Influencing Group Communication The five bases of power are coercive power‚ reward power‚ legitimate power‚ expert power‚ and referent power. Three of these powers are formal powers and two of these powers are personal powers. The three types of formal power are coercive‚ reward‚ and legitimate power. Coercive power is dependent upon fear of negative results. Reward power is dependent upon positive rewards or benefits. Legitimate power is dependent upon a person’s structural position or ranking
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Consumer behavior and factors influencing buyer behavior By Pyarimohan Mohapatra Consumer behavior is an attempt to understand & predict human actions in the buying role. It has assumed growing importance under market-oriented or customer oriented marketing planning & management. Consumer behavior is defined as “all psychological‚ social & physical behavior of potential customers as they become aware of‚ evaluate‚ purchase‚ consume‚ & tell others about product & services”.
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What is the difference between micro and macroeconomics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. Micro and macroeconomics describe the same concept of economics at different levels hence they are intertwined ideas. Microeconomics is concerned with individuals in the economy like households‚ workers and business (Taylor & Greenlaw‚ 2016). It concentrates on how business establishes prices‚ how it is affected by taxes and it explains the concept of demand
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2.1 Globalization of Markets and Production Globalization refers to a fundamental shift in world economy in which nations are moving toward an interdependent global economic system (Hill‚ 2009). Globalization has resulted in markets in which previously historically separate markets have become one huge global marketplace as a result of reductions in trade barriers and advances in information and transportation technologies. As a result‚ small firms can now participate in international trade right
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sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise in the economy. Microeconomics focuses on the market’s supply and demand factors‚ that determine
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INTRODUCTION: The micro Environment The micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself‚ its suppliers‚ marketing intermediaries‚ customer markets and publics. The business can take control over all challenges and influences in the micro environment. BODY: 1.1.1)Vision The vision of the business is what the business aims to achieve. It sets out where a business needs to go to be
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ECONOMICS ANALYSIS FOR BUSINESS UNIT – 1 1. What is Economics? Economics is the science which studies human behaviour as a relationship between ends and scare means which have alternative uses. 2. Definition of economics According to “Adamsmith” Economic is a social science the deals with human behaviour pertaining to production‚ Exchange and consumption of goods and services. 3. What are basic concept of economic? * Resource allocation * Opportunity cost * Diminishing marginal
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[pic] Assignment 1 Macro-environmental analysis Company: The Dairy Farmers Co-operative Milk Co. Ltd Products: Dairy products Country: Vietnam [pic] Executive Summary In recent decades‚ the Vietnamese economy has experienced an unprecedented growth. Along with the significant development of the economy‚ the increasing in population and income has led to a rising need for imported dairy products like milk
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of biology. More recent perspective‚ however‚ is that human culture has reversed this particular causal direction and‚ culture can actually influence human evolution‚ which I personally think is where we ’re at now. Racism ranges from the abstract micro interactions that stem from socializing negatively and being misinformed to concrete‚ cultural objects. We need to strive for a functioning society and the only way there will be to work collectively. In conclusion‚ humans are naturally competitive
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environment is known as “ PESTLE” which stands for political‚economic‚ socio-cultural‚ technological ‚legal and ecological environment. PESTEL analysis of the macro-environmentThere are many factors in the macro-environment that will effect the decisions of the managers of any organisation. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. To help analyse these factors managers can categorise them using the PESTEL model. This classification
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