The Porter's Five Forces model defines and examines five competitive forces that affect every industry and aids in identifying a sector's shortcomings.
What does Porter's five forces model of competition entail?These factors include the quantity and strength of a company's rivals in the marketplace, possible new market entrants, suppliers, clients, and competitors' goods that affect a company's profitability. One way to improve competitive advantage in business is to use the Five Forces analysis to direct strategy.
The Porter's model of competitive advantage is what?Porter claims that the following five forces best represent the nature of rivalry in any industry: potential entry of new parties. replacement product/service threat. Suppliers' ability to bargain.
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Units consumed Total utility Marginal utility
0 0 1 W 20
2 35 X
3 Y 10
4 40 Z
The value for Y is:
A) 25.
B) 30.
C) 40.
D) 45.
Using the marginal utility, we know that the value of Y in the given situation is (D) 45.
What is Marginal Utility?Utility in economics refers to the pleasure or advantage obtained from using a thing.
A good or service's marginal utility quantifies how much pleasure or satisfaction consumers experience as a result of increasing or decreasing their usage by one unit.
Three different kinds of marginal utility exist.
They have a marginal utility that is positive, negative, or zero.
For instance, if you enjoy eating pizza, having a second slice makes you feel better than having just one.
It implies that you will have a positive marginal benefit from eating pizza.
So, for the value of Y:
Y = 20 + 15 + 10 = 45 units
Therefore, using the marginal utility, we know that the value of Y in the given situation is (D) 45.
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T/F a set of approaches and techniques that firms use to make and deliver a given set of goods and services is known as a distribution network.
a set of approaches and techniques that firms use to make and deliver a given set of goods and services is known as a distribution network, the given statement is false.
In a typical supply chain, there are two stages: the manufacturing stage and the distribution stage. Manufacturing facilities manufacture components and partially finished goods throughout the production process. The components are next put together on an assembly line. Throughout the distribution process, items are delivered to ultimate customers through central and local distribution centres. According to academics Alan Harrison and Janet Godsell, "supply chain operations should be coordinated in order to focus on end consumer buying behaviour." Materials and finished commodities only reach the end of the supply chain due to the actions of the consumers there.
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true/false. the freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice
True. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice.
What are economic resources?
Inputs, resources, or components of production are what is utilized in the production process to produce output, which in economics refers to commodities and services. According to the relationship known as the production function, the amounts of the various inputs used influence the amount of output. The resources that make up the foundation of the economy and are used by people to produce products and services are called factors of production. The four categories of factors of production that economists distinguish between are land, labor, capital, and entrepreneurialism. In other words, the inputs that are used in the production process are the components of production. Economic resources are also known as production factors since they serve as inputs in the creation of commodities and services.
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FILL IN THE BLANK. the taguchi loss function is __ , where ___ is a constant that translates the deviation into dollars.
The Taguchi loss function is (A), where (B) is a constant that converts the deviation to money. Probability that a produced good, piece of machinery, or system operates as intended for a predetermined amount of time under predetermined operating conditions.
What exactly does Taguchi Loss Function mean?
According to Wikipedia, a Taguchi loss function is a graphical representation of loss used to describe a phenomenon that lowers the value of a company's products. It underlines the significance of including quality and dependability in the design phase before production.
The quality of food in comparison to expiration dates would be a real-world example of the Taguchi Loss Function. There is a specific date when an orange is best consumed if you buy it at the grocery store. That would be the intended date.
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which one of the following is not a property of life? group of answer choices order reproduction growth and development taxonomy
Reproduction cannot be considered as a defining property of living organisms.
What are the 7 properties of life?
All living things share cellular organization, the ability to reproduce sexually, growth and development, energy use, equilibrium, reactivity to their environment, and the capability for adaptability.
All living organisms have some fundamental characteristics or processes, such as order, sensitivity to the environment, reaction to the environment, reproduction, adaptation, growth and development, regulation, homeostasis, energy processing, and evolution.
The following key characteristics or skills are shared by all groups of living things: order, sensitivity to stimuli or reaction, reproduction, adaptability, growth and development, regulation, homeostasis, and energy processing. When combined, these eight characteristics assist to define life.
Reproduction cannot be seen as a trait that sets living things apart.
