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GMS 200 (566)
Chapter 4

Chapter 4 Notes

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Ryerson University
Global Management Studies
GMS 200
Shavin Malhotra

Chapter 4- Environment, Organizational Culture, and Diversity Environment and Competitive Advantage What is Competitive Advantage? Competitive Advantage: allows an organization to deal with market and environmental forces better than its competitors May achieve through things such as products, pricing, customer service, cost efficiency, quality Competitive advantage can only be obtained by continuously scanning the environment for opportunities and taking effective action based on what is learned The General Environment General Environment : is composed of cultural, economic, legal-political, and educational conditions External Environment issues: o Economic conditions (inflation, income levels, GDP) o Social-cultural conditions (norms customs, social values) o Legal-Political conditions (prevailing idea of political party in power) o Technological conditions o Natural environment conditions (nature) Stakeholders and the Specific Environment Specific Environment : includes the people and groups with whom an organization interacts Stakeholders: are persons, groups, and institutions directly affected by an organization Specific environment or task environment and stake holders are distinct for each organization Can change over time Strategic constituencies: accessthe current performance of organizations Value Creation: is creating value for, and satisfying needs of, constituencies Environmental Uncertainty Environmental Uncertainty : is a lack of complete information about the environment Two dimensions to environmental uncertainty: o Complexity of the number of different factors in the environment www.notesolution.com
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