- Conduct an environmental scan of businesses in today's climate to determine which variable of the environment, such as economic, political, social, competitive or technological, is likely to affect short-run production the most over the next 12 months.
*determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production.
- Pick a real or fictitious business. Create a scenario around this business in which a manager would decide to either stop operations in the short-run or going out of business in the long-run. Provide a rationale with your response.
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Let us pick up a fictitious business that makes smartphones. Now, this company's products have become obsolete due to changing technology and rapid advancement in the smartphone industry by leading manufacturers such as Apple, Blackberry (RIM) and Samsung. The company has decided to discontinue production in the short run, so that it can focus on creating new products by investing in R&D, so that the company is able to survive in the long run by offering competing, world class products to customers.
Hence, it is imperative for this business to halt its production in the short run ...
Discusses decision to either stop operations in short run or going out of business in long run for smartphone business.