Business Areas Are External Departments of an Enterprise That Are

question 4

True/False

Business areas are external departments of an enterprise that are used to define areas of responsibility or to meet the internal requirements of a division.

Grasp the importance of the firm’s value chain in strategic management.

Recognize the characteristics that determine industry attractiveness according to the market-based view.

Identify the attributes of resources and capabilities that lead to sustainable competitive advantages.

Understand modern strategic management theories regarding the best competitive advantages.

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Definitions:

Economic Responsibilities

The obligations of an organization or individual to contribute positively to the economic system in which they operate.

Corporate Social Responsibility

A business model that integrates self-regulatory mechanisms whereby companies ensure their activities positively impact society.

Social Responsibility

The obligation of individuals and organizations to act in ways that protect and improve the welfare of society as a whole.

Ethical Expectations

The standards or norms regarding ethical behavior that are anticipated or required by an individual, organization, or society.