BU111 Lecture Notes - Habitat, Operations Management, Retained Earnings
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BU111 Full Course Notes
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Largely uncontrollable from the perspective of the individual firm or manager. Pest: a model for analyzing the external environment. Because the external business environment is largely uncontrollable it must be constantly monitored by management. The pest model breaks the external environment down into four sub-environments: discussed in chapter 2 of your textbook. Unlike the external environment a firm"s internal environment is largely controllable. Consists of four key functional areas: marketing, finance and accounting, operations management (production, human resources management and industrial relations. These functional areas are the focus of bu121. In most organizations (except very small businesses) there are three different levels of management: top or executive level management, mid management, first line (supervisory) management, each level has different but interrelated responsibilities. The primary responsibility of top management is to both develop and implement the strategies that will be employed by the firm to realize the critical success factors.
