BU111 Study Guide - Midterm Guide: Small Business, Ikea, Risk Aversion
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BU111 Full Course Notes
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Business 111 midterm - topics to be covered. 1. the relationship between the firm and its external environment. The external environment is the process of scanning evaluating the external environment to determine opportunities and threat. It consists everything outside an organization that might affect it. The external environment determines an organization"s success of failure. Critical success factors: what they are, why they are important, how they connect to each other. Business should be constantly changing and adapting to the event. Employees are the driving force behind the business. Diamond-e model: key variables, connections among variables, principal logic, examples. Key variables : organizations,strategy, management performance, resources, environment. Connections among variables: any variable can either drive of constrain strategy; each variable is related to the rest. External consistency ensures strategy is right for the given environment. Stop potential entrants coming in examples: ikea , p&g. What it is, how to conduct one, general vs. specific environments, benefits and challenges of conducting one.
