MGT 409 Study Guide - Comprehensive Midterm Guide: Human Resource Management, Product Differentiation, Zero-Sum Game

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6 Feb 2017
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MSU
MGT 409
MIDTERM EXAM
STUDY GUIDE
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Chapter 2: Analyzing the External Environment of the Firm
Strategic management process
External Environments
External Environment: Includes the industry in which a firm competes as well as those against whom it
competes.
Three components:
1. General environment
2. Industry
3. Competitor
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External Analysis Toolkit
1. Forecasting
2. General Environments
3. Strategic Group Analysis
4. Porter’s Fie Fores
5. SWOT Analysis
Forecasting
Environmental Scanning
Definition
sureillae of a fir’s eteral eiroet to predict environmental changes and
detect changes already under way.
Studying all segments in the general environment
Important in highly volatile environments
Function
Alerts the firm to critical trends
o before they happen before competitors realize it
Environmental Monitoring
Definition
o A fir’s aalsis of the eteral eiroet that traks eolutio of eiroetal
trends, sequences of events, or streams of activities
More definitive, data-driven
o Observe environmental changes to see if an important trend or idea is emerging
from the data collected while scanning
o e.g. consumer confidence index, percentage
o Of gross domestic product spent on
o health care, etc.
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