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An Economic System is The System of Production – Strategic Management

Question:

An economic system is the system of production, distribution, and consumption of goods and services of an economy. South Africa can be classified as a mixed economy. Research South Africa’s mixed economy and explain which business you would start in South Africa that could potentially be profitable. You are required to:

• Discuss the activities (products or services) of your chosen business;

• Justify your chosen business; and

• Use the PESTLE technique and Porter’s model to conduct an environmental analysis of your chosen business.

2)Explain the difference between a firm’s vision, mission, goals, and objectives. Also, develop the vision, mission, goals, and objectives of your chosen business.

3)Critically discuss the various forms of organizational design and justify the most suitable design for your business. In addition, discuss the key areas of control that you would focus on in your business to ensure that actual activities align with the predetermined goals and activities.