Exam Extra Credit have like a week to post an answer appeal as to why you put what you put and why his answer was wrong videos with timestamps textbooks pages Video Review Link SCROLL TO THE BOTTOM TO REMIND YOURSELF OF THE HINTS FROM GROUP ME 1 Various types of business environments Chapter 3 pg 61 a External Everything outside of an org s boundaries that might affect it there are 2 general and task i General set of broad dimensions and forces in its surroundings that create its overall context not associated with other specific organizations 1 Composed of economic technological sociocultural political legal and international a Economic the overall health and vitality of the economic system in which the organization operates i Concerned with general economic growth inflation interest rates and unemployment b Technological yields new production techniques that need to be explored The rapid infusion of digital technology into all areas of business is also a reflection of the Technological Dimension i For example allow Airbus to simulate The results include decreased warehouse needs higher quality tube fittings fewer employees and major time savings Another Example The computer company HP for instance uses advanced technology to recycle technological refuse in particular discarded printer cartridges into profitable new products Examples from the book c Sociocultural reflects societal values determines what products or supplies will be accepted in the market i Consumer tastes also change over time Preferences for color style taste and so forth change from season to season for example Drinking hard liquor and smoking cigarettes are less common in the United States today than they were just a few years ago And sociocultural factors influence how workers in a society feel about their jobs and organizations d Political Legal relationship b w government and business and how government regulates a business This dimension is important for three basic reasons i First the legal system partially defines what an organization can and cannot do Exam Extra Credit have like a week to post an answer appeal as to why you put what you put and why his answer was wrong videos with timestamps textbooks pages ii iii Second pro or anti business sentiment in government influences business activity For example during periods of pro business sentiment firms find it easier to compete and have fewer concerns about antitrust issues Finally political stability has ramifications for planning No business wants to set up shop in another country unless trade relationships with that country are relatively well defined and stable Hence U S firms are more likely to do business with England Mexico and Canada than with Haiti Pakistan and Afghanistan e International organization that is involved in affected by business in other countries Task Specific external orgs or groups that influence the org ii 1 Composed of competitors customers suppliers strategic partners and regulators a Competitors other organizations that compete with it for b Customers whoever pays money to acquire an organization s c Suppliers organizations that provide resources for other resources products or services organizations d Strategic Partners two or more companies that work together in joint ventures or other partnerships e Regulators have the potential to control legislate or otherwise influence an organization s policies and practices i Two important kinds of regulators 1 The first regulatory agencies are created by the government to protect the public from certain business practices or to protect organizations from one another 2 The second interest groups are organized by their members to try to influence organizations iii f Internal conditions and forces within an organization Composed of Owners board of directors employees physical environment and culture Ex McDonalds 2 How does the environment play into business and how we respond to them a Environmental influences on an organization can occur through uncertainty driving force that influences organizational decisions competitive forces like Coke vs Pepsi there s 5 forces and turbulence change or crisis like a pandemic b Ex A better economy means more people are eating out but also that there are less workers at McDs because they have better opportunities elsewhere Exam Extra Credit have like a week to post an answer appeal as to why you put what you put and why his answer was wrong videos with timestamps textbooks pages a Individualism cultural belief that a person individual comes first People from the US UK Australia and Canada tend to be individualistic b Collectivism belief that a group comes first Often seen in groups from Mexico Greece j 3 Individualism vs Collectivism Peru and Pakistan 4 Various levels of management a Top middle and first line iii i ii iii iv v vi vii i Top Managers SCROOGE Small group Create goals Represent org Overall strategy Operating policy Ex CEOs board of directors presidents ii Middle Managers Largest group implement policies of top managers supervise and coordinate first line managers First Line Managers Supervise and coordinate operating employees often promoted operating employees only group that spends majority of time managing employees 5 What skills are important to managers Ch 1 a ICCDDTT interpersonal communication conceptual diagnostic decision making technical time management Interpersonal CUM communicate understand motivate people and groups Communication effectively convey ideas and receive info good at transmission listening Conceptual AITA ability to think abstractly Diagnostic Visualize the appropriate response Decision Making making the right decision and implementing them Technical accomplish and understand work being done Time Management Prioritize and delegate work 6 What are the various types of economies a Market Economies High Potential High Growth Economies Other Economies i Market Economy an economy based on private ownership of business that allows market forces such as supply and demand to determine business strategy High Potential High Growth ii 1 Economies that are not fully developed but have potential iii Other Economies growth 1 Economies based on commodities like oil mix of market and high 7 What are all the Management Perspectives Theories Chapter 2 a Classical management perspective has two branches scientific management about an individual and administrative management about an org This works with simple and stable orgs i