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Which of the following is NOT an example of a specialized and highly-targeted media that an advertiser might use to reach smaller customer segments?
A) cable television channels
B) e-mail
C) blogs
D) network television
E) online social networks
e-mails
Explanation:
Customers and not going to be able to see the goods rather than texting message which we also read not only be seen
assuming the interest rate offered for a 10-year investment plan is same as for a 4-year investment plan. for an investor to achieve the same future value, which of these two plans would require a smaller savings amount to be deposited today?
The less you must deposit now at the same interest rate, the more time you have before you will need the money. This plan would require a small savings amount to be deposited initially.
The worth of a current asset in terms of some point in the future dependent on an estimated growth rate is future value (FV). The future value or amount is vital to both investors and financial planners as they use it to predict how much a money invested now will be worth in the near future. However, external economic forces that depreciate an asset's value, such inflation, might have a negative impact on the asset's future worth. formula for value in the future:
FV=I×(1+(R×T))
where:
Investment size (I) , interest rate (R) and T is the number of years.
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Which of the following types of goods affect the demand for another product due to a change in their price?
a. Complimentary goods
b. Substitute goods
c. Inferior goods
d. Normal goods
(Select All That Apply)
a. Complimentary goods & b. Substitute goods
Answer:
Answer and Explanation: The correct answer is option C. complementary goods. If the change in the price of one product is affecting the demand for that product and the related product, then these products may be called substitutes or complementary products depending upon the behavior.
Explanation:
Answer: substitute goods and complementary goods
Explanation:
FILL THE BLANK Bank capital has both benefits and costs for the bank owners. Higher bank capital ________ the likelihood of bankruptcy, but higher bank capital ________ the return on equity for a given return on assets.
Bank capital has both benefits and costs for the bank owners. Higher bank capital reduces the likelihood of bankruptcy, but higher bank capital reduces the return on equity for a given return on assets.
What is bankruptcy?
A person or business may file for bankruptcy if they are unable to pay their debts or other commitments.
A petition is filed, either on behalf of the debtor, which is more often or on behalf of creditors, which is less frequent, to start the bankruptcy process. All of the debtor's assets have been measured and assessed, and some or all of the debt may be repaid with the help of the assets. An opportunity to start over is provided through bankruptcy, which discharges debts that are just unaffordable while providing creditors with a chance to get some compensation based on the assets that can be liquidated by the individual or firm.
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patricia wants to invest a sum of money today that will yield $18,000 at the end of 6 years. assuming she can earn an interest rate of 6% compounded annually, how much must she invest today? (pv of $1, fv of $1, pva of $1, and fva of $1) (use appropriate factor(s) from the tables provided.)
Assuming she can earn an interest rate of 6% compounded annually, She will invest $15,851 today.
The purchase of products that are not utilized right away but will be utilized to create wealth down the road is referred to as an investment in an economic outlook. An investment in finance is a store of wealth that is purchased with the expectation.
It will either continue to generate income or be sold at a profit at a later date. Investing is the process of putting money into investments or organizations in an effort to make a profit.
An investor in a small firm assumes the added risk of earning little or no profit because the venture could or may not be successful. Purchasing assets that appreciate in value over time and offer returns in the shape of income checks or capital gains is the practice of investing.
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Complete question:
Patricia wants to invest a sum of money today that will yield $18,000 at the end of 6 years. Assuming she can earn an interest rate of 6% compounded annually, how much must she invest today?
$12,690
$16,920
$10,800
$15,851
$15,851
if by-product revenue is treated as other revenue instead of deducted from the net-realizable-value of the main products: multiple choice overall gross margin of the company will be higher. overall gross margin of the company will be lower. the answer would depend on how joint product costs were allocated. there is no difference in the overall gross margin of the company.
The company will have a larger overall gross margin. The higher the gross margin, the more money the company is able to contribute to its indirect costs.
What is a company's gross margin?
The difference between a company's revenue and its cost of goods sold (COGS), stated as a percentage of revenue, is measured by the financial indicator known as gross margin. It is determined by deducting COGS from revenue and dividing the outcome by revenue.
Gross margin, which displays the percentage of revenue that is available to cover operational costs and make a profit, sheds light on a company's profitability. A larger gross margin shows that a business is manufacturing and selling its products at a higher profit margin, whereas a lower gross margin could mean that a business is having trouble turning a profit or is dealing with serious challenges.
