Answer:
Economic growth generates job opportunities and hence stronger demand for labour, the main and often the sole asset of the poor. In turn, increasing employment has been crucial in delivering higher growth.
Firms that can employ and establish <u>isolating mechanisms</u> are more likely to protect their competitive advantage from being copied and/or eroding away.
Isolation mechanisms:
A company is able to maintain its competitive edge for a longer period of time if it can stop a rival from copying the resource or capability that provides it that advantage. Isolation mechanisms is the name of this technique. For instance, a patent is a legitimate tool to stop imitation.
A firm's objective is to have a prolonged competitive advantage when a resource or capability gives the firm an advantage over competitors for an extended period of time. The industry will determine how long a company can preserve a competitive advantage.
If a business can maintain a competitive edge for a year in a fast-moving field like information technology or quick fashion, it may be quite happy. In an industry with less frequent changes, such as feminine hygiene, a persistent competitive advantage may remain considerably longer.
A sustainable competitive edge cannot be maintained by any company indefinitely. The competition is constantly working to improve its own competitive edge.
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Stakeholder impact analysis is a five step process that allows managers to better understand and address stakeholders' needs.
Stakeholder impact analysis is a five steps process. Stakeholder impact analysis allows the manager to address the stakeholders’ needs and understand them better.
Stakeholder impact analysis is five steps process that allows managers to understand the need of their stakeholders. A stakeholder is any entity either person or organization, who is directly or indirectly affects the organization or its project.
The five steps of stakeholder impact analysis are:
- Identify the stakeholder: At this step, managers identify who are their stakeholders that are directly or indirectly affected by their projects, products, or services.
- The interest of the stakeholder: This step defines the interest of the stakeholder
- Opportunities and threats associated with stakeholders: this defines the present opportunities and threats to stakeholders
- Our responsibilities to stakeholders: This process defines that what is our legal, ethical, economic, and philanthropic responsibilities to our stakeholders
- Effectively address the stakeholders’ concerns: This step forces to take action to effectively address the stakeholders’ concerns.
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Three essential <span>principles of test construction are:
1. consistency. It refers to the consistency </span><span>between the goal of the subject, course, and the methods of teaching goals. Also consistency between the methods and what the test measures. </span><span>
2. validity. Validity refers to t</span>he ability of a test to measure what it was designed to measure. It can be material od skill.
3. reliability. The <span>test must be constructed in such a way that it will produce reliable, consistent results .</span>
