Question

How would Micron Technology Inc use the information available in the Index of Economic Freedom to support strategic decisions?

Answer 1

Strategic decisions are concerned with the whole environment on which the company operates. These are long term decisions that are concerned with future of the firm . These form the basic planning for the entire organization and deal with organizational growth.

Micron is a tech company operating in 18 different worldwide locations and having 13 manufacturing sites. The Index of economic freedom is of great usage for reference while planning to take a strategic decision. Because Micron is a company operating in 3 continents and 13 countries for them while taking a strategic decision they need to be aware what's happening around the globe and statistical data from all countries in matters of understanding in which country to invest for a manufacturing unit or start sales, where to expand operations, where the business is likely to face competition and so on

Index of Economic Freedom rates the degree of economic freedom for different countries based on various factors.

By exploring the data either using statistical values presented in tables or using graphs we understand what those factors are, they are Property rights, judicial effectiveness, government integrity, tax burden, Government spending, fiscal health, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom. All these are vividly provided in that, these are very much helpful for any company while planning their investment strategies as well as operational strategies. Government regulation and norms are the basis of identifying how good is a country for business and we can understand that these parameters used for rating ease of doing business clearly provide a detailed explanation to it. Business is also greatly dependent on the workforce and creates an impact on our business especially trade unions that is also depicted on it. Judicial effectiveness is very much essential and necessary to be put understudy while making a strategy, these factors clearly provide a lot of input information that can influence strategic decision of Micron Technology Inc

Singapore tops the rank with a score of 89.4, making it the world’s freest economy in the 2020 Index.

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