BUSI 4940

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Two major components to External Environment

-General/Industry -Competitors

Which four factors have significantly influenced the competitive markets

-Globalization -Rapid Technology Change -Increasing importance of knowledge and people -The global economy

Six Major Components of Strategic Planning

-Strategic Intent -Analysis -Formulation -Implementation -Measurement/Evaluation -Control

Strategic Groups

Goes back to Porter's views that the companies in the same industry use similar resources and therefore pursue similar strategies

Industry Environment

Influence a Firm, Factors that directly affect the company, but the company can have a significant effect back on them as well, Porter's Five Forces Model

General Environment

Influence an Industry, Factors in the external environment that can affect the company, but the company can not really directly affect them back

Economic

Interest rates, inflation rates, GDP, budget deficits/surpluses, personal savings rates, unemployment

Demographic

Mostly statistics based, population, age structure, geographic, ethnic mix, income distribution

technological

Product innovations, industry 4.0 (small factories), industry 5.0 (robotics), service delivery, new medicines

Five Forces

Seller power, buyer power, threat of substitutes, threat of new entry, competitive rivalry

Political/Legal

Tax policies, trade restrictions, tariffs, subsidies, stability of the government, antitrust, health/safety, discrimination, child labor

Global

The extent to which PEST-DEG type factors in other countries affect American or the locations where your firm operates

Sociocultural

Women in the workforce, diversity, shifts in preferences regarding product/service, work-life balance attitudes

Strategy Plan

is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage (textbook definition)

Environmental

natural disasters, weather

Strategic Flexibility involves

uncertainty and risks and organizational inertia


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