Lec+3+-+External+environment+_Compatibility+Mode_

Lec+3+-+External+environment+_Compatibility+Mode_ -...

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LearningObjectives 1. Three tiers of environmental factors that affect firm performance 2. Five factors in the remote environment 3. Examples of the economic, social, political, technological, and ecological influences on a business 4. The five forces model of industry analysis and give examples 5. The influences of entry barriers, supplier power, buyer power, substitute availability, and competitive rivalry on a business 6. The five factors in the operating environment 7. The influences of competitors, creditors, customers, labor, and direct suppliers on a business 4-3
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TheFirm’sExternalEnvironment Comprised of following Components: Remote/Macro environment Industry/competitive environment Operating environment 4-4
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TheFirm’sExternalEnvironment 4-5
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RemoteEnvironment Economic Factors Social Factors Political Factors Technological Factors Ecological Factors 4-6
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EconomicFactors 1. Prime interest rates 2. Inflation rates 3. Trends in the growth of the gross national product 4. Unemployment rates 5. Globalization of the economy 6. Outsourcing 4-7
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SocialFactors Present in the external environment: Beliefs & Values Attitudes & Opinions Lifestyles Developed from: Cultural conditioning Demographic makeup Religion Education Ethnic conditioning.
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