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ORGA > The Firm and it's environment > Flashcards

The Firm and it's environment Flashcards

1
Q

Systematic monitoring of the major external forces influencing organizations is necessary to improve the management of companies.

A

Environmental Forces

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2
Q

includes the economic,socio-cultural, politico-legal, demographic, technological, and the world and ecological situations.

A

general business environment

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3
Q

What are the different environmental factors?

A

(1) Economic situations
(2) Sociocultural situations
(3) Politico-legal situations
(4) Demographic situations
(5) Technological situations
(6) World and ecological situations

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4
Q

Include factors/elements such as inflation, rates of interest, changing
options in stock markets, and people’s spending habits.

A

Economic Situations

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5
Q

Include the customers’ changing values and preferences; customs
could also affect management practices in companies.

A

Sociocultural situations

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6
Q

Refer to national or local laws, international laws, and rules and
regulations that influence organizational management.

A

Politico-legal situations

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7
Q

Gender, age, education level, income, the number of family members, geographic origin, etc. may also influence some managerial decisions in organizations.

A

Demographic situations

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8
Q

companies involve the use of varied types of electronic
gadgets and advanced technology such as computers, robotics, microprocessors, and others that have revolutionized business management; e-commerce, teleconferencing, and sophisticated information systems have rapidly changed the ways that business is
conducted in the 21st century.

A

Technological situations

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9
Q

Related to the increasing number of global competitors and markets, as well as the nature and conditions of the changing natural environment.

A

World and ecological situations

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10
Q

focuses on stakeholders, customers, pressure groups, and investors or owners and their employees as follows.

A

Specific business environments

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11
Q

Failure to consider a company’s _________________________may affect the strategies that management will make and use.

A

general and specific environments

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12
Q

Parties likely to be affected by the activities of the organization.

A

Stakeholders

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13
Q

They are those who patronize the organization’s products and services.

A

customers

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14
Q

who ensure the organization’s continuous flow of needed and
reasonably priced inputs or materials required for producing their goods and rendering their services.

A

Suppliers

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15
Q

The one who decide what, where, and when to buy their supplies and which supplier to favor with their organization’s supply orders.

A

Managers

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16
Q

They are special-interest groups that try to influence the organization’s decisions or action.

A

Pressured groups

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17
Q

They provide the company with the financial support it needs.

A

Investors or owners

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18
Q

The company, of course, cannot exist without them; thus, they greatly influence organizational
management.

A

investors or owners

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19
Q

Top-level, middle-level, and lower-level managerial decisions are all influenced, in one way or another, by them of organizations.

A

investors or owners

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20
Q

Branching out, offering new products and services, and applying for needed loans are all affected by the ________ way of thinking.

A

Investors or owners

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21
Q

Those who work for an employer in exchange for salaries/wages or non-monetary benefits.

A

Employees

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22
Q

They execute the company’s strategies and are important for the maintenance of the company’s stability.

A

Employees

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23
Q

It is a widely used tool to identify the external forces that may affect an organization both positively and negatively.

A

PESTEL analysis

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24
Q

PESTEL analysis is composed of?

A

Political
Economic
Social
Technological
Environmental
Legal

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25
Q

These factors determine the impact of government and government policy on a particular organization or a specific industry.

A

Political

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26
Q

It includes trade, fiscal, and taxation policies, among others.

A

Political

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27
Q

These factors determine the impact of the economy and its performance, to an organization and its profitability.

A

Economic

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28
Q

These include interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates, among others.

A

Economic

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29
Q

These factors determine the impact of the social environment and emerging trends to the business profitability of an organization.

A

Social

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30
Q

These also help marketers to further understand the changing preferences of the customers.

A

Social

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31
Q

These include changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles, among others.

A

Social

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32
Q

These factors determine the impact of technological innovation and
development on a particular market or industry.

A

Technological

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33
Q

These include changes in digital or mobile technology, automation, research, and development.

A

Technological

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34
Q

These include technological influence on methods of distribution, manufacturing, and logistics.

