MGM101H5 Lecture Notes - Lecture 7: Pest Analysis, Product Liability, Swot Analysis

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

For an organization to be successful over the long term, managers need to have a game plan as to where and how to compete in the markets in which they intend to serve. For businesses, a strategic plan is the road map to success. Enables us to get a sense of the broad market environment and external influences that could impact demand for our products and services, and change the nature of the way in which we do business. Able to assist us in identifying fundamental changes or disruptions to the industry within which we compete with respect to five key areas. Canada post and the united states postal service are facing reduced revenues due to substitute products such as text messaging and email. Businesses need to anticipate and react to new initiatives and changes in strategy and market positioning by their competitors.