Question : The nature of management is influenced by:
Option 1: Internal factors only
Option 2: External factors only
Option 3: Both internal and external factors
Option 4: None of the above
Correct Answer: Both internal and external factors
Solution : The correct answer is (c) Both internal and external factors
The nature of management is shaped by a combination of internal and external factors. Internal factors include the organization's structure, culture, resources, and personnel, while external factors encompass the broader business environment, such as market conditions, technological advancements, legal and regulatory frameworks, social and cultural trends, and economic factors. These internal and external factors interact and influence the management practices and approaches employed within an organization. Managers must consider and adapt to both internal and external factors to effectively navigate the dynamic business landscape and achieve organizational objectives. Therefore, the nature of management is influenced by both internal and external factors.
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