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Course Code Course Name Section Code

BG I – G10 Introduction to Business Concepts BU1363 – G10

Type of Evaluation Percentage Weight of Total Evaluation

S 2023
Assignment 1 10%
Professor Due Date
Total Marks: /60
Khalil Hashmat Week 4 (May 30, 2023 – By 11:59 pm)

Student Name: gurkaran vir singh Student ID #: 202206629

Please refer to the instructions provided along with the assignment requires to be followed
completely. There will be no marks/points awarded for the Assignment submitted after the
date of deadline specifically mentioned.
Instructions:
Please refer to the following before attempting:

⮚ The purpose of this Assignment is to have students develop their basic knowledge and
concepts related to the course.

⮚ The Assignment questions should be answered in student’s own words using the course
related theories, concepts, and applications. (Mainly from the textbook)

⮚ The Assignment calls for additional research primarily secondary research. Make sure to
cite all references appropriately.

⮚ Refrain from copying or sharing answers as the same will be considered “plagiarism.”
and students will not be awarded any marks.

⮚ Assignment without proper citation in the text and references at the end will NOT be
marked.

Q1: Identify the main forces in an organization’s external environment and the challenges these
forces present to managers

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• The main forces that can be in an organization’s external environment are as follows:
Economic Issues: The growth of the economy, inflation, interest rates, exchange rates, and
unemployment rates are all examples of economic forces. Financial planning, ºresource
allocation, pricing strategies, and market demand forecasting are all challenges for managers
posed by these forces.
Mechanical Elements: Technological forces are related to innovation and technological
advancements. These forces have the potential to alter customer expectations, create new
opportunities, and disrupt industries. Managers must keep up with technological advancements,
modify their business models, make investments in appropriate technologies, and foster an
innovation culture.
Legal and political factors: Regulations, policies, political stability, and legal frameworks are
examples of political and legal forces. Administrators need to conform to pertinent regulations
and guidelines, expect changes in regulation, oversee government relations successfully, and
explore political dangers that might affect their tasks and vital choices.
Cultural and social factors: Social norms, values, beliefs, demographics, lifestyles, and consumer
preferences are all examples of socio-cultural forces. Chiefs should figure out social contrasts,
answer changing shopper requests, and adjust their items, administrations, and promoting
techniques to take special care of assorted markets and client portions.
Factors that Compete: Other businesses in the same industry or market exert competitive forces.
Product differentiation, price pressures, competition for market share, and the emergence of
new rivals are examples of these forces. Managers must continuously improve operational
efficiency, identify distinctive value propositions, develop efficient marketing and sales
strategies, and monitor and analyze competitive dynamics.
Ecological Elements: Natural powers include biological and manageability contemplations, for
example, environmental change, asset shortage, and ecological guidelines. Managers need to
take into account how their operations affect the environment, use environmentally friendly
methods, incorporate sustainability into their strategies, and deal with the repetitional risks that
come with being responsible for the environment.
Global Issues: Worldwide powers relate to global business sectors, exchange approaches,
international variables, and worldwide financial patterns. Directors working in a worldwide
setting face difficulties connected with global extension, social contrasts, various administrative
structures, production network intricacies, and international dangers. They need to foster
worldwide techniques, lay out global organizations, oversee worldwide activities, and explore
intricacies related with worldwide exchange.Managers face a number of difficulties as a result of
these forces, including:

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Uncertainty: It is difficult for managers to accurately predict and plan for future developments
because the external environment is dynamic and uncertain. They have to deal with ambiguity
and make choices in the face of doubt.
Complexity: The organization is influenced by a number of interconnected factors in the complex
external environment. Administrators need to comprehend and explore this intricacy to
recognize amazing open doors, relieve dangers, and settle on informed choices.
Rapid Evolution: Rapid shifts in technology, market trends, regulations, and customer
preferences characterize the external environment. In order to quickly modify their strategies,
procedures, and operations, managers need to be adaptable and responsive.
Expanded Rivalry: Managers must develop competitive strategies, differentiate their offerings,
and continuously innovate to stay ahead of the competition as a result of globalization and
technological advancements.
Management of risk: Economic downturns, regulatory changes, and geopolitical instability are
just a few of the risks posed by the external environment. To safeguard the interests of the
organization and ensure its sustainability, managers must effectively assess and manage these
risks.
Partner Assumptions: Outside powers impact partner assumptions, including clients, financial
backers, workers, and networks. In order to keep the support and trust of stakeholders, managers
must comprehend and meet these expectations.
By perceiving and understanding these powers and difficulties, chiefs can proactively address
them, benefit from amazing open doors, and limit dangers, subsequently improving their
association's exhibition and versatility in the unique outside climate.

