Taylor Penick Acctg 642 Chapter 2 1. Define critical thinking a. Critical thinking focuses on problem definition and problem solving; it is a rational response to questions that may lack definite answers or may be missing some relevant information. 2. Discuss the highest level of thinking according to Bloom’s Taxonomy.
Organizations succeed by using the four functions of management: planning, leading, organizing, and controlling. Without these factors the chance for success is almost impossible. Added factors contribute to the nuisance of competing in a global market. Such factors include globalization, technology, innovation, diversity, and ethics. Knowing the internal and external factors as a manager can make the difference between success and failure of a business.
2. During problem solving, do you use primarily algorithms or heuristics? What are the advantages of each? Algorithms are better applied to quantitative problems that are best solved by formulas, such as math and some science problems. A heuristic approach is suited to solving problems that are broader and interpersonal.
This can make expanding and growing very difficult and decisions must be mad wisely. When it comes to their products that are purchased around the world to ensure high quality, expanding may affect that quality, making it hard to supply a specialty product. Going public through an IPO, may change the very decision made that make their company special, or it may enhance their products by providing more resources. Acquiring another company in the same industry to help their company grow could cause increased financial stability or increase their financial burden. Kudler can merge with another organization in hope to expand while implementing their mission and values on that organization or that organization may hurt their reputation.
By consolidation and retention of the competition, Service Experts was able to capture market share in the HVAC service. Service Experts made a brilliant move on the behalf of obtaining contractors that they have groomed and set up for success. This drove the growth strategy for the company, acquire and conquer are strategies that are used all too often in business. It can be seen as a process of forward integration, but in a service based module, and not a manufacturing base sense. The growth strategy of capturing market share and growing revenue to increase business presence in the market was achieved for Service Experts.
• It’s a very competitive industry. Every company (UPS, FedEx, USPS) mimics the other company’s service and promotions. There is a lot of potential market for both companies because of China’s industrial, economic, export and import advantages. Especially after the agreement between China and U.S was reached. Therefore their competitive prospects are very strong.
It also has numerous of problem that one needs to understand. Analyzing and interpretation of the interviews are subjective and can be biased (Javalgi, Granot, & Brashear, 2011). Thus it is crucial that the facilitator is experienced and understands the culture’s verbal as well as nonverbal communication. Assumption about the interviews can lead to errors in the research. However, understanding the culture and values of foreign consumers can help boost the sales of the product and service because the sales teams can market and target their consumers.
As globalization is more and more popular in the world, lots of companies come into international market. Although the multinational companies benefit from globalization, such as low labor cost, globalization also challenge these companies. The challenge not only comes from “the vast distances”, but also “coping with the cultural, political, legal, and economic differences among countries” (T632). Managing global human resources
As within most company’s money is not the only factor. There is major internationalization motives. Proactive motives are the ones that stimulate the company to go abroad like: foreign market opportunities, economies of scale and tax benefits…etc. Reactive motives are the ones that show where there will be difficulties like: competitive pressures, domestic market, overproduction…etc. Green Toys Inc. has a good chance of getting more profit and growth because there are many niche foreign market opportunities.
Make arduous efforts to attract attentions in the whole world since globalization is a key word in today's business strategy. Huge demands and investments from foreign areas cannot be