The paper "How the Factors Influence Business Performance of Wal-Mart and Ford" is a great example of a business case study. The economy affects Wal-Mart business because when the economy is good people have more money to spend and the company will make more sales and realize huge margins. A slow economy will lead to the loss of jobs due to downsizing and restructuring. Ford is affected by the economy because a good economy will mean people have money to buy luxury cars or expensive cars. A bad economy will lead to low demand for the automobile as people prefer to attend to basic need like food and housing instead of buying a car. Consumer trends dictate the operation of the business.
Wal-Mart will be forced to increase the use of the internet due to the new trend of enhanced online shopping. Goods stocked by the company will depend on what the customers need. Low-fat foods have to be stocked as people realize the importance of a healthy life and the risk of obesity. Ford has to keep pace with the modern kinds of automobiles that customers need.
When people prefer luxury cars owing to high standards of living, Ford has to provide them. The government sets out rules and regulations and enacts laws that affect business operations. The food products being sold by Wal-Mart have to be certified by the Food and Drug Administration. The content, weight and measures of products have to be correct and the consumer should not be robbed. The government also affects Ford’ s operations by setting rules about the automobile to be made for safety measures and the roads in the country. Wal-Mart is affected by public pressure to act as a good corporate citizen and so it has to participate in charity activities like environmental cleaning and construction of roads or other public amenities like playing field.
Ford Company is also affected because it has to provide employment to the local community and also participate in the construction of roads and ensure there is no harmful pollution as a result of its operations. 1.2 1.2.1 Factors of production Labour Capital Premises/land Entrepreneurship Where to get them Labour can be obtained by hiring people to work in a firm or factory for wages or a monthly salary.
The premise or land where the factory will be situated has to be bought and the company’ s plant or offices established. Capital can be from personal saving or borrowing money from the bank or other financial institutions. An entrepreneur is in charge of organizing other factors of production and the services can be hired or an individual can act as his own manager or entrepreneur. The money to pay can be borrowed from a financial institution or family savings or personal savings. 1.2.2 Questions that economist try to answer What services and goods should be produced to meet consumers’ needs? How should services and goods be produced? Who should receive the goods and services produced?
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