when it comes to negotiating the price of an item or a product, the male bargainers (customers) are considered to be more rational by comparing products with existing products and prices, as well as being strategic in thoughts through the consideration of alternatives.

8 0

3 years ago

Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to use the same marketing strategy and marketing mix wor

frozen [14]

If the only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) <u>standardized globa</u>l marketing strategy.

<h3>What is marketing strategy?</h3>

Marketing strategy can be defined as the strategy applied when creating awareness about a product so as to generate more sales.

Standardized global marketing strategy enables companies to market or promote their product or brand internationally or across the globe.

Therefore Chips of Joy is using a(n) <u>standardized globa</u>l marketing strategy.

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7 0

2 years ago

Which is true of price-setters? A. Their pricing approach emphasizes target costing. B. Their pricing approach emphasizes cost

olchik [2.2K]

Answer:

Option "B" is the correct answer to the following question.

Explanation:

Price-setters is a community or individual, who set a fair price for a particular commodity or product, these types of Individual or community has a higher quality of goods or product that gave him the ability to set his prices.

Other firms are called price taker who depend on the market price

Price-setters firms use a pricing approach.

5 0

4 years ago