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Lecture 2 - Announcements Labs begin this week Information...

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Announcements Labs begin this week Information regarding your two major group assignments (group case, new venture project) is now posted on the course website Once you are assigned to your group in labs this week, everyone should start working on the development of their New Venture Concept…due October 15
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Management’s Primary Objective To devise and implement strategies that will allow the organization to achieve the critical success factors in a manner that meets legitimate stakeholder expectations In attempting to achieve this primary objective all managers must be able to analyze two different sets of environmental factors Factors operating within the firm’s external business environment Factors operating within the firm’s internal business environment
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Critical Success Factors Stakeholders Top Management Vision Strategy Mission Middle Management First-Line Management Planning Organizing Directing Controlling EXTERNAL INTERNAL Economic Social Technological Political Marketing Finance Human Resources Operations
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Critical Success Factors Stakeholders Top Management Vision Strategy Mission Middle Management First-Line Management Planning Organizing Directing Controlling EXTERNAL INTERNAL Economic Social Technological Political Marketing Finance Human Resources Operations
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Characteristics of the External Business Environment Extremely dynamic and constantly changing Increasingly competitive Increasingly globalized Complex, interactive, two-way phenomena Largely uncontrollable from the perspective of the individual firm or manager
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PEST: A Model for Analyzing the External Environment Because the external business environment is largely uncontrollable, it must be constantly monitored by management goal is to be proactive vs. reactive the PEST model breaks the external environment down into four sub- environments (discussed in Chapter 2 of your textbook)
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Critical Success Factors Stakeholders Top Management
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