Exam1 Flashcards
(23 cards)
External environment
Affects the competitive actions and responses firms will take
General environment
Industry level - composed of dimensions in the dimensions in the broader society that influence the industry
Industry environment
Set off factors the DIRECTLY influences a firm
External environment analysis
Scanning
Monitoring
Forecasting
Assessing
7 segments of the General Environment
Political/Legal
Environment
Sociocultural
Technology
Demographic
Economy
Global
- Components of The Five Competitive Forces
Seller power
Buyer Power
Threat of substitution
Threat of new entry
Competitive rivalry
-Sony
Buyers
Olig-
Small coordinated group
Strategic groups
Asset of firm emphasizing similar strategic dimensions
Strategic planning 2 parts
Process and Planning
Fredrick Taylor
Principle of scientific Management - Labor efficiency -first to bring science in
Henri Fayol
Father of Modern Management Theory
Peter Drucker
Effectiveness of Executives
Phillip Selznick
Organizational-level theory
Alfred Chandler
Major pioneers of Strategic management thought
Igor Ansoff
Father of strategic planning
Micheal Porter
Popularized Modern competitive stately theory (5 forces model)
Henry Mintzberg
Father of emergent strategy, 5 Ps of strategy
Gary Hamel
Famous Innovator Core Competencies
Jay Barney
Father of resource based theory
I/Omodel of average returns
Explains the external environment dominant influence on the choice of strategy
Primary Stakeholders
Directly involved in the value-creating process
Secondary Stakeholder
Both influence and are. Influenced by what the firm does but is not directly included in value-creating process
