8.3 A Firm's External Macro Environment: PESTEL

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2.05371799,14.3303193 L1.01385508,13.2211322 C0.784123363,12.976085 0.820493178,12.5400352 1.09509437,12.2471273 L5.62824676,7.41176471 L1.09509437,2.57640216 C0.820493178,2.28349422 0.784123363,1.84744439 1.01385508,1.60239723 L2.05371799,0.493210121 C2.2834497,0.24816296 2.69224642,0.286957429 2.96684761,0.579865364 L7.5,5.41522791 Z"/></g></g></g></svg></button><button aria-label="Click to close the Table of Contents" data-testid="toc-button" data-analytics-label="Click to close the Table of Contents" class="SidebarControl__CloseButton-sdjc7-2 kZSWHO"><svg width="15px" height="15px" viewbox="0 0 15 15" version="1.1" class="styled__TimesIcon-sc-1119auh-7 ylhyk" aria-hidden="true" focusable="false"><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-302.000000, -18.000000)" fill="currentColor"><g transform="translate(302.000000, 18.000000)"><path d="M7.5,5.41522791 L12.0331524,0.579865364 C12.3077536,0.286957429 12.7165503,0.24816296 12.946282,0.493210121 L13.9861449,1.60239723 C14.2158766,1.84744439 14.1795068,2.28349422 13.9049056,2.57640216 L9.37175324,7.41176471 L13.9049056,12.2471273 C14.1795068,12.5400352 14.2158766,12.976085 13.9861449,13.2211322 L12.946282,14.3303193 C12.7165503,14.5753665 12.3077536,14.536572 12.0331524,14.243664 L7.5,9.4083015 L2.96684761,14.243664 C2.69224642,14.536572 2.2834497,14.5753665 2.05371799,14.3303193 L1.01385508,13.2211322 C0.784123363,12.976085 0.820493178,12.5400352 1.09509437,12.2471273 L5.62824676,7.41176471 L1.09509437,2.57640216 C0.820493178,2.28349422 0.784123363,1.84744439 1.01385508,1.60239723 L2.05371799,0.493210121 C2.2834497,0.24816296 2.69224642,0.286957429 2.96684761,0.579865364 L7.5,5.41522791 Z"/></g></g></g></svg></button></div><ol class="styled__NavOl-sc-18yti3s-5 gncPwk"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="preface" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Preface</span></a></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">1</span> <span class="os-text" data-type="" itemprop="">Managing and Performing</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-1-what-do-managers-do" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">1.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">What Do Managers Do?</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-2-the-roles-managers-play" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">1.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Roles Managers Play</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-3-major-characteristics-of-the-managers-job" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">1.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Major Characteristics of the Manager's Job</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="1-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">2</span> <span class="os-text" data-type="" itemprop="">Managerial Decision-Making</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-1-overview-of-managerial-decision-making" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Overview of Managerial Decision-Making</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-2-how-the-brain-processes-information-to-make-decisions-reflective-and-reactive-systems" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">How the Brain Processes Information to Make Decisions: Reflective and Reactive Systems</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-3-programmed-and-nonprogrammed-decisions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Programmed and Nonprogrammed Decisions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-4-barriers-to-effective-decision-making" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Barriers to Effective Decision-Making</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-5-improving-the-quality-of-decision-making" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Improving the Quality of Decision-Making</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-6-group-decision-making" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">2.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Group Decision-Making</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="2-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">3</span> <span class="os-text" data-type="" itemprop="">The History of Management</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-1-the-early-origins-of-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Early Origins of Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-2-the-italian-renaissance" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Italian Renaissance</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-3-the-industrial-revolution" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Industrial Revolution</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-4-taylor-made-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Taylor-Made Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-5-administrative-and-bureaucratic-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Administrative and Bureaucratic Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-6-human-relations-movement" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Human Relations Movement</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-7-contingency-and-system-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">3.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Contingency and System Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="3-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">4</span> <span class="os-text" data-type="" itemprop="">External and Internal Organizational Environments and Corporate Culture</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-1-the-organizations-external-environment" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Organization's External Environment</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-2-external-environments-and-industries" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">External Environments and Industries</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-3-organizational-designs-and-structures" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Organizational Designs and Structures</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-4-the-internal-organization-and-external-environments" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Internal Organization and External Environments</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-5-corporate-cultures" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Corporate Cultures</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-6-organizing-for-change-in-the-21st-century" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">4.