Therefore, the answer is a. The company's overall gross margin will be higher.
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According to a study of 3,000 workers in 93 companies in Germany, which of the following is true of older employees? Multiple Choice They were less resistant to organizational change than their younger colieagues. They were seen as the least talented and employable of all underrepresented groups in the workforce. They lacked the strategies required to cope and sdept to changing environnrgigts They typically were not well-connected in their areas of work.
According to a study of 3,000 workers in 93 companies in Germany, They were less resistant to organizational change than their younger colleagues.
What do you mean by organizational change?
Organizational change refers to the process of modifying an organization's structure, processes, products, and services in order to meet the changing needs of its environment. This often involves redefining roles and responsibilities, developing new strategies, and introducing new technologies. It can also involve restructuring the organization's management, culture, and operational processes, as well as implementing new policies and procedures. Organizational change is a complex and challenging process, but when done correctly, it can help an organization become more efficient, balanced, and adaptable.
So, They were less resistant to organizational change than their younger colleagues.
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__________________ takes all of the correlations found in studies of a particular relationship and calculates a weighted average.
A. Correlation
B. Job analysis
C. Scientific research
D. Meta-analysis
Answer:
D. Meta-analysis
Explanation:
Meta-analysis takes all the correlations found in studies of a particular relationship and calculates a weighted average of them.
FILL IN THE BLANK a company combined monthly sales data into a single group to calculate the total sales by a quarter or a year. this is an example of the _______ step of data transformation.
The correct answer is Aggregation i.e., a company combined monthly sales data into a single group to calculate the total sales by a quarter or a year. this is an example of the aggregation step of data transformation.
What does the term "data aggregation" mean?A big pool of data is summarised through the process of data aggregation in order to conduct in-depth analysis. At its most fundamental level, it is gathering data from a variety of specified databases and arranging it into a more straightforward style, typically using total, average, mean, or median references.
Which two types of data aggregation are there?Time aggregation and geographical aggregation are the two main categories of data aggregation. In the first approach, all data points for a single resource are gathered over a predetermined time frame. The latter method entails compiling every data point for a set of resources over a specified time frame.
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(100 POINTS!) What kind of photographer takes visual records of events, artifacts, people, and spaces as they explore a specific culture?
A. freelance photographer
B. lifestyle photographer
C. ethnographic photographer
D. sports photographer
Answer:
C. ethnographic photographer
Explanation:
My best guess is C because visual anthropology relies heavily on ethnographic images captured by these photographers to accurately record the customs and traditions of all the different groups of people in this earth.
Answer:
c. ethnographic photographer
determine which of the following statements regarding public debt is false: corporate bonds always pay coupons semiannually. bearer bonds are like currency. almost all bonds that are issued today are registered bonds. debentures and notes are unsecured debt. for asset-backed bonds and mortgage bonds, specific assets are pledged as collateral that bondholders have a direct claim to in the event of bankruptcy.
The false statement regarding public debt is: "corporate bonds always pay coupons semiannually."
What are public debts?Public debt is the sum of money owed by a government to its creditors. It is raised by selling government bonds to investors, who receive fixed interest payments over a set period. Public debt is used to finance government spending and can have both positive and negative effects on a country's economy.
Corporate bonds can pay interest (coupons) either annually or semiannually, depending on the terms of the bond and the issuer's preference. It is not always the case that they pay coupons semiannually.
The level of debt, rate of economic growth, and inflation all play a role in determining its impact. Hence, the answer is, "corporate bonds always pay coupons semiannually."
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Which of the following is a tactical step for getting down the experience curve ahead of competitors?
Select one:
a. Premium pricing to create an image of uniqueness in consumers minds
b. Pursuing a distinctive competence in focused marketing
c. Constructing a manufacturing plant of less than minimum efficient scale
d. Using aggressive pricing and promotions to expand sales volume as rapidly as possible
e. Making the assembly of the product as complex as possible because this results in greater learning effects
Using aggressive pricing and promotions to expand sales volume as rapidly as possible is a tactical step for getting down the experience curve ahead of competitors.
What is aggressive pricing?
Aggressive pricing, often referred to as predatory pricing or "undercutting," aims to push away rivals from a market. In a few nations, it is forbidden.
