While Using and Managing a Firm's Internal Environment Can Totally

question 17

Short Answer

While using and managing a firm's internal environment can totally consume a manager's time and effort,changes in the firm's external environment can create opportunities and/or roadblocks.What are the five components of a firm's external environment they need to monitor?

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Definitions:

Collective Efficacy

The shared belief in a group's capability to organize and execute the actions required to achieve given objectives, often linked to community and social outcomes.

Sports Teams

Groups of individuals who come together to participate in competitive sporting events, operating as a single entity within specific games.

Office Departments

Organizational units within a company, each responsible for specific areas of operations or tasks, such as Human Resources, Finance, or Marketing.

Self-Efficacy

The faith an individual has in their power to enact behaviors aimed at realizing precise goals.