BUS 441 Lecture Notes - Lecture 3: Consumer Protection, Environmental Protection, Making Money

• School: Stony Brook University
• Department: Business Management
• Course: BUS 441
• Professor: Robert Ettl

Document Summary

Lecture 3 developing strategies in both an internal and external environment. Strengths and weaknesses: you control your strengths and weaknesses. Strengths = things that you do well, weaknesses = things you don"t do well: up to you to fix your weaknesses. Senior management: diff senior managers assume diff strategies and diff levels of risk, risk does not equate to gambling. Risk reward analysis make a strategy based on amount of risk and what you will get in return for that risk. Shared values and culture: long-term embedded behavior, decides what the individuals of the company do, multi-generational management through change of behavior over time, can change culture of the company. Could take 2 3 generations of new managers in order to change the culture of the company. Opportunities and threats: very rare that you have control over opportunities and threats, government can control external environment. Diff risk tolerance, capital, resources, ability to respond.