Companies or enterprises who often engage in the practise of predatory pricing frequently do so with the intention of restricting or preventing other new businesses from joining the relevant market. The oppressive company's attempt to create a monopoly in the market may be in violation of antitrust law. Predatory pricing typically happens when there are price wars in the market since it is simpler to conceal the behavior. With this tactic, consumers will gain in the near run and be content with less expensive items.
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which of the following are reasons email is not considered a rich channel for communication? (choose every correct answer.)
Email lacks nonverbal indicators and verbal indications, and both are important communication tools. Email is unable to deliver prompt feedback.
Given that business phone calls resemble conferences, we might want to invite your interlocutor and include a schedule of topics to be covered.
A crucial business should indeed be written on a word processing tool to guarantee it has been completely corrected and proofread until being submitted.
cam conference calls are beneficial mostly because they enable for rich dialogues with nonverbal indications.
Planning suggests that perhaps the message can be carefully written, edited or amended, practiced, and furthermore deliberately constructed to before distribution.
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Erison Group, an advertising company, wants to hire someone as its creative head. Who among the following would be best suited for this position? a. An individual who has low tolerance for ambiguity and avoids taking risks b. An individual who completely adheres to the existing logic and paradigms and has extensive knowledge of the field c. An individual who has a moderate degree of knowledge of the field but is intrinsically motivated d. An individual who prefers to look at problems in conventional ways
A candidate with a moderate level of understanding in the field who is also intrinsically motivated will be the most suitable for this role. Option C.
A creative head is a person who controls the development of creative assets such as commercials, products, events, or logos by making important creative choices. The television production, graphic design, cinema, music, video games, fashion, advertising, media, or entertainment sectors frequently employ creative directors.
However, other creative organizations including web development and software development companies may also employ creative directors. In all spheres of the arts and entertainment, a creative head plays a crucial function that may be viewed as an additional step in the production of any product.
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industry-level analysis: group of answer choices generally starts with identifying relevant changes in the environment and then analyzing how relevant changes in the environment are opportunities and/or threats to the firm or industry being analyzed focuses on analyzing and assessing the attractiveness of the industry in which the focal firm competes. focuses on analyzing and assessing the firm's resources and capabilities all of the above.
Option (a), Industry-level analysis frequently starts with identifying relevant environmental changes, then analyzing whether those relevant environmental changes are advantages or disadvantages for the company or industry under consideration.
What is implied about "industry analysis"?Using a technique known as industry analysis, investors can discover everything there is to know about any company. This data covers a range of topics, such as the level of industry competition, the demand and supply situation, the ease with which new enterprises can enter the market, and more.
A corporation or entrepreneur can use the method of industry analysis to learn more about where their organization stands in respect to other industry participants. They gain a deep awareness of both the present and the expected future conditions in the industry, which enables them to recognize both opportunities and hazards.
A strategy for evaluating a company against others that provide comparable goods and services is to conduct an industry analysis. Business analysts use it to assess market competition in a related niche market. For organizations, it is beneficial to have a thorough understanding of the opportunities, threats, and demand-supply curve.
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fill in the blank. multiplying the plowback ratio by the roe for a firm gives an estimate of the firm's___. multiple choice question. earnings per share growth rate price-to-earnings ratio roa
Multiplying the plowback ratio by the roe for a firm gives an estimate of the firm's earnings per share growth rate.The plowback rate is the proportion of earnings retained by a establishment after paying tips.
The return on equity( ROE) is a measure of how important profit a company generates with the plutocrat shareholders have invested. When the plowback rate is multiplied by the ROE, an estimate of the establishment's earnings per share( EPS) growth rate is attained.
The result of this computation provides sapience into the company's capability to reinvest earnings and grow its business, which is important information for investors. The formula highlights the relationship between a establishment's gains, reinvestment, and unborn growth eventuality.
This information, combined with other criteria , can help investors make informed opinions about a company's stock.
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consider a situation where you are buying books online. the bookseller charges $19.95 as the price per book and $4.95 as the handling cost for up to three books. for every book purchased in addition to three books, there is a handling charge of $1.50. in addition, there is a 7% tax on the cost of the books but not on the handling charges. assuming that num books represents the number of books you are purchasing, which of the following is the correct algorithm for calculating the total cost of the books that you are purchasing?
