ADMS 1000- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Len Karakowsky

Document Summary

The seven factor challenge explorign the environment of. Business (isbn: 978-1-323-76061-1) by len karakowsky & natalie guriel. Understand the importance of the environment of business. Environment defined as the external context of organizations. An organization has two environments: the specific environment and the general environment. Describe the difference between the general environment & the specific environment. The specific environment specific environment within which the organization directly operates and is shaped by the general environment and includes: stakeholders, customers, competitors, suppliers etc. The general environment the environment shared by all organizations in a society. Such as: the economic and political environments, and technological, societal, competitive and global forces. External stakeholders have direct influence on the organization"s ability to obtain resources and generate outputs: customers, suppliers, local labour pool, competitors, unions, distributors, creditors, the local public, the government. Identify the 7 external challenges that all businesses must confront.