Q2: Distinguish among planning, organizing, leading, and controlling, and explain how managers’
abilities to handle each one affect organizational performance.
Planning Managers set organizational goals and devise a strategy for achieving them during the
planning phase. Management makes strategic decisions to set the organization's course during
the planning phase. Before selecting the best course of action, managers can consider a variety
of options for achieving the objective. Managers typically conduct a comprehensive analysis of
the organization's current state of affairs during planning, taking into account the organization's
vision and mission and assessing the resources available to achieve organizational goals.
Organizing The distribution of resources and delegating of tasks to personnel in order to achieve
the goals established in the planning stage are the goals of organizing. In order to organize the
budget and staffing, managers may need to collaborate with other departments of the
company, such as finance and human resources. Managers strive to create a productive work
environment during the organizing stage. When assigning employees to roles and
responsibilities that best suit their abilities, managers typically take into account employees'
motivation as well as their aptitude.

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Leading
Leading comprises of propelling workers and impacting their way of behaving to accomplish
hierarchical goals. Leading spotlights on overseeing individuals, for example, individual
representatives, groups and gatherings as opposed to undertakings. Managers who are
successful leaders typically use their interpersonal skills to connect with their employees and
encourage, inspire, and motivate team members to perform to the best of their abilities. While
managers may direct team members by giving orders and directing to their team, successful
managers typically connect with their employees.
Controlling
Controlling is the most common way of assessing the execution of the arrangement and making
changes in accordance with guarantee that the hierarchical objective is accomplished. During
the controlling phase, managers manage deadlines and carry out necessary employee training.
Directors screen representatives and assess the nature of their work. They are able to conduct
evaluations of employees' performance and offer constructive criticism as well as suggestions
for enhancement. Additionally, they may provide incentives for pay raises to employees who
perform well.

Q3: Differentiate among the types and levels of management, and the responsibilities of
managers at different levels in the organizational hierarchy.
An association can have a wide range of supervisors, across various titles, authority endlessly
levels of the administration progressive system that we showed previously. It is essential to
recognize the key distinctions between low-level, middle-level, and top-level management in
order to properly assign roles and responsibilities to all managerial positions.
The following are the main takeaways from this distinction:
• The organization as a whole is under the control and supervision of top managers.
• Implementing organizational plans that are in accordance with the policies of the company is
the responsibility of middle-level managers. They bridge the gap between upper- and lower-
level management.
• Low-level directors centre around the execution of errands and expectations, filling in as
good examples for the representatives they administer.

Q4: Explain the ways managers can minimize threats and uncertainty from forces in external
environment?

When it comes to reducing the risks and uncertainty posed by the external environment,
managers play a crucial role. Managers can assist their organizations in adapting to these forces
and thriving by proactively addressing and managing them. To reduce risks and uncertainty,
managers can use the following tactics:

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Natural Checking: To learn more about external factors that may have an effect on the
organization, managers should conduct systematic and ongoing environmental scanning. This
entails keeping an eye on changes in regulations, competitive activities, trends, technological
advancements, and other relevant developments. Managers can spot potential threats and take
preventative measures to lessen their impact by staying informed.
Management and Risk Assessment: Director's ought to lead far reaching risk appraisals to
distinguish likely dangers and vulnerabilities. This entails assessing the likelihood and impact of a
variety of risks, including market volatility, political instability, natural disasters, technological
disruptions, and others. Risk management strategies, such as risk avoidance, risk mitigation, risk
transfer, or risk acceptance, can be developed by managers after risks have been identified.
Planning Strategically: To ensure that the organization's objectives and resources are in line with
the external environment, managers should participate in strategic planning processes. A SWOT
analysis of the company's strengths, weaknesses, opportunities, and threats is required for this,
as is the development of strategies that take advantage of strengths, mitigate weaknesses, take
advantage of opportunities, and reduce threats. Managers are able to anticipate and effectively
respond to external forces thanks to strategic planning.
Establishing Connections: Relationships with key stakeholders, such as customers, suppliers,
government agencies, industry associations, and local communities, should be developed and
maintained by managers. Managers can gain insight into the external environment, anticipate
changes, and collaborate with stakeholders to collectively address threats and uncertainties by
cultivating strong relationships. Building connections additionally improves the association's
standing and altruism, which can be significant during seasons of vulnerability.
Adaptability and flexibility: The organization's culture of adaptability and flexibility should be
fostered by managers. This includes empowering representatives to embrace change, advancing
development, and enabling people and groups to simply decide and make suitable moves
because of outside powers. Organizations can quickly adjust their strategies, procedures, and
operations to reduce the impact of threats and uncertainties by being flexible and adaptable.
Planning for an Event: To anticipate and prepare for a variety of potential future scenarios,
managers can participate in scenario planning exercises. This includes making conceivable
situations in light of various outside powers, like financial slumps, new market participants, or
administrative changes. Managers can identify potential threats, develop contingency plans, and
develop strategic responses that can be activated when needed by examining various scenarios
and their implications.
Nonstop Learning: Director's ought to support a culture of consistent advancing inside the
association. This entails making investments in employee development, encouraging the
sharing of knowledge, and remaining current on industry trends and best practices. By
encouraging a learning mentality, supervisors can improve the association's capacity to adjust
and answer really to changes in the outside climate.

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Overall, by being proactive, strategic, and adaptable, managers can reduce the risks and
uncertainty posed by factors in the external environment. By utilizing these procedures, chiefs
can situate their associations to explore difficulties, gain by open doors, and keep up with long
haul achievement.
REFERENCE
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