MGMT – 0105
Terrel Taylor
Student ID:20220368
ANSWER SHEET
Question 1:
Technological forces are advancements that include technical devices to transform an industry
(Daft, 2009). Technological forces that transform businesses include, internet access which
improves communication with consumers. For example, if an organization desires to update the
price of a product, they can easily inform their consumer online. Another technological force is
videoconferencing which allows for face-to-face meetings online and helps develop new
relationships faster in the external environment. Lastly, handheld devices which increases
communication in the organization. If the manager of the business needs to inform their clients
on any given scenario the clients can be easily informed on their device.
Question 2:
Economic factors are in the economic dimension which signifies the general economic condition
of the nation in which an organization function (Daft, 2009). Three most significant factors that
the managers should continuously monitor are the inflation rates, interest rates and trade deficits.
Inflation rates are the rate of rise in prices during a period of time (Daft, 2009). Interest rates are
the gains on lending money. Lastly, when a nation or country exports more than it imports this is
called a trade deficit (Daft, 2009). He will have to keep a good eye on the inflation rates to know
if to adjust salaries for his employees and the price of his products, to ensure that he maintain his
profit margin. Managers should also look at the interest rates because it will impact the way they
borrow money.
1|Page
MGMT – 0105
Terrel Taylor
Student ID:20220368
Question 4:
We see today, how the war in Europe have caused an economic fall in countries. One of the
major reasons is because counties all around the world are increasingly interconnected.
Globalization has led to the enhancement of interconnectedness and interdependence of countries
(Mahmood, 2013). One of the drivers of globalization would be technology. The technology
allows faster world-wide communication and in doing so, allows the increase of e-commerce
business. India also is a growing power in software design and engineering. This allows them to
have many companies that offer services around the world. (Daft, 2009) Another driver would be
the decline in trade barriers, which allows countries to trade oil and gas easier to increase the
economy.
Question 5:
Culture is defined as the set of key values and belief which guides the behavior and decisions of
the members of the organization. (Daft, 2009) Two types of corporate culture is adaptability
culture and achievement culture. Adaptability culture is characterized by values that help the
organization’s ability to quickly notice signs from the environment into new behavior responses
(Daft, 2009).Achievement culture however is a results-oriented culture that values
competitiveness and willingness to work long and hard to gain good results (Daft, 2009).
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MGMT – 0105
Terrel Taylor
Student ID:20220368
Bibliography
Mahmood, Khalid. "Globalization and the nations state." 3rd International Conference on
Business Management (ICoBM), UMT, Lahore, Pakistan, 2013.
Daft, Richard. Management 9th Edition. CENGAGE Learning, 2009.
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