Final answer:
The implications and transition within Merck after Kenneth Frazier steps down as CEO involve changes in strategy, leadership, and stakeholder reactions.
Step-by-step explanation:
Kenneth Frazier stepping down as CEO of Merck has several implications and transitions within the company. Firstly, there may be changes in the company's strategy and direction, as a new CEO may have different priorities and goals. Secondly, there could be changes in the company's leadership team, as new executives are appointed to fill the vacant position. Finally, the transition may also impact the company's stakeholders, such as investors, employees, and customers, who may have varying reactions to the leadership change.