Management and Organizational Studies 4410A/B Chapter Notes - Chapter 2: Psychographic

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 4410A/B
• Professor: John White

Document Summary

Analyzing the external environment of the firm: what went wrong with the canadian forestry industry, persisted with new production technologies, ignored the increased demand for lumber and paper, delayed necessary investments, because they did not respond to the trends, their actions lacked speed and decisiveness. Now lagging in the industry: to be successful, managers must recognize both opportunities and threats in their firms external environment, to understand the business environment of a firm, managers need to continuously analyze and stay abreast of both the general environment and the firm"s industry and competitive environment, general environment. Composed of a set of firms that produce similar products or services, sell to similar customers, and use similar methods of production: a manager defining the industry for a strategy analysis will look to the list of firms, their relative strategies, their product offerings, as well as the various markets an consumers served by those firms.