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Organizing for Change in the 21st Century</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="4-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">5</span> <span class="os-text" data-type="" itemprop="">Ethics, Corporate Responsibility, and Sustainability</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-1-ethics-and-business-ethics-defined" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Ethics and Business Ethics Defined</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-2-dimensions-of-ethics-the-individual-level" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Dimensions of Ethics: The Individual Level</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-3-ethical-principles-and-responsible-decision-making" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Ethical Principles and Responsible Decision-Making</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-4-leadership-ethics-at-the-organizational-level" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Leadership: Ethics at the Organizational Level</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-5-ethics-corporate-culture-and-compliance" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Ethics, Corporate Culture, and Compliance</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-6-corporate-social-responsibility-csr" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Corporate Social Responsibility (CSR)</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-7-ethics-around-the-globe" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Ethics around the Globe</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-8-emerging-trends-in-ethics-csr-and-compliance" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">5.8</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Emerging Trends in Ethics, CSR, and Compliance</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="5-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">6</span> <span class="os-text" data-type="" itemprop="">International Management</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-1-importance-of-international-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Importance of International Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-2-hofstedes-cultural-framework" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Hofstede's Cultural Framework</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-3-the-globe-framework" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The GLOBE Framework</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-4-cultural-stereotyping-and-social-institutions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Cultural Stereotyping and Social Institutions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-5-cross-cultural-assignments" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Cross-Cultural Assignments</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-6-strategies-for-expanding-globally" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Strategies for Expanding Globally</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-7-the-necessity-of-global-markets" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">6.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Necessity of Global Markets</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="6-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">7</span> <span class="os-text" data-type="" itemprop="">Entrepreneurship</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-1-entrepreneurship" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Entrepreneurship</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-2-characteristics-of-successful-entrepreneurs" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Characteristics of Successful Entrepreneurs</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-3-small-business" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Small Business</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-4-start-your-own-business" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Start Your Own Business</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-5-managing-a-small-business" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Managing a Small Business</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-6-the-large-impact-of-small-business" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Large Impact of Small Business</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-7-the-small-business-administration" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Small Business Administration</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-8-trends-in-entrepreneurship-and-small-business-ownership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">7.8</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Trends in Entrepreneurship and Small-Business Ownership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="7-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM" open=""><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">8</span> <span class="os-text" data-type="" itemprop="">Strategic Analysis: Understanding a Firm’s Competitive Environment</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-1-gaining-advantages-by-understanding-the-competitive-environment" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Gaining Advantages by Understanding the Competitive Environment</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-2-using-swot-for-strategic-analysis" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Using SWOT for Strategic Analysis</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic" aria-label="Current Page"><a href="8-3-a-firms-external-macro-environment-pestel" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">A Firm's External Macro Environment: PESTEL</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-4-a-firms-micro-environment-porters-five-forces" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">A Firm's Micro Environment: Porter's Five Forces</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-5-the-internal-environment" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Internal Environment</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-6-competition-strategy-and-competitive-advantage" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Competition, Strategy, and Competitive Advantage</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-7-strategic-positioning" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">8.