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Chapter 2

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Administrative Studies
ADMS 4570
Lois King

Chapter 2 Firms need to focus on the general environment government legislation general economic trends globalization advances in technology national cultural differences general level of education and an aging population and the industrycompetitive environment look at the list of firms their relative strategies their product offerings their various markets and their consumers and substitutes Might also consider companies abroad that are competitionIndustry all those producers whose products can satisfy similar consumer needs oIn the short run it can be domestic firms that are included in your industry but in the long run it should be everyone that sells related productsoTechnology also makes the boundaries of industries greater oNeed to continuously question who is within your industryhow competition is or isnt who customers are or arent how does one make moneythese assumptions make the theory of businessNeed to therefore scan monitor gather competitive intelligence forecast and use scenario analysisEnvironmental scanningIt involves surveillance of a firms external environment to predict future environmental changes and detect changes already under way Need to know critical trends and eventsoEx globalization time to market a gap that exists between product development cycles shifting roles and responsibilitiesEnvironmental monitoring Tracks the evolution of environmental trends sequences of events or streams of activities oEx GDP net disposable income housing sales etc Competitive intelligenceHelps better define and understand the industry and also identify rivals strengths and weaknessesIt helps avoid surprises by anticipating competitors moves and decreasing response time Should answer What is their background Style Are they marketers Are they cost cutters Should gather information and analyze it to the point where it is possible to make an appropriate decisionshould not spy on the other companyShould use it as a tool to alert of threats and opportunitiesit does not predict the future but prepares for itShould use it as a means to deliver reasonable assessmentsneed to draw conclusions from the dataIt is a way of life a processeveryone should be involved Should use the internet online services conferences professional networks industry analysts reports and government publications to determine what is going onbut must determine what is pertinent and must also focus not too much time on this so as to ignore new competitors Environmental forecasting
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