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Pruett Mgmt. Ch. 3
Management Ch. 3
| Term | Definition |
|---|---|
| Macro environment (list) | Law/Politics, Economy, Technology, Demographics, Social Issues/values |
| Porter's 5-Forces model (list) | Competitors, Suppliers, Buyers/switching costs, Threat of New Entrants/Barriers to entry, Threat of Substitutes |
| New Entrants | Easy when barriers are low: i.e. government policy, disadvantages, distribution channels |
| Substitute | Threat posted by alternative: i.e. technology |
| Compliment | Opportunity created when one product is used in conduction with another. |
| Environmental Analysis (list) | Uncertainty, Scanning, Forecasting, Scenario Planning, Benchmarking |
| Uncertainty | Lack of information needed to predict the future. |
| Scanning | Searching for info about the environment |
| Forecasting | Method for predicting how variables will change the future. |
| Scenario Planning | Describes a particular set of future conditions. |
| Benchmarking | Process of comparing and organization practice and technology with those of other companies. |
| Strong culture | Influences how people think and behave, common belief in company goal. |
| Weak Culture | Few common goals, confusion about cooperate goals, unclear guiding principles |
| Clues to culture | Mission statement, business practice, symbols, stories |
| Compete | Exploit a competence or improve internally |
| Public Relations | Work to create a favorable image |
| Legal Action | Engage in legal battles |
| Political Action | Try to influence politicians |
| Contracting | Agreements with outsiders to exchange products, info, patents |
| Coopting | Absorb new outsiders into your company or its planning/leadership work |
| Coalation | Get others to act jointly on political initiatives |