A

Technological

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35
Q

These factors determine the influence of the surrounding and the impact of ecological aspects to a market or industry.

A

Environmental

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36
Q

These include climate, recycling
procedures, carbon footprint, waste disposal, and sustainability.

A

Environmental

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37
Q

These factors determine the importance of understanding legal laws and procedures on a given territory where a business operates.

A

Legal

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38
Q

These include employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions.

A

Legal

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39
Q

Able to understand and predict the various changes, opportunities, and threats that may affect organizations in the future.

A

Environmental scanning

40
Q

Also known as business forecasting

A

Business predictions

41
Q

Is a method of predicting how variable in the environment will alter the future of business.

A

Business predictions or business forecasting

42
Q

It could be used in making decisions regarding off-shoring, branching out locally, and expanding or downsizing the company.

A

Business predictions / business forecasting

43
Q

An another component of environmental scanning that involves gauging the performance of the organization concerning those of others.

A

Benchmarking

44
Q

It is the process of measuring or comparing one’s products, services, and practices with those of the
recognized industry leaders to identify areas for improvement.

A

benchmarking

45
Q

Best practices of said industry leaders are______ so that understanding their competitive advantage would be easier.

A

observed

46
Q

is a common tool used to assess and evaluate the competitive strength and position of a business.

A

Porter’s Five (5) Forces

47
Q

Porter’s Five (5) Forces is developed by whom?

A

Michael E. Porter

48
Q

This force analyzes how suppliers can easily influence price increases.

A

supplier power

49
Q

This is
driven by the following factors: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.

A

Supplier power

50
Q

This force analyzes how buyers can easily influence price decreases.

A

Buyer power

51
Q

This is driven by the number of buyers in the market, the importance of each buyer to the organization, and cost to the buyer of switching from one supplier to another. For instance, a few powerful buyers of a business are often able to dictate terms.

A

Buyer Power

52
Q

This force examines the intensity of competition in the market place.

A

Competitive Rivalry

53
Q

This is driven by the number and capability of competitors in the market.

A

Competitive Rivalry

54
Q

When_________ is high, advertising and price wars can ensue, which can pose a negative impact on the business in the long run

A

competitive rivalry

55
Q

___________ is high when there are few businesses equally selling a product or service, when the industry is growing, and when consumers can easily switch to a competitor’s product for a cheaper cost.

A

Competitive Rivalry

56
Q

This force is threatening when buyers can easily find substitute products with attractive prices or better quality, and when buyers can switch from one product or service to another with little cost.

A

Threat of substitution

57
Q

This force determines how easy or difficult it is to enter a particular
industry.

A

Threat of new entrants

58
Q

It is a framework used to evaluate a company’s competitive position must be executed to examine important stakeholders like suppliers and customers within the firm’s environment.

A

SWOT Matrix

59
Q

What are the following components of the SWOT Matrix?

A

Strengths
Weaknesses
Opportunities
Threats

60
Q

These are the internal areas where an organization excels and the factors which separate an organization from its competitors.

A

Strengths

61
Q

These are the internal areas that hinder an organization from performing at its optimum level.

A

weaknesses

62
Q

These are areas where the business needs to make some improvements to remain competitive.

A

weaknesses

63
Q

These are favorable external factors that could give an organization a
competitive advantage.

A

Opportunities

64
Q

These are the factors that may pose potential harm to an organization.

A

Threats

65
Q

He took a historical approach in suggesting that developed countries have
tended to pass through five (5) stages to reach their current degree of economic development.

A

Walt Whitman Rostow

66
Q

What are the degree of economic development?

A

Traditional Society
Pre-conditions for take-off
Take-off
Drive to maturity
Age of mass consumption

67
Q

This is an agricultural economy of mainly subsistence farming, little of
which is traded.

A

Traditional society

68
Q

The size of the capital stock is limited and of low quality resulting in very
low labor productivity and little surplus output left to sell in domestic and overseas markets.

