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Chapter 3

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MGT 247

CHAPTER 3:Analyzing the External Environment • General environment= trends in the broader society that influence an industry and the firms in it o Demographic, economic, political/legal, sociocultural, technological, global and physical changes o Outside the firms direct control  Demographic trends= changes in population size, age structure, geographic distribution, ethnic mix, and income distribution  Economic trends= the direction of the economy in which a firm competes or may choose to compete  Political legal trends= changes in organizations and interest groups that compete for a voice in developing and implementing the body laws and regulations that guide interactions among firms and nations  Sociocultural trends= changes in a society’s attitudes and cultural values  Technological trends= changes related to creating new knowledge and translating that knowledge into new products, processes, and materials  Global trends= changes in relevant emerging and developed country global markets, important international political event and critical changes in cultural and institutional characteristics of global markets  Physical environment trends= changes in t
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