Final answer:
Corporate level management's typical decision areas include expanding or reducing production, setting prices, opening or closing facilities, hiring or laying off workers, and managing product lines. These decisions are crucial as they affect the firm's performance and stakeholder relations.
Step-by-step explanation:
Typical Decision Areas for Corporate Level Management
Corporate level management is responsible for making strategic decisions that guide the overall direction of the company. Some typical decision areas include:
- Expansion or reduction of production based on market demands and operational capacity.
- Setting the price for products or services to balance competitiveness with profitability.
- Deciding whether to open new factories or sales facilities, or close existing ones, often in response to economic conditions or strategic realignment.
- Determining the appropriate time to hire workers or to implement layoffs to optimize labor costs and efficiency.
- Choosing to start selling new products or to discontinue underperforming ones as part of product lifecycle management.
In addition to these decisions, corporate management must also assess their company's responsibility towards social, economic, and environmental issues and establish ethical practices for emerging technologies. All of these decisions will significantly impact the firm's performance, reputation, and stakeholder relationships.