Lecture Introduction to business - Lecture 4: Business environment

The following will be discussed in this chapter: Technological environment, political-legal environment, socio-cultural environment, business environment. | LECTURE 4 Technological Environment Ways in which firms create value Human knowledge Work methods Equipment Electronics and telecommunications Technological Environment Product/Service Technologies Technology used for creation of goods and services Automobile industry VS McDonalds Basis of competition Being technology leaders Reducing cycle time Technological Environment Business Process Technologies Improves internal performance (information flow, report creation, better relationships with stakeholders) Technological Environment Enterprise Resource Planning Manages processes across products, departments and geographic locations (material, order and production management) Identify main processes Material flow –sales process – financial system Political-Legal Environment Regulation- Defines Relationship Between Government & Business Government = Pro vs. Anti-Business Sentiment Socio-cultural Environment Customs, values and demographic characteristics Socio-cultural Environment Customer Preferences/Tastes- Vary International National With time Feeling about a job Socio-cultural Environment Ethical Compliance & Responsible Behavior Business Environment In terms of Product delivery Production facilities going international New trends in employee working Business Environment Redrawing Corporate Boundaries- Core Competencies Challenges/Opportunities Outsourcing (paying distributors to provide services) Vertical Integration Viral Marketing Business Process Management . | LECTURE 4 Technological Environment Ways in which firms create value Human knowledge Work methods Equipment Electronics and telecommunications Technological Environment Product/Service Technologies Technology used for creation of goods and services Automobile industry VS McDonalds Basis of competition Being technology leaders Reducing cycle time Technological Environment Business Process Technologies Improves internal performance (information flow, report creation, better relationships with stakeholders) Technological Environment Enterprise Resource Planning Manages processes across products, departments and geographic locations (material, order and production management) Identify main processes Material flow –sales process – financial system Political-Legal Environment Regulation- Defines Relationship Between Government & Business Government = Pro vs. Anti-Business Sentiment Socio-cultural Environment Customs, values and demographic characteristics Socio-cultural Environment Customer Preferences/Tastes- Vary International National With time Feeling about a job Socio-cultural Environment Ethical Compliance & Responsible Behavior Business Environment In terms of Product delivery Production facilities going international New trends in employee working Business Environment Redrawing Corporate Boundaries- Core Competencies Challenges/Opportunities Outsourcing (paying distributors to provide services) Vertical Integration Viral Marketing Business Process Management Post-9/11

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