ADMS 3930 Lecture Notes - Lecture 2: Theory-Theory, Punctuated Equilibrium, Economic Statistics

83 views5 pages

Document Summary

External environments all events outside a company that have the potential to influence or affect it. General environment the economic, technological, sociocultural, and political trends that indirectly affect all organizations. Changes in any sector of the general environment eventually affect most organizations. Specific environment the customer, competitor, supplier, industry regulation, and public pressure groups trends that are unique to an industry and that directly affect how a company does business. Three step process to make sense of changes in their external environments: environmental scanning, interpreting environmental factors, and acting on threats and opportunities. Environmental scanning helps managers more accurately interpret their environments and take actions that improve company performance. Through scanning, managers keep tabs on what competitors are doing, identify market trends, a(cid:374)d sta(cid:455) alert of (cid:272)urre(cid:374)t e(cid:448)e(cid:374)ts that affe(cid:272)t their (cid:272)o(cid:373)pa(cid:374)ies" operatio(cid:374)s. With environmental information gathered, managers can take action to minimize the impact of threats and turn opportunities into increased profits.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions