How has the role of the manager changed in the last couple of decades? What forces have driven the changes?
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- What is Porter’s Five Forces Analysis? Why the result of this analysis is crucial for companies?Why is the understanding of business environment important for managers? Explain with the help of any four points.What are the key challenges facing managers in today's rapidly changing business environment, and what strategies can be employed to address these challenges?
- Why do demographic shifts and technological developments create both challenges and new opportunities for business? Can managers in business firms control the elements in the external environment, or do they simply have to react to changes that are beyond their control? Give examples that support your conclusion. Describe in general terms how each element of the external environment (economic, technological, socio-cultural, political-legal, global, and business) affects business firms.How has the role of management evolved over time, and what are the implications for future management theories and practices?Why is innovation in management practices important ?