ADMS 3930 Chapter Notes - Chapter 2: Market Environment, Organizational Culture, Punctuated Equilibrium

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External environments: all the events outside a company that have the potential to influence or affect it. Environmental change: the rate at which a company"s general and specific environments change, stable (slow) and dynamic (fast) According to the punctuated equilibrium theory, companies go through long, simple periods of stability, followed by short, complex periods of dynamic, fundamental change, finishing with a return to stability. Environmental complexity: the number of external factors in the environment that affect organizations, simple environments have fewer factors, where as complex environments have many environmental factors. Environmental munificence: the degree to which an organization"s external environment has an abundance or scarcity of critical organizational resources. Uncertainty: how well managers can understand or predict the external changes and trends affecting their businesses. Environmental scanning: searching the environment for important events or issues that might affect an organization to stay up to date and to reduce uncertainty. Important because it contributes to organizational performance.

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