The Sociocultural Component of the External Environment of an Organization

question 87

True/False

The sociocultural component of the external environment of an organization includes trends and traditions, but not basic attitudes and values.

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Definitions:

Thomas Friedman

An American journalist and author known for his work on globalization, international affairs, and environmental issues.

The World is Flat

"The World is Flat" is a concept popularized by Thomas Friedman, suggesting that global technological advancements and interconnectedness have leveled the economic playing field across nations.

Traditional Value Chains

The sequential process of adding value to raw materials through various stages of production, leading to finished products ready for the consumer market.

Entrepreneurship Faculties

Academic or educational departments within institutions that specialize in teaching and researching entrepreneurship and related business practices.