International management
the environment of business
the environment of business
Set of flashcards Details
| Flashcards | 140 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 12.10.2017 / 14.06.2020 |
| Licencing | Not defined |
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what is the difference between internal environment and external environment (general environment)?
Internal--> within organisation (technologies, structure, business process)
External/general--> industry-specific environment (organizations customers, suppliers and competitors)
what does PESTEL stand for?
-Political
-Economic
-Socio-cultural
-Technological
-environmentalÂ
-Legal
give some examples for the Environmental influences from each PESTEL Letter
give some examples for the PESTEL letters in an INTERNATIONAL context
what are the 5 competitors in the five forces analysis
Suppliers, Customers,Competitors,Potential entrants, Substitutes
When does strong competitive rivalry occur?
-many firms but none dominant
-market is growing slowly
-high fixed costs
what can encourage new entrants?
-low costs of equipment and facilities
-readily available distribution facilities
-minimal loyalty to established company
-no relevant subsidies/regulations favoring existing firms
Bargain power of buyers will decrease profit if:
-many alternative products or suppliers
-cost of switching to other products is low
-buyer takes high percentage of supplier's sale
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