MGM101H5 Lecture Notes - Lecture 5: Gross Domestic Product, Challenging Times, Oligopoly
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Business prosperity and future opportunities are contingent on economic conditions at home and abroad; managers must understand how economic changes impact their businesses and establish the context for decision making. G7/8- organization comprising the world"s major fully developed countries; g7=us, japan, Germany, great britain, france, italy, and canada and turned into g7/8 with russia; heads meet at least once annually to discuss major economic, political, and societal issues in global market. Macro analysis- trends that can or will impact the markets within which an organization competes in which managers must constantly look to see where and how their markets are changing in light of competitive influences. Social- consumer behaviour, demand for accountability, baby boomers, etc. Technology- level of acceptance, how it is being used, etc. Environmental- global warming (^ sea levels by 2047- large urban centers are at risk), how to get countries around the world to come together to solve this.