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Strategic Positioning</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="8-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">9</span> <span class="os-text" data-type="" itemprop="">The Strategic Management Process: Achieving and Sustaining Competitive Advantage</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 bznNBu"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-1-strategic-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Strategic Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-2-firm-vision-and-mission" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Firm Vision and Mission</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-3-the-role-of-strategic-analysis-in-formulating-a-strategy" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Role of Strategic Analysis in Formulating a Strategy</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-4-strategic-objectives-and-levels-of-strategy" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Strategic Objectives and Levels of Strategy</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-5-planning-firm-actions-to-implement-strategies" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Planning Firm Actions to Implement Strategies</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-6-measuring-and-evaluating-strategic-performance" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">9.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Measuring and Evaluating Strategic Performance</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="9-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">10</span> <span class="os-text" data-type="" itemprop="">Organizational Structure and Change</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-1-organizational-structures-and-design" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">10.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Organizational Structures and Design</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-2-organizational-change" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">10.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Organizational Change</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-3-managing-change" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">10.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Managing Change</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="10-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">11</span> <span class="os-text" data-type="" itemprop="">Human Resource Management</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-1-an-introduction-to-human-resource-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">An Introduction to Human Resource Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-2-human-resource-management-and-compliance" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Human Resource Management and Compliance</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-3-performance-management" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Performance Management</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-4-influencing-employee-performance-and-motivation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Influencing Employee Performance and Motivation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-5-building-an-organization-for-the-future" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Building an Organization for the Future</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-6-talent-development-and-succession-planning" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">11.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Talent Development and Succession Planning</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="11-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">12</span> <span class="os-text" data-type="" itemprop="">Diversity in Organizations</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-1-an-introduction-to-workplace-diversity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">An Introduction to Workplace Diversity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-2-diversity-and-the-workforce" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Diversity and the Workforce</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-3-diversity-and-its-impact-on-companies" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Diversity and Its Impact on Companies</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-4-challenges-of-diversity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Challenges of Diversity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-5-key-diversity-theories" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Key Diversity Theories</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-6-benefits-and-challenges-of-workplace-diversity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Benefits and Challenges of Workplace Diversity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-7-recommendations-for-managing-diversity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">12.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Recommendations for Managing Diversity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="12-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">13</span> <span class="os-text" data-type="" itemprop="">Leadership</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-1-the-nature-of-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Nature of Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-2-the-leadership-process" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Leadership Process</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-3-leader-emergence" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Leader Emergence</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-4-the-trait-approach-to-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Trait Approach to Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-5-behavioral-approaches-to-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Behavioral Approaches to Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-6-situational-contingency-approaches-to-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Situational (Contingency) Approaches to Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-7-substitutes-for-and-neutralizers-of-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Substitutes for and Neutralizers of Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-8-transformational-visionary-and-charismatic-leadership" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.8</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Transformational, Visionary, and Charismatic Leadership</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-9-leadership-needs-in-the-21st-century" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">13.9</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Leadership Needs in the 21st Century</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="13-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">14</span> <span class="os-text" data-type="" itemprop="">Work Motivation for Performance</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-1-motivation-direction-and-intensity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">14.