ADMS 4900 Lecture Notes - Lecture 1: Scenario Analysis, Uptodate, Swot Analysis

• School: York University
• Department: Administrative Studies
• Course: ADMS 4900
• Professor: Kelly Thomson

Document Summary

Chapter 2 analyzing the external environment of the firm. Managers need to analyze both general and industry/competitive environment. Definitions of an industry may arise from identical products offered by different firms/ knockoffs. A firms strategy can easily stray away and get out of touch with the marketplace. Managers need to continuously analyze and stay up-to-date of both the general environment, and the firm"s industry and competitive environment. General environment consists of countless elements that an org. finds outside its own boundaries and which have some bearing on its ability to exist and thrive. Factors such as government legislation, economic trends, globalization, technological advancements, national cultural differences, general level of education, aging population (managers are powerless in any significant attempt to influence these factors) Competitive environment composed of a set of firms that produce similar products or services, sell to similar customers, and use similar methods of production.