A

Traditional society

69
Q

Agriculture becomes more mechanized and more output is
traded.

A

Pre-conditions for take-off

70
Q

Savings and investment grow although they are still a small percentage of national income or Gross Domestic Product (GDP).

A

Pre-conditions for take-off

71
Q

The manufacturing industry assumes greater importance, although the number of industries remains small.

A

Take-off

72
Q

Political and social institutions start to develop - external finance
may still be required. Savings and investment grow, perhaps to 15% of GDP.

A

Take-off

73
Q

Agriculture assumes lesser importance in relative terms although the majority of people may remain employed in the farming sector.

A

Take-off

74
Q

There is often a dual economy apparent with rising productivity and wealth in manufacturing and other industries contrasted with stubbornly low productivity and real incomes in rural agriculture.

A

Take-off

75
Q

Industry becomes more diverse.

A

Drive to maturity

76
Q

Growth should spread to different parts of the country as the state of technology improves - the nation shifts toward a diverse economy, with massive growth in many sectors as influenced by the use of innovation that uplifts the individual income of the citizens.

A

Drive to maturity

77
Q

Output levels grow, enabling increased consumer expenditure.

A

Age of mass consumption

78
Q

There is a shift towards tertiary sector activity and the growth is sustained by the expansion of a middle class of consumers.

A

Age of mass consumption

79
Q

What are the Traditional form of business organizations?

A

Simple Business Organization
Functional business structure
Divisional business organizations
Profit Business Organization

80
Q

This have few departments, centralized authority with a wide span of control, and with few formal rules and regulations.

A

Simple business organizations

81
Q

those that group together those with similar or related specialized duties that introduce the concept of delegation of authority to functional
managers like the personnel manager, sales manager, or financial manager but allow CEOs to retain authority for strategic decisions.

A

Functional business organizations

82
Q

Made up of separate business units that are semiautonomous or semi-independent, with a division head responsible for his/her unit’s
performance.

A

Divisional business organizations

83
Q

In other words, each division has its functional organization and its general manager.

A

Divisional business organizations

84
Q

Maintains responsibility for the
delineation of organizational goals of the individual division.

A

Central Headquarters management

85
Q

It is designed to achieve their organization’s mission, vision, goals,
and objectives and maintaining their organizational stability through income generation and
profit-making activities.

A

Profit business organization

86
Q

It is designed to achieve their organizations’ mission, vision, goals, and objectives, providing service to clients without expecting monetary gains or financial benefits for their
endeavor.

A

Non-profit organization

87
Q

It is formed to meet today’s changing work environment.

A

Open business organization or Flexible business organization

88
Q

what are the diff types of business organization have evolved into other forms?

A

(1) Team structures
(2) Matrix business organizations
(3) Project business structure
(4) Boundaryless business organization
(5) Virtual business organization

89
Q

Where the organization as a whole is made up of small teams that work
together to achieve the organization’s purpose; popular in a collective culture.

A

Team Structure

90
Q

Refers to an organization that emphasizes the needs and goals of the group as a whole over the needs and desires of each individual.

A

Collective culture

91
Q

Those which assign experts or specialists belonging to different functional departments to work together on one (1) or more projects; exhibit dual reporting relationships in which managers’ report to two (2) superiors – the functional manager and the divisional manager.

A

Matrix Business organization

92
Q

A business organizational form with a flexible design, where the employees work on a project assigned to them within a definite time frame; projects may be short-term or long-term and members disband when the project is completed.

A

Project business structure

93
Q

a business organization whose design eliminates vertical, horizontal, or external boundaries, and is described to be flexible and unstructured; there are non-barriers to information flow and therefore, completion of work is fast.

A

Boundaryless business organization

94
Q

Made up of a small group of full-time workers and outside experts who are hired temporarily to work on assigned projects; members are physically dispersed and usually communicate electronically.

A

Virtual business organization

95
Q

This person must be creative in finding ways to structure or design and organize work in their respective firms.

A

Manager

ORGA (2 decks)

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