BU111 Lecture Notes - Lecture 2: Pest Analysis, Comparative Advantage

• School: WLU
• Department: Business
• Course: BU111
• Professor: Sofy Carayannopoulos

Document Summary

In this lecture we discuss about why companies operate and what keeps them to progress effectively. Companies basically focus on making profits and if they generate it consistently over time, they are considered profitable companies. The diamond e model is basically there to organize your thinking effectively and also to guide you throughout it. It"s there to basically help you reach a proper conclusion. We also look at the pest analysis: political, To solve a business case, we basically develop a strategy which we hit our target with. Examples of strategies include: the market price of the product or service, our next action, the expenses incurred, etc. However, what determines the right way for this are our mission & vision which are both supported by the internal organization. Vision may be quite broad and hazy but the mission helps organize it in an effective manner.