MGMT 490 Lecture Notes - Lecture 2: Myofascial Trigger Point, Market Environment, Natural Environment
Lecture note 2 MGMT 490:
• Environmental scanning
• the monitoring, evaluation, and dissemination of information from the external and
internal environments to key people within the corporation
• Natural environment
• physical resources, wildlife, and climate that are an inherent part of existence on earth
• Societal environment
• mankind's social system that includes general forces that do not directly touch on the
short activities of the organization that can, and often do, influence its long-run
decisions
• Task environment
• includes those elements or groups that directly affect a corporation and, in turn, are
affected by it
• Industry Analysis
• refers to an in-depth examination of key factors within a corporations task
environment
• Externalities
• costs not included in a business firms accounting system
• Repatriation of profits
• transfer of profits from a foreign subsidiary to a corporations headquarters
• STEEP analysis
• The scanning of socio-cultural, technological, economic, ecological, and political/legal
environmental forces
• Trigger point
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• when demand for a particular product or service is ready to boom
• Strategic Mynopia
• the willingness to reject unfamiliar and negative information
• Industry
• is a group of firms that produces a similar product or service
• New entrants
• new businesses bringing new capacity, a desire to gain market share, and substantial
resources
• Entry Barrier
• an obstruction that makes it difficult for a company to enter an industry
• Substitute product
• a product that appears to be different but can satisfy the same need as another product
• Complementor
• a company or an industry whose product works well with a firms product and without
which the product would lose much of its value
• Fragmented industry
• where no firm has large market share and each firm serves only a small piece of the
total market in competition with others
• Consolidated Industry
• dominated by a few large firms, each of which struggles to differentiate its products
from those of the competition
• Multi-domestic Industry
• a collection of essentially domestic industries
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