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Motivation: Direction and Intensity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-2-content-theories-of-motivation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">14.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Content Theories of Motivation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-3-process-theories-of-motivation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">14.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Process Theories of Motivation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-4-recent-research-on-motivation-theories" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">14.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Recent Research on Motivation Theories</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="14-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">15</span> <span class="os-text" data-type="" itemprop="">Managing Teams</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-1-teamwork-in-the-workplace" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Teamwork in the Workplace</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-2-team-development-over-time" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Team Development Over Time</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-3-things-to-consider-when-managing-teams" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Things to Consider When Managing Teams</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-4-opportunities-and-challenges-to-team-building" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Opportunities and Challenges to Team Building</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-5-team-diversity" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Team Diversity</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-6-multicultural-teams" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">15.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Multicultural Teams</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="15-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">16</span> <span class="os-text" data-type="" itemprop="">Managerial Communication</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-1-the-process-of-managerial-communication" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">16.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Process of Managerial Communication</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-2-types-of-communications-in-organizations" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">16.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Types of Communications in Organizations</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-3-factors-affecting-communications-and-the-roles-of-managers" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">16.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Factors Affecting Communications and the Roles of Managers</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-4-managerial-communication-and-corporate-reputation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">16.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Managerial Communication and Corporate Reputation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-5-the-major-channels-of-management-communication-are-talking-listening-reading-and-writing" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">16.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Major Channels of Management Communication Are Talking, Listening, Reading, and Writing</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="16-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">17</span> <span class="os-text" data-type="" itemprop="">Organizational Planning and Controlling</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-1-is-planning-important" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Is Planning Important</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-2-the-planning-process" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Planning Process</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-3-types-of-plans" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Types of Plans</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-4-goals-or-outcome-statements" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Goals or Outcome Statements</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-5-formal-organizational-planning-in-practice" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Formal Organizational Planning in Practice</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-6-employees-responses-to-planning" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Employees' Responses to Planning</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-7-management-by-objectives-a-planning-and-control-technique" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Management by Objectives: A Planning and Control Technique</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-8-the-control-and-involvement-oriented-approaches-to-planning-and-controlling" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">17.8</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">The Control- and Involvement-Oriented Approaches to Planning and Controlling</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="17-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="chapter" class="styled__NavItem-sc-18yti3s-2 lcPtic"><details class="Details-xi326o-3 iboMxh styled__NavDetails-sc-18yti3s-6 fFBOM"><summary class="Details__Summary-xi326o-2 styled__Summary-sc-18yti3s-3 hLZWYd"><div class="styled__SummaryWrapper-sc-18yti3s-4 jeQjgr"><svg viewbox="0 0 192 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__ExpandIcon-xi326o-0 cVuUUi"><path fill="currentColor" d="M0 384.662V127.338c0-17.818 21.543-26.741 34.142-14.142l128.662 128.662c7.81 7.81 7.81 20.474 0 28.284L34.142 398.804C21.543 411.404 0 402.48 0 384.662z"/></svg><svg viewbox="0 0 320 512" aria-hidden="true" focusable="false" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-ckVGcZ edXSyo Details__CollapseIcon-xi326o-1 jsdrhW"><path fill="currentColor" d="M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z"/></svg><span class="styled__SummaryTitle-sc-18yti3s-0 cSTpUE"><span class="os-number">18</span> <span class="os-text" data-type="" itemprop="">Management of Technology and Innovation</span></span></div></summary><ol class="styled__NavOl-sc-18yti3s-5 gpSWWQ"><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-introduction" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span data-type="" itemprop="" class="os-text">Introduction</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-1-mti-its-importance-now-and-in-the-future" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.1</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">MTI—Its