Mgmt 3600 quiz 1
Deliberate Strategy
is a planned and intentional course of action that an organization pursues to achieve its goals. It is typically developed through formal strategic planning processes.
PETSEL
is a strategic management tool that examines the macro-environmental factor affecting an organization. The acronym stands for political, economic, social, technological, environmental, and legal factors.
Emergent Strategy
is an unplanned and flexible approach that develops over time in response to unforeseen circumstances, changes in the external environment, or learning from past experience.
Key legal factors of Pestel
is the impact of laws and regulations on business. This includes employment laws, health and safety regulations, intellectual proprty laws, and other legal constraints.
Zeitgeist in Business
is the spirit or mood of a particular time period. In a business context, it represents the prevailing attitudes, values, and cultural influences that shape the business environement.
Key economic factors in Pestel
this analysis includes aspects like inflation rates, exchange rates, economic growth, and overall economic stability. These factors can significantly influence a business's performance.
Key Political Factors of Pestel
this include the influence of government policies, stability, political ideology, trade regulations, and the overall political climate on business operations.
Nonmarket Environment
this includes social, political, legal, and economic factors that impact business operations but are outside traditional market forces of supply and demand.
Key Technological factors in Pestel
this involves assessing the impact of technological advancements and innovation on the industry and the organization. This includes automation, research and development, and the pace of technological change.
Key Ecological factor in Pestel
this is consider the environmental aspects affecting the business, such as sustainability, climate change, and environmental regulations. Organizations need to address these factors to align with societal expectations and promote environmental responsibility.
