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2.2.7: End of Chapter Material

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    Key Takeaways

    1. The main participants in a business are its owners, employees, and customers.
    2. Every business must consider its stakeholders, and their sometimes conflicting interests, when making decisions.
    3. The activities needed to run a business can be divided into functional The business functions correspond fairly closely to many majors found within a typical college of business.
    4. Businesses are influenced by such externalfactors as the economy, government, and other forces external to the business. The PESTEL model is a useful tool for analyzing these forces.


    1 This vignette is based on an honors thesis written by Danielle M. Testa, “Apple, Inc.: An Analysis of the Firm’s Tumultuous History, in Conjunction with the Abounding Future” (Lehigh University), November 18, 2007.

    2 Lee Angelelli (1994). “Steve Paul Jobs.” Retrieved from:

    3 Ibid.

    4 Cyrus Farivar (2006). “Apple’s first 30 years; three decades of contributions to the computerIndustry.” Macworld, June 2006, p. 2.

    5 Dan Barkin (2006). “He made the iPod: How Steve Jobs of Apple created the new millennium’s signature invention.” Knight Ridder Tribune Business News, December 3, 2006, p. 1.

    6 Jon Hilsenrath, Serena Ng, and Damian Paletta (2008). “Worst Crisis Since ’30s, With No End Yet in Sight,” Wall Street Journal, Markets, September 18, 2008. Retrieved from:

    7 Steve Hargreaves (2008). “How the Economy Stole the Election,” Retrieved from:

    8 Dan Gallagher (2008). “Analyst says Apple is cutting back production as economy weakens.” MarketWatch. Retrieved from:

    9 David Baron (2003). “Facing-Off in Public.” Stanford Business. August 2003, pp. 20-24. Retrieved from:

    10 Transparency Market Research (2014). “Electric Vehicles Market (on-road) (hybrid, plug-in, and battery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.” Retrieved from:

    This page titled 2.2.7: End of Chapter Material is shared under a CC BY-NC-SA license and was authored, remixed, and/or curated by Stephen Skripak et al. (Virginia Tech Libraries' Open Education Initiative) .