Importance Now and In the Future</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-2-developing-technology-and-innovation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.2</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Developing Technology and Innovation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-3-external-sources-of-technology-and-innovation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.3</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">External Sources of Technology and Innovation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-4-internal-sources-of-technology-and-innovation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.4</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Internal Sources of Technology and Innovation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-5-management-entrepreneurship-skills-for-technology-and-innovation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.5</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Management Entrepreneurship Skills for Technology and Innovation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-6-skills-needed-for-mti" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.6</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Skills Needed for MTI</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-7-managing-now-for-future-technology-and-innovation" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-number">18.7</span><span class="os-divider"> </span><span data-type="" itemprop="" class="os-text">Managing Now for Future Technology and Innovation</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-key-terms" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Key Terms</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-summary-of-learning-outcomes" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Summary of Learning Outcomes</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-chapter-review-questions" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Chapter Review Questions</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-management-skills-application-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Management Skills Application Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-managerial-decision-exercises" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Managerial Decision Exercises</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="18-critical-thinking-case" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Critical Thinking Case</span></a></li></ol></details></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="references" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">References</span></a></li><li data-type="page" class="styled__NavItem-sc-18yti3s-2 lcPtic"><a href="index" class="styled__ContentLink-sc-18yti3s-1 cRIWDW"><span class="os-text">Index</span></a></li></ol></div><div data-testid="centered-content-row" class="ContentPane__Wrapper-sc-6et83r-0 hPmLNC"><div class="MinPageHeight-sc-1i28xs0-0 bbpvz"><div role="alert" class="PageToasts__ToastContainerWrapper-ey1bvc-0 ljbbLD"/><div class="RedoPadding-sc-1rj2rww-0 gaOlpC"><main class="PageContent-ny9bj0-0 hwsygj page-content" tabindex="0"><div data-dynamic-style="true" id="main-content" tabindex="-1" class="MainContent__ContentStyles-sc-6yy1if-0 NnXKu"><div data-type="page" id="page_d65fe2d2-cc9e-4d9f-90fb-8d78537a91f6" class="chapter-content-module" data-book-content="true"> <li>What makes up a firm’s external macro environment, and what tools do strategists use to understand it?</li> <p id="fs-idm663807344">The world at large forms the <span data-type="term" id="term-00001" group-by="e">external environment</span> for businesses. A firm must confront, adapt to, take advantage of, and defend itself against what is happening in the world around it to succeed. To make gathering and interpreting information about the external environment easier, strategic analysts have defined several general categories of activities and groups that managers should examine and understand. <strong><a href="8-3-a-firms-external-macro-environment-pestel#ch08fig04" class="autogenerated-content">Exhibit 8.4</a></strong> illustrates layers and categories found in a firm’s environment.</p> <p id="fs-idm232154352">A firm’s <span data-type="term" id="term-00002" group-by="m">macro environment</span> contains elements that can impact the firm but are generally beyond its direct control. These elements are characteristics of the world at large and are factors that all businesses must contend with, regardless of the industry they are in or type of business they are. In the <strong><a href="8-3-a-firms-external-macro-environment-pestel#ch08fig04" class="autogenerated-content">Exhibit 8.4</a></strong>, the macro environment is indicated in blue. Note that the terms contained in the blue ring are all “big-picture” items that exist independently of business activities. That is not to say that they do not affect firms or that firm activities cannot affect macro environmental elements; both can and do happen, but firms are largely unable to directly change things in the macro environment.</p> <p id="fs-idm234444576">Strategists study the macro environment to learn about facts and trends that may present opportunities or threats to their firms. However, they do not usually just think in terms of SWOT. Strategists have developed more discerning tools to examine the external environment.</p> <section data-depth="1" id="fs-idm262721760"><h2 data-type="title">PESTEL</h2> <p id="fs-idm646853040"><span data-type="term" id="term-00003" group-by="P">PESTEL</span> is a tool that reminds managers to look at several distinct categories in the macro environment. Like SWOT, PESTEL is an acronym. In this case, the letters represent the categories to examine: <strong>p</strong>olitical factors, <strong>e</strong>conomic factors, <strong>s</strong>ociocultural factors, <strong>t</strong>echnological factors, <strong>e</strong>nvironmental factors, and <strong>l</strong>egal factors. When using PESTEL to analyze a specific firm’s situation, overlap between different categories of PESTEL factors can sometimes happen just as it can with SWOT.</p> <p id="fs-idm257261168">Remember our earlier example: When urban millennials decide that car ownership is no longer attractive, car manufacturers’ sales are threatened. However, those same manufacturers might be able to adapt their sales methods to offer millennials car-sharing services, taking advantage of the opportunity to earn revenue from millennials who want access to cars for vacations or big shopping trips. PESTEL can also reveal multiple impacts from a single element in the external environment. For example, decreasing interest in car ownership among urban millennials would be a sociocultural trend. However, the technological connectedness of those same urban millennials is exactly what makes it possible for ride-sharing services such as Uber and Lyft to thrive: their services are app based and provide convenience both by connecting drivers and passengers quickly and by making transactions cashless.