Decison Making- Economy and Market Expansion
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How does the state of the economy influence the sales of the company's products or expanding into new markets? What are the steps in the decision-making process? What can be learned during this process? How does technology and instant communications affect management decision-making? Why?
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This solution of 424 words explains how the state f the economy influences the sales of a company, steps in decision-making process and how technology and instant communications affect management decisions.
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The state of the economy dictates what everyone does from eating out to filling their cars up with gas and seeking routing medical check-ups. Therefore, the economy greatly impacts the sale of products whose prices go up or down depending on how well the economy is doing. If the cost of raw materials needed to make products, as well as, fuel prices, companies generally have to increase the price of the product in order to make a substantial profit. The same is true for food and clothing costs which cause consumers to spend less and attempt to save more.
Companies may also be reluctant to expand into new markets when there is economic turbulence. ...
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