Quiz 1 Review Sheet

Quiz 1 Review Sheet - SPRING 2008 MANAGEMENT 300 QUIZ...

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SPRING 2008 MANAGEMENT 300 QUIZ REVIEW 1) External Analysis 2) External Environment i) International Events- Events such as civil wars, political coups, terrorism, wars between countries. (1) 9/11- US airlines took a hit ii) Technological Change- Creates both Opportunity and Threats (1) Opportunity occurs as firms begin to explore how to use technology to create new products and services (2) Threats occur as technological change forces firms to rethink their technological strategies. (a) Downloading music is a threat to record companies but good for iTunes (b) Technological change creates threats for some and opportunities for others iii) Demographic Trends- Distribution of individuals in a society in terms of age, sex, marital status, income, ethnicity, and other personal attributes that determine buying patterns (1) EX: WB focused too much on teen shows, and lost viewers iv) Cultural Trends- values, beliefs, and norms that guide behavior in a society. They define right and wrong and what is acceptable or fashionable. (1) EX: In America, brides wear white dresses, while in China, they wear black v) Legal/Political Conditions- are the laws and the legal systems impact on business, together with the general nature of the relationship between government and business. vi) Economic Climate- is the overall health of the economic systems within which a firm operates. (1) Recession- demand for goods and services are low, and unemployment is high (a) Depression- severe recession that lasts for several years (2) Business Cycle! 3) Porter’s Five Forces Model
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Quiz 1 Review Sheet - SPRING 2008 MANAGEMENT 300 QUIZ...

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