MGTA01H3 Chapter Notes - Chapter 02: Foodservice, Canadian Dollar, Lowkey
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MGTA01H3 Full Course Notes
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Document Summary
External environment everything outside organization"s boundaries that may affect it. Managers need accurate understanding of environment company facing to operate & compete in it. No single firm can control it, but manager should try to influence it. Global, political-legal, economic, technological, socio-cultural & business environments, emerging challenges & opportunities (outsourcing, viral. Chapter 2 understanding the environments of business marketing, business process management) Economic environment conditions of economic system organization operates. Moderate unemployment most ppl can afford to eat out, company pay higher wages to attract employees. Low inflation relatively constant $ for supplies, company can"t increase $ Half of pop of canada was involved in producing food => now < 2. 5% of pop works in agriculture. Agricultural efficiency improved b/c devised better ways of producing products & invented better tech to get job done. Agricultural production grown b/c able to increase total output in agricultural sector. Business cycle pattern of short-term ups & downs (expansions & contractions) in economy.