The total cost of the books that you are purchasing Handling charge = (num books - 3) if num books > 4 (num books 19.95) * 1.07 tax = 1.50
How can I purchase a book at the lowest price?Finding cheap books is easy thanks to a variety of resources. Browse secondhand bookshops, thrift stores, and yard sales in addition to searching online for used and discounted books. Another excellent strategy to save money is to read ebooks, which are typically far less expensive than their print counterparts.
What free book apps exist?Scribd. With Scribd's free reading app, you can access millions of books, audiobooks, periodicals, articles, and even sheet music. You can download it and play your favourite movies on iOS or Android.
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the commercial revolution helped lead to the industrial revolution because during the commercial revolution was what
The rapidity of product creation during the industrial revolution "laid the stage" for the coming of the commercial revolution. The commercial revolution would not have occurred without the industrial revolution because there would not have been sufficient resources.
Give a brief about industrial revolution.
The Industrial Revolution, which started in Great Britain in the middle of the 18th and early 19th centuries and eventually expanded over much of the world, was a time of significant automation and invention. Coal and iron exploitation dominated the British Industrial Revolution.
The Second Industrial Revolution, sometimes known as the American Industrial Revolution, started in the 1870s and lasted until the end of World War II. The automation of industries and agriculture occurred during this time, as well as the development of new forms of transportation including steamships, cars, and aircraft.
Child labour, poor living and working circumstances, and an increase in the number of industries are all results of population growth and migration to urban areas.
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When economic conditions in a country ____, the supply of loanable funds will tend to ____ in that country.
The availability of loanable cash in a country will often rise as its economic situation improves. Loanable funds can also be affected by various government policies, such as taxes and regulations.
What do you meany by loanable funds?
Loanable funds refer to the total amount of money available for borrowing from investors, banks, and other financial institutions. Loanable funds are used by individuals, businesses, and governments to purchase items, finance investments, and cover expenses. They are derived from savings, investments, and other financial instruments. Loanable funds are typically lent at a certain interest rate that reflects the risk of the borrower, the current level of inflation, and other market conditions. They are an important economic indicator, as they can indicate levels of savings and investment and the availability of credit. Loanable funds can also be affected by various government policies, such as taxes and regulations.
So. The required answers are improve and increase.
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the main focus of economics is the study of how society and individuals group of answer choices economics
Economics' primary goal is to understand how people, corporations, and countries exchange commodities and services.
What is economics?
Economics is the study of how individuals and groups allot limited resources for production, distribution, and consumption. Microeconomics and macroeconomics are the two subfields of economics. Efficiency in production and exchange is the main concern of economics. Economic indicators that are frequently utilised include the Gross Domestic Product (GDP) and the Consumer Price Index (CPI). While macroeconomics focuses on the behaviour of the economy as a whole on an aggregate level, microeconomics focuses on the decisions made by individuals and enterprises.
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Courts seldom consider _____ meaning that courts usually do no determine whether a contracting party made a good bargain promissory estoppel mutual consideration adequacy of consideration contract modifications forbearance
Courts seldom consider the adequacy of consideration meaning that courts usually do no determine whether a contracting party made a good bargain.
Adequacy of consideration refers to the value exchanged in a contract and whether that value is sufficient for the promises made. However, courts usually do not determine the adequacy of consideration because it is considered to be a matter of private concern between the contracting parties. In a contract, consideration refers to the exchange of something of value between the parties. It can be a promise, a performance, or a forbearance from exercising a legal right. As long as each party gives something in exchange for the other party's promise, consideration exists, even if the exchange is unequal or one-sided. The general rule in contract law is that courts will not examine the adequacy of consideration unless it is proven that there was fraud, undue influence, or other coercive behavior involved in obtaining the agreement. This is because contracts are considered to be freely entered into by the parties, and courts typically respect the freedom of contract by not interfering with the terms of the agreement. Therefore, courts usually do not determine whether a contracting party made a good bargain or whether the consideration was adequate. This allows parties to freely negotiate and agree upon terms that they believe are in their best interests, without interference from the court. As long as the parties have voluntarily entered into the agreement and the consideration is not illegal, courts will typically enforce the contract as written.
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if a car is produced in detroit in 2013 but not sold until 2014, it should be included in gdp, and its value should be counted in .
if a car is produced in detroit in 2013 but not sold until 2014, it should be included in gdp, and its value should be counted in 2013's inventory changes.
