THE EXTERNAL ENVIRONMENT

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THE EXTERNAL ENVIRONMENT by Mind Map: THE EXTERNAL ENVIRONMENT

1. Remote environment

1.1. ecological

1.2. social

1.3. Ecocomic

1.4. Political

1.5. Technological

2. Industry environment

2.1. strategic thought

2.2. business planning.

2.3. The essence of strategy formulation is coping with competition.

2.4. Five forces of porter

2.4.1. Competitive Rivalry

2.4.2. Supplier Power

2.4.3. Buyer Power

2.4.4. Threat of Substitution

2.4.5. Threat of New Entry

3. Operating environment

3.1. Geographic

3.2. Demographic

3.3. Psychographic

3.4. Buyer Behavior

3.5. Also includes suppliers & creditors and HRM

4. Only certainty is that the effect of the remote and operating environments will be uncertain until a strategy is implemented

5. Instead, they allow managers to adapt to new pressures from the environment

6. Human Resources

6.1. reputation

6.2. employment rates

6.3. Availability of people with the needed skills

6.4. labor unions