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MNG3701 - Strategic planning |
UPDATE|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED
SOLUTIONS|GET IT 100% ACCURATE!!
Importance of Analyzing the External Environment - (ANSWER)-Managers can
mitigate threats.
-Managers can leverage opportunities.
-Gain understanding of potential impacts.
-Understand the source / proximity of factors.
The PESTEL Model - (ANSWER)-Groups environmental factors into six segments:
--Political
--Economic
--Sociocultural
--Technological
--Ecological
--Legal
These factors can create:
--Opportunities
--Threats
Political Factors - (ANSWER)-Processes & actions of government bodies
,2
-Firms can shape this factor through:
--Lobbying
--Public Relations
--Contributions
--Litigation
Example: Tesla
-Has a build-to-order sales model
-Cuts out dealers
-Dealers are lobbying for new legislation
Economic Factors - (ANSWER)-Largely macro-economic
Examples include:
--Growth rates
--Levels of employment
--Interest rates
--Price stability
--Currency exchange rates
Sociocultural Factors - (ANSWER)Society's cultures, norms, and values
-Are constantly in flux
-Differ across groups
, 3
Demographic trends
-Present opportunities and threats
-Population characteristics related to age, gender, family size, ethnicity, sexual
orientation, religion, and socioeconomic class
Technological Factors - (ANSWER)Application of knowledge
-To create new processes
-To create new products
Innovations in process technology:
-Lean manufacturing, Six Sigma quality, and biotechnology
Innovations in product technology:
-Smartphones, computer tablets, and high-performing electric cars such as the
Tesla Model S
Legal Factors - (ANSWER)Official outcomes of political processes:
-Laws
-Mandates
-Regulations
-Court decisions
MNG3701 - Strategic planning |
UPDATE|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED
SOLUTIONS|GET IT 100% ACCURATE!!
Importance of Analyzing the External Environment - (ANSWER)-Managers can
mitigate threats.
-Managers can leverage opportunities.
-Gain understanding of potential impacts.
-Understand the source / proximity of factors.
The PESTEL Model - (ANSWER)-Groups environmental factors into six segments:
--Political
--Economic
--Sociocultural
--Technological
--Ecological
--Legal
These factors can create:
--Opportunities
--Threats
Political Factors - (ANSWER)-Processes & actions of government bodies
,2
-Firms can shape this factor through:
--Lobbying
--Public Relations
--Contributions
--Litigation
Example: Tesla
-Has a build-to-order sales model
-Cuts out dealers
-Dealers are lobbying for new legislation
Economic Factors - (ANSWER)-Largely macro-economic
Examples include:
--Growth rates
--Levels of employment
--Interest rates
--Price stability
--Currency exchange rates
Sociocultural Factors - (ANSWER)Society's cultures, norms, and values
-Are constantly in flux
-Differ across groups
, 3
Demographic trends
-Present opportunities and threats
-Population characteristics related to age, gender, family size, ethnicity, sexual
orientation, religion, and socioeconomic class
Technological Factors - (ANSWER)Application of knowledge
-To create new processes
-To create new products
Innovations in process technology:
-Lean manufacturing, Six Sigma quality, and biotechnology
Innovations in product technology:
-Smartphones, computer tablets, and high-performing electric cars such as the
Tesla Model S
Legal Factors - (ANSWER)Official outcomes of political processes:
-Laws
-Mandates
-Regulations
-Court decisions
