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

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Unformatted text preview: 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 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 Critical Success Factors Stakeholders Top Management Vision Strategy Mission Middle Management First-Line Management Planning Organizing Directing Controlling E X T E R N A L I N T E R N A L Economic Social Technological Political Marketing Finance Human Resources Operations Critical Success Factors Stakeholders Top Management Vision Strategy Mission Middle Management First-Line Management Planning Organizing Directing Controlling E X T E R N A L I N T E R N A L Economic Social Technological Political Marketing Finance Human Resources Operations 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 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) Critical Success Factors...
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This note was uploaded on 12/18/2010 for the course ECONOMICS 120 taught by Professor Mesta during the Spring '10 term at Wilfred Laurier University .

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

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