What is inventory changes?
The value of the entrance into inventories minus the value of withdrawals and less the value of any recurring losses of products retained in inventories during the accounting period is how changes in inventories are computed. Between stockpile additions and withdrawals, there is a difference in inventory (or stocks). As an illustration, if the ending inventory at the end of February was $400,000 and the ending inventory at the end of March was $500,000, the inventory change would be $80,000. Having a reliable inventory management system is crucial, regardless of the size of your company. Additionally, it can help you manage sudden changes in demand without sacrificing customer service or product quality.
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______ is the set of rules, guidelines and regulations that monitor and determine appropriate actions for the firm.
Corporate governance is the set of rules, guidelines and regulations that monitor and determine appropriate actions for the firm.
What is Corporate governance?
Depending on the writer's objectives, corporate governance is defined, described, or characterised in a variety of ways. Writers who are interested in a particular discipline or setting (such as accounting, finance, law, or management) frequently utilise constrained definitions that seem to have a single purpose. Broader structural descriptions are frequently used by authors who are concerned with regulatory policy in connection to corporate governance procedures. A comprehensive (meta) definition of "Corporate governance" is "the processes, institutions, and mechanisms that influence the control and direction of corporations" and it covers various definitions that have been embraced.
This meta-definition takes into account both the specific context-specific restricted definitions and the more general descriptions that are frequently offered as authoritative.
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match the types of management skills with the correct example. envisioning how the customer process might evolve to provide the company with a stronger competitive advantage. using data in excel from the company's systems to determine productivity rates for each department. motivating a team of employees to become top performers.
Envisioning how the customer process might evolve to provide the company with a stronger competitive advantage: Strategic Management Skill.
Strategic management skills are used to formulate and implement the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. In this example, the manager is using strategic thinking to envision how changes to the customer process could provide a competitive advantage. By considering the current customer process and looking at ways it could be improved, the manager is able to develop a strategy to increase the company's competitiveness and success.
Using data in excel from the company's systems to determine productivity rates for each department: Analytical Management Skill
Analytical management skills are used to gather, process, and analyze data to inform decision-making. In this example, the manager is using data analysis to determine productivity rates for each department in the company. By using data from the company's systems and processing it in Excel, the manager is able to identify areas of strength and weakness, and make informed decisions to improve productivity and overall efficiency.
Motivating a team of employees to become top performers: Leadership Management Skill
Leadership management skills are used to inspire and guide individuals or groups towards the accomplishment of a goal. In this example, the manager is using leadership skills to motivate a team of employees to become top performers. By effectively communicating their vision and expectations, and providing the necessary support and resources, the manager is able to inspire and guide the team towards high levels of performance. Good leadership skills are critical in creating a positive and productive work environment, and in developing a high-performing team.
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an advertisement has been placed on your company’s and on major recruitment websites for a great opportunity to be employed as country manager at abc insurance company in the uae. you read the job description and believe you are a fir for this position. you want to negotiate with the general manager, dr david smith, that you would like to excel and get promoted as the ‘country manager’, from your current position as the ‘dubai’s branch manager’. this position will provide you with many opportunities such as a higher salary, more responsibilities, and utilizing more of your technical and leadership skills. in addition, you have been working with the company since september 2015 as a full-time employee and have made enormous contributions to the organization. from your experience, you have also determined that dr smith is a ‘thinker’ personality type as per the myers-briggs type indicator.
What will be your BATNA?
In the scenario described, the individual's BATNA would be to look for other job opportunities if they are unable to negotiate a promotion to country manager with Dr. David Smith.
BATNA
BATNA stands for Best Alternative to a Negotiated Agreement and it refers to the best course of action a person can take if they are unable to reach a negotiation agreement.
In the scenario described, the individual's BATNA would be to look for other job opportunities if they are unable to negotiate a promotion to country manager with Dr. David Smith. This could involve searching for similar positions at other insurance companies or exploring other career paths that would allow them to utilize their technical and leadership skills.
It is important to have a strong BATNA in negotiations as it provides leverage and can increase a person's bargaining power. In this scenario, having a strong BATNA would provide the individual with a backup plan in case the negotiation with Dr. David Smith does not result in the desired outcome.
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