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Planning begins when managers identify the firm's goals, as these objectives serve as a roadmap for the organization's future direction. By establishing clear goals, managers can develop strategies and allocate resources effectively to achieve desired outcomes. This process involves assessing the current situation, forecasting future conditions, and making informed decisions to guide the firm toward success. Overall, goal-setting is a crucial first step in the planning process that aligns the entire organization towards common objectives.
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Why it is important for the managers to understand macroeconomics?
Business managers need to know about macroeconomics because firms operate in and are influenced by the behavior of the overall economy. Factors such as interest rates, employment, inflation, money supply, etc., affect the business environment and financial conditions in general, so firms must address macroeconomic issues in their planning and management strategy. Macroeconomic forecasts and strategies are more important for large firms than for small businesses.
What is the reason Liquidity of a firm is the essential areas to be considered by the firms finance managers?
Finance managers are worried about only one thing (fundamentally) and that is the bottom line. Did the firm make more than it spent? Liquid assets (cash and account) determine what a firm is capable of doing. Having an expensive building (a frozen asset) as an example, is nice for the image of the firm, may make the employees happy, but if something goes wrong, its the liquid assets that the firm is going to rely on to bail itself out.
How can firms use marginal analysis to determine the price of a product?
They can use this information to determine how much the consumer will buy the product for. The price must be enough to make a profit or producing the item is not worth it.
What factors determine the sustainability of firms in monopolistic competition in the long run?
In monopolistic competition, the sustainability of firms in the long run is determined by factors such as brand differentiation, market demand, production costs, and the ability to adapt to changing market conditions.
What are the key factors that determine the sustainability of firms in the long run within a perfect competition market structure?
In a perfect competition market structure, key factors that determine the sustainability of firms in the long run include their ability to differentiate products, maintain low production costs, adapt to changing market conditions, and effectively manage resources and finances. Additionally, firms must also focus on innovation, customer satisfaction, and building strong relationships with suppliers and other stakeholders to remain competitive and profitable over time.
Why do managers split their firms stock?
To raise money.
What assumptions do owners of modern firms make about managers as agents?
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Is the importance of financial managers to firms with large cash inflows greater than for firms with smaller cash flows?
true
The potential conflict of interest between a firms owners and its managers is referred to as what?
agency
How can managers protect the proprietary technology of their firms?
Managers can protect the proprietary technology of their firms by being vigilant. Make sure everything is locked up tight, make sure the employees are trustworthy, and make sure computers are secure and virus free.
What are the duties and respocsabilities of a marketing manager?
Marketing managers develop the firm's marketing strategy in detail. With the help of subordinates, including product development managers and market research managers, they estimate the demand for products and services offered by the firm and its competitors. In addition, they identify potential markets-for example, business firms, wholesalers, retailers, government, or the general public. Marketing managers develop pricing strategy to help firms maximize profits and market share while ensuring that the firm's customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services, and they oversee product development. Marketing managers work with advertising and promotion managers to promote the firm's products and services and to attract potential usersMarketing managers develop the firm's marketing strategy in detail. With the help of subordinates, including product development managers and market research managers, they estimate the demand for products and services offered by the firm and its competitors. In addition, they identify potential markets-for example, business firms, wholesalers, retailers, government, or the general public. Marketing managers develop pricing strategy to help firms maximize profits and market share while ensuring that the firm's customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services, and they oversee product development. Marketing managers work with advertising and promotion managers to promote the firm's products and services and to attract potential users Marketing managers develop the firm's marketing strategy in detail. With the help of subordinates, including product development managersand market research managers, they estimate the demand for products and services offered by the firm and its competitors. In addition, they identify potential markets-for example, business firms, wholesalers, retailers, government, or the general public. Marketing managers develop pricing strategy to help firms maximize profits and market share while ensuring that the firm's customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services, and they oversee product development. Marketing managers work with advertising and promotion managers to promote the firm's products and services and to attract potential users
Why it is important for the managers to understand macroeconomics?
Business managers need to know about macroeconomics because firms operate in and are influenced by the behavior of the overall economy. Factors such as interest rates, employment, inflation, money supply, etc., affect the business environment and financial conditions in general, so firms must address macroeconomic issues in their planning and management strategy. Macroeconomic forecasts and strategies are more important for large firms than for small businesses.
What property management firms are available in Jacksonville?
Some property management firms available in Jacksonville, Florida include Watson Realty Company, Signature Realty and Management, Collins Property Managers, and Jackson Property Management Pros.
Should marketing managers or business managers in general refrain from producing profitable products that some target customers want but that may not be in their long-run interest Should firms be expe?
Should marketing managgggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggers or business managers in general, refrain from producing profitable products that some target customers want but that may not be in their long-run interest? Should firms be expected to produce 'good' but less profitable products? What criteria are you using for each of your answers?
What are potential career paths for staff accountants?
Successful staff accountants become seniors; seniors become managers; a limited number of managers become partners. In many public accounting firms, there are additional levels for all of these categories.
What role does the cost of capital play in the financial decision making of the firms top managers?
What role does the cost of capital play in the financial decision making
Is there usually a lot of management oversight at engineering firms?
There is not usually a whole lot. There may be several men assigned to just one or two managers.
