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MGM101H5 (376)
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nickels ch 1

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Department
Management
Course
MGM101H5
Professor
James Appleyard
Semester
Fall

Description
Lecture 6 Analyzing the External Environment Nickels Ch 1 1120Wednesday September 22 2010501 PMTHE BUSINESS ENVIRONMENTBusiness environmentthe surrounding factors that either help or hinder the development of businesses6 elements in business environmentThe legal and regulatory environment1The economic environment2The technological environment3The competitive environment4The social environment5The global environment6Businesses grow and prosper in a healthy environmentResults job growth and weather that makes it possible to have a high quality of lifeWrong environment conditions business failure job loss poor quality of lifeGood schools clean air good health care low crime ratesThe Legal and Regulatory EnvironmentPpl are willing to start businesses if they believe the risk of losing their money isnt too highDecision how govts work with businessGovts do a lot to lessen risk or starting and running a business through laws Acts pass by elected officialsCompetition ActMaintain and encourage competition in CanadaPromote efficiency and adaptability of life Expand opportunities in global marketsSmall and medium sized enterprisesProvide consumers with competitive prices and product choicesEach legislation authorizes an agency to write regulations that interpret the law in more detail and how it will be implemented and enforcedRegulationsrules or orders made by govt to carry out the purposes set out in statuesLaws Affect BusinessBusinesses need to be more aware of laws in place that will affect businessGovt decrease return on investment through taxes and restrictive regulationsGovt can lessen risks of entrepreneurship by passing laws that enable business ppl to write contracts enforceable in courtLaws to min corruptionNegatively affect business community and economy as a wholeThe Economic EnvironmentAffects businesses as well as consumersEco environment looks at IncomeExpenditureResources that affect the cost of running a businessBusinesses review the results of major economic indicators gives them a sense of what is happening in mktplace and what actions are needed to takeConsumer spendingEmployment levels MGM101 Page 1
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