Explain Why Managers Must Recognize Opportunities and Threats in Their

question 56

Essay

Explain why managers must recognize opportunities and threats in their firm's external environment.

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Definitions:

Franchisor

One licensing another (the franchisee) to use the owner’s trademark, trade name, or copyright in the selling of goods or services.

Prospective Franchisees

Individuals or entities considering the acquisition of franchise rights to operate a business under the franchisor's brand and system.

State Approval

Formal consent given by a governmental entity authorizing an action, policy, or regulation to take effect.

Sole Proprietorship

A type of business structure where a single individual owns, manages, and is responsible for all aspects of the business, including debts.