Ch-02-Managing in Complex Environments-2008 January-35

Ch-02-Managing in Complex Environments-2008 January-35 -...

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Managing in Complex Environments  1 Robert S. Atkin Katz Graduate School of Business University of Pittsburgh Pittsburgh, PA  15260 atkin@katz.pitt.edu Chapter 2 “Markets as the Interface between the Firm and Its Environment” Revised, January 2008 © 2008 Robert S. Atkin 1. Written by the author for use in the course BUSSPP0020 “Managing in Complex Environments” at the  University of Pittsburgh.   Use for other purposes or by other instructors without the author’s written  permission is prohibited under copyright laws. ©2008 Robert S. Atkin Page   39
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©2008 Robert S. Atkin Page   40
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Managing in Complex Environments  Lecture Note 2: Markets as the Interface between the Firm and Its   Environment Said Simple Simon to the pie man, “Let me taste your ware.” (Traditional  Nursery Rhyme) I. Teaser A. Even if you never had an economics course, you know a lot about “the market.”  You buy concert tickets and clothing.  You’ve probably “sold your labor” to an  employer (i.e., held a job). You know how much college textbooks cost.  Maybe  you’ve shopped the web for some exotic car.  You know that getting free music  downloads is a good deal.  You know what a movie ticket costs and how much  your favorite ball player or movie star makes.  B. Scenario #2:  Many of you may know that the US stock market was in a serious  funk from 2000-2003 or so.  The value of some firm’s stock fell 50 or 70 or even  90% in 18 months.  More recently (since November 1, 2007 or so) we see  serious downward trend in stock prices.  Obvious question:  why? C. Question: Do the same “rules” affect the price of, say, shoes and stocks?   1. General answer: yes…and no.   2. Yes, the same general principles affect the prices of all goods and services,  and No, there are specific issues that likely affect the price of any particular  product or class of products. ©2008 Robert S. Atkin Page   41
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D. Chapter 2 examines the effects of transactions, markets, competitors, and  regulatory mechanisms on prices.  If you’ve had microeconomics, much of the  territory will be familiar.  For those with little or no such background, this may be  new stuff.  Either way, hopefully you’ll have the basic concepts necessary to  address the above questions “down pat” by the end of this section.  ©2008 Robert S. Atkin Page   42
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II. Link to last lecture A. Organizations and environments 1. In Chapter 1, we developed the concepts of organizations, firms, and  environments. a.
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This note was uploaded on 06/25/2008 for the course BUSSPP MCE taught by Professor Atkins during the Spring '08 term at Pittsburgh.

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Ch-02-Managing in Complex Environments-2008 January-35 -...

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