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Lecture 5

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Nate Charlow

MGM Lecture 5 – Oct 11, 2013 The Business Environment • Major issue in managing a business is that our environment is changing every instant; we have to manage and maintain our place in a constantly changing and competitive market • Business and financial variables affect our success, it’s all about managing changes that may be positive or negative for us • Constant monitoring of our environment is needed to get advantage of these changes About the article: • Whathgoes on in US has a drastic effect on Canada • 1/5 of all money in the US economy is from debt • Republicans say unless there is an increase in health care and facilities, we won’t approve of the budget; so no approved budget • Many institutions not working anymore due to no approved budget or no approved legislative changes • US government is held hostage illegally • 16.7 trillion dollars in debt for US; won’t get any more money from borrowing • Detroit has gone bankrupt; because they can’t pay off interest • An uncertainty prevails; which investors hate; no one can make any decisions right now • When economies collapse, investors go towards necessities as they know that the market for those won’t go down Lecture: • Canadian economy is comparatively more strong than any other economy; we are in a healthy position after the recession • Macro Analysis o We need to scan what happens in our environment, the trends that affect our business i.e. PESTEL (in the textbook)  Political (take US example above)  Economical (inflation, consumer behavior etc.)  Social (how social factors affect business)  Technology (challenges/advantages of available technology)  Environmental (being sustainable and aware of the environment)  Legal (what we do and what we ought to do/management of risk) Types Of Competitive Markets
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