Lecture 2 Flashcards
1
Q
External Environment
A
Total external forces acting upon the firm (Macro/ Competitive)
2
Q
Macro Environment
A
PEST Political Economic Social Technological
3
Q
Competitive Environment
A
Porters Five Forces Model
- Competitors
- Suppliers
- Customers
- Substitutes
- Threat of new entrants
4
Q
Adapting to the environment
A
-inventory
-forecasting
-localizing / decentralizing, empowering local
managers
5
Q
Influencing the environment
A
– advertising
– public relations
– lobbying, political activity
