Environ 3
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This document discusses the environment of business and identifies key stakeholders and components of a company's macroenvironment and competitive environment. The main stakeholders are stockholders who want returns, customers who want quality products and services, and employees who want jobs, wages and growth opportunities. The macroenvironment includes political/legal, economic, technological, and socio-cultural factors that influence companies. The competitive environment consists of a company's direct competitors and other forces in its immediate industry.
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3. Effective strategic planning requires aligning all areas of the organization behind the strategy through communication and creating a shared vision.
Intro 2
1. Strategic management is a 5-step process that includes developing a vision, objectives, strategy, implementation, and evaluation.
2. A strategic plan is a long-term, shared, leader-driven vision-driven plan that outlines the unique activities to attain the organization's goals.
3. Strategic management involves both planning, which includes developing the vision, objectives and strategy, and management, which includes implementing and evaluating the plan.
generic strategies
Porter identified three generic competitive strategies: overall cost leadership, differentiation, and focus. Cost leadership involves aggressively lowering costs through efficient facilities, cost reductions, and tight cost control. Differentiation creates a product or service perceived as unique through design, technology, service, or other features, without cost being the primary target. Focus involves targeting a specific customer segment, product line, or geographic market to serve that narrow market more effectively than competitors operating more broadly.
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Environ 3
- 1. The Environment of Business III
- 4. The Components of a Company’s MACROENVIRONMENT Legislation and Regulation Societal Values and Lifestyles Population Demographics Technology The Economy at Large COMPANY Suppliers Substitutes Buyers New Entrants Rival Firms IMMEDIATE INDUSTRY AND COMPETITIVE ENVIRONMENT