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To perform an external audit, the company should get as many managers and
employees involved as possible. This fosters understanding and commitment
throughout the organization.
Economic forces
Social, cultural, demographic, and natural environment forces
Political, governmental, and legal forces
Technological forces
Competitive forces
4. Do you feel the advantages of a low value of the dollar offset the
disadvantages for (1) a firm that derives 60 percent of its revenues from
foreign countries and (2) a firm that derives 10 percent of its revenues
from foreign countries? Justify your opinion.
A company with 60 percent of its revenues coming from foreign countries would
be able to offset the slowdown in demand/revenues at home in the U.S. and
spread its risk across more than one economy/market. A company with only 10
percent would be much more affected by the U.S. economy and exposed to
greater risk.
6. If you and a partner were going to visit a foreign country where you
have never been before, how much planning would you do ahead of
time? What benefit would you expect that planning to provide?
The planning gives me confidence that I’ll maximize my travel and experience
every possible thing I can and want to. It also gives me a sense of security,
knowing what to expect and where to go if an emergency or issue pops up.
Finally, it helps me set a budget and know generally how much to plan for and set
aside for the trip – knowing what each attraction or special point of interest costs
before I get there helps me decide what’s important and triage what’s not. This
way, I keep within budget and don’t stress about a huge Amex bill when I return
home. So, the biggest benefits are stress free travel with no huge surprises on
the back end!
Comparing financial ratios against those of key competitors would be the most
important to me. This would help me identify their strengths and weaknesses
and create a strategy for where I will improve my own ratios and leverage and
exploit theirs to my advantage.
VCA is the process used to determine the costs associated with an organization’s
activities from purchasing raw materials to manufacturing products to marketing
those products.