</p> <p id="fs-idm229912448"><strong><a href="8-3-a-firms-external-macro-environment-pestel#ch08fig05" class="autogenerated-content">Exhibit 8.5</a></strong> illustrates the components of PESTEL, which will be discussed individually below.</p> <section data-depth="2" id="fs-idm238950912"><h3 data-type="title">Political Factors</h3> <p id="fs-idm651471536"><span data-type="term" id="term-00004" group-by="P">Political factors</span> in the macro environment include taxation, tariffs, trade agreements, labor regulations, and environmental regulations. Note that in PESTEL, factors are not characterized as opportunities or threats. They are simply things that a firm can take advantage of or treat as problems, depending on its own interpretation or abilities. American Electric Power, a large company that generates and distributes electricity, may be negatively impacted by environmental regulations that restrict its ability to use coal to generate electricity because of pollution caused by burning coal. However, another energy firm has taken advantage of the government’s interest in reducing coal emissions by developing a way to capture the emissions while producing power. The Petra Nova plant, near Houston, was developed by NRG and JX Nippon, who received Energy Department grants to help fund the project.<a href="references" data-type="cite" id="cite-00001" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-6"><sup class="os-citation-number">6</sup></a> Although firms do not directly make government policy decisions, many industries and firms invest in lobbying efforts to try to influence government policy development to create opportunities or reduce threats.</p> <section data-depth="2" id="fs-idm228332096"><h3 data-type="title">Economic Factors</h3> <p id="fs-idm209005264">All firms are impacted by the state of the national and global economies. The increased interdependence of individual country economies has made evaluating the <span data-type="term" id="term-00005" group-by="e">economic factors</span> in a firm’s macro environment more complex. Firms analyze economic indicators to make decisions about entering or exiting geographic markets, investing in expansion, and hiring or laying off employees. As discussed earlier in this chapter, employment rates impact the quantity, quality, and cost of employees available to firms. Interest rates impact sales of big-ticket items that consumers normally finance, such as appliances, cars, and homes. Interest rates also impact the cost of capital for firms that want to invest in expansion. Exchange rates present risks and opportunities to all firms that operate across national borders, and the price of oil impacts many industries, from airlines and transportation companies to solar panel producers and plastic recycling companies. Once again, any scenario can be a threat to one firm and an opportunity to another, so economic forces should not be assumed to be intrinsically good or bad.</p> <section data-depth="2" id="fs-idm209212336"><h3 data-type="title">Sociocultural Factors</h3> <p id="fs-idm253072640">Quite possibly the largest category of macro environmental factors an analyst might examine are <span data-type="term" id="term-00006" group-by="s">sociocultural factors</span>. This broad category encompasses everything from changing national demographics to fashion trends and many things in between. <span data-type="term" id="term-00007" group-by="D">Demographics</span>, a subset of this category, includes facts about income, education levels, age groups, and the ethnic and racial composition of a population. All of these facts present market challenges and possibilities. Firms can target products to specific market segments by studying the needs and preferences of demographic groups, such as working women (they might need day-care services but not watch daytime television), college students (who would be interested in affordable textbooks but couldn’t afford to buy new cars), or the elderly (who would be willing to pay for lawn-mowing services but might not be interested in adventure tourism).</p> <p id="fs-idm239415696">Changes in people’s values and interests are also included in this category. Environmental awareness has spurred demand for solar panels and electric and hybrid cars. A general interest in health and fitness has created industries in gyms, home gym equipment, and organic food. The popularity of social media has created an enormous demand for instant access to information and services, not to mention smartphones. Values and interests are constantly changing and vary from country to country, creating new market opportunities as well as communication challenges for companies trying to enter unfamiliar new markets.</p> <section data-depth="2" id="fs-idm261825984"><h3 data-type="title">Technological Factors</h3> <p id="fs-idm228342624">The rise of the Internet may be the most disruptive technological change of the last century. The globe has become more interconnected and interdependent because of the fast, low-cost communications the Internet provides. Customer service agents in India can serve customers in Kansas because technology has advanced to the point that the customer’s account information can be instantly accessed by the service provider in India. Entrepreneurs around the world can reach customers anywhere through companies such as eBay, Alibaba, and Etsy, and they can get paid, regardless of their customers’ currency, through PayPal. The Internet has enabled Jeff Bezos, who started an online bookselling company called Amazon in 1994, to transform how consumers shop for goods.</p> <p id="fs-idm239783840">How else have <span data-type="term" id="term-00008" group-by="t">technological factors</span> impacted business? The Internet is not the only technological advance that has transformed how businesses operate. Automation has increased efficiency for manufacturers. MRP (materials requirement planning) systems have changed how companies and their suppliers work together, and global-positioning technology has helped construction engineers manage large projects more accurately. Consumers and firms have nearly unlimited access to information, and this access has empowered consumers to make more-informed buying decisions and challenged firms to develop ways to analyze the large amounts of data their businesses generate.