BU111 Study Guide - Midterm Guide: Procter & Gamble, Roaring Twenties, Stakeholder Management
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BU111 Full Course Notes
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Managers = natural bias, leniencies, desires & approaches, aggressive or not. What the business is going after, not going after (needed resources, organizational capabilities, management preferences) Strategy = key to connecting the environment to management & resources. Importance of consistency between variables i. e. proctor & gamble, ikea. Deal with strategy-environment linkage; asses forces at work & their implicaations. Strategy-environment linkage: i. e. canon vs. kodak in the digital camera market. Process of scanning and evaluating the external environment. How managers determine opportunities (positive external trends or changes) and threats (negative external trends or changes) Firms face multiple environments: general environment; affects all businesses. Gov"t = incentives, constraint, support/bail out ~ affects uncertainty, risk, & cost faced by firm. Laws & regulations - product label, minimum wage and number of competitors in an industry. Trade agreements or conditions affecting imports & exports. Political system is the current system friendly to businesses? (capitalistic & a free market)
