Two Important Changes to the Global Environment of Business in Recent

question 105

Multiple Choice

Two important changes to the global environment of business in recent years are:

• A)growth of international competition & free trade.
• B)foreign exchange & free trade.
• C)high quality goods & prices.
• D)growth of international competition & low prices.

Grasp the concepts of delegation and the importance of vision in guiding organizational actions.

Identify the steps involved in the strategic planning process and the role of ethical considerations in business decisions.

Understand the significance of leadership styles and decision-making processes in the management function.

Realize the importance of planning at strategic, tactical, and operational levels in achieving organizational objectives.

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Definitions:

LMX

Leader-Member Exchange Theory, focusing on the two-way (dyadic) relationship between leaders and members, influencing organizational outcomes.

Implicit Theories

involve the unspoken, automatic beliefs and perceptions that people hold about the world, others, and themselves, which influence behavior and attitudes.

Diverse Cultures

The presence and interaction of multiple cultures within a given setting, contributing to a rich and varied societal tapestry.

Leader-Member Exchange

A theory describing how leaders develop unique one-to-one relationships with each of the individuals reporting to them, influencing organizational outcomes.