</p> <section data-depth="2" id="fs-idm237155984"><h3 data-type="title">Environmental Factors</h3> <p id="fs-idm255853072">The physical environment, which provides natural resources for manufacturing and energy production, has always been a key part of human business activity. As resources become scarcer and more expensive, <span data-type="term" id="term-00009" group-by="e">environmental factors</span> impact businesses more every day. Firms are developing technology to operate more cleanly and using fewer resources. Political pressure on businesses to reduce their impact on the natural environment has increased globally and dramatically in the 21st century. In 2017, London, Barcelona, and Paris announced their plans to ban cars with internal combustion engines over the next few decades, in order to combat air-quality issues.<a href="references" data-type="cite" id="cite-00002" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-7"><sup class="os-citation-number">7</sup></a></p> <p id="fs-idm251556896">This external environment category often overlaps with others in PESTEL because concern for the environment is also a sociocultural trend, as more consumers look for recycled products and buy electric and hybrid cars. On the political front, firms are facing increased regulation around the world on their carbon emissions and natural resource use. Although SWOT would characterize these factors as either opportunities or threats, PESTEL simply identifies them as aspects of the external environment that firms must consider when planning for their futures.</p> <section data-depth="2" id="fs-idm240053792"><h3 data-type="title">Legal Factors</h3> <p id="fs-idm237540272"><span data-type="term" id="term-00010" group-by="L">Legal factors</span> in the external environment often coincide with political factors because laws are enacted by government entities. This does not mean that the categories identify the same issues, however. Although labor laws and environmental regulations have deep political connections, other legal factors can impact business success. For example, in the streaming video industry, licensing fees are a significant cost for firms. Netflix pays billions of dollars every year to movie and television studios for the right to broadcast their content. In addition to the legal requirement to pay the studios, Netflix must consider that consumers may find illegal ways to view the movies they want to see, making them less willing to pay to subscribe to Netflix. Intellectual property rights and patents are major issues in the legal realm.</p> <p id="fs-idm236649392">Note that some external factors are difficult to categorize in PESTEL. For instance tariffs can be viewed as either a political or economic factor while the influence of the internet could be viewed as either a technological or social factor. While some issues can overlap two or more PESTEL areas, it does not diminish the value of PESTEL as an analytical tool,</p> <span class="os-title-label">Concept Check</span> <li>Describe a firm’s macro environment.</li> <li>What does PESTEL stand for? How do managers use PESTEL to understand their firm’s macro environment?</li> <span class="os-title-label">Ethics in Practice</span> <span class="os-subtitle-label">Sustainability and Responsible Management: <em data-effect="italics">Can LEGO Give up Plastic?</em></span> <p id="fs-idm234666848">“In 2012, the LEGO Group first shared its ambition to find and implement sustainable alternatives to the current raw materials used to manufacture LEGO products by 2030. The ambition is part of the LEGO Group’s work to reduce its environmental footprint and leave a positive impact on the planet our children will inherit.”<a href="references" data-type="cite" id="cite-00003" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-8"><sup class="os-citation-number">8</sup></a></p> <p id="fs-idm228361232">Danish toy company LEGO announced in 2015 that it would invest almost $160 million dollars into its efforts to meet the goal it announced in 2012. You know LEGO—they are the colored plastic bricks that snap together to make toys ranging from Harry Potter castles to Star Wars fighter craft. The family-owned company was founded in 1932 by Ole Kirk Christiansen and has since grown to be the world’s number one toy brand.<a href="references" data-type="cite" id="cite-00004" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-9"><sup class="os-citation-number">9</sup></a></p> <p id="fs-idm257596304">Given that LEGO and plastic seem to go hand in hand, why would the company want to give up on the material that makes their toys so successful? LEGO’s manufacturing process relies on plastic to make highly precise plastic bricks that always fit together securely and easily. Replacing the plastic with another material that is durable, can be brightly colored, and can be molded as precisely is a difficult task. LEGO’s leadership has decided that a strategic position based on fossil fuels is not sustainable and is making plans now to transition to a more environmentally friendly material to manufacture its products.</p> <p id="fs-idm254404896">Switching from oil-based plastic might make economic sense as well. Manufacturers who rely on petroleum-based products must weather volatile oil prices. LEGO’s raw materials costs could skyrocket overnight if the price of oil climbs again as it did in 2011. That price spike was due to conflict in Libya and other parts of the Arab world,<a href="references" data-type="cite" id="cite-00005" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-10"><sup class="os-citation-number">10</sup></a> something entirely beyond the control of any business.</p> <p id="fs-idm232865168">Technological innovations in bio-based plastics may be the answer for LEGO,<a href="references" data-type="cite" id="cite-00006" data-page-slug="references" data-page-uuid="05723a84-0ba7-5253-b823-79af17459596" data-page-fragment="ch08rfin-11"><sup class="os-citation-number">11</sup></a> which is working with university researchers around the globe to find a solution to its carbon-footprint problem.</p> <p id="fs-idm215950304">Sources: Trangbæk, Roar Rude (2016). “LEGO Group to invest 1 Billion DKK Boosting Search for Sustainable Materials.” https://www.lego.com/en-us/aboutus/news-room/2015/june/sustainable-materials-centre. Accessed July 29, 2017; Brand Finance (2017). “Toys 25 2016.” http://brandfinance.com/images/upload/brand_finance_toys_25_2017_report_locked.pdf Accessed July 29, 2017; Holodny, Elena (2016). TIMELINE: The tumultuous 155-year history of oil prices. <em data-effect="italics">Business Insider</em>. http://www.businessinsider.com/timeline-155-year-history-of-oil-prices-2016-12 Accessed July 29, 2017; and Peters, Adele (2015). “Why LEGO is Spending Millions to Ditch Oil-Based Plastic.” <em data-effect="italics">Fast Company</em>. https://www.fastcompany.com/3048017/why-lego-is-spending-millions-to-ditch-oil-based-plastic Accessed July 29, 2017.</p> <div data-type="list" id="fs-idm255761200"><div data-type="title">Critical Thinking Questions</div><ol type="1" class="no-style"><li>How would you approach this issue if you were the manager in charge of sourcing raw materials for LEGO? 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