Organization and Management: Lesson 3

Flashcards covering local and international business environments, internal and external factors, and SWOT strategies from Organization and Management Lesson 3.

International Business

Activities that are carried outside the country, including aspects like social, political, economic, regulatory, tax, cultural, legal, and technology.

Domestic Business

Business activities that take place exclusively within the geographical boundaries of a single nation and are affected by specific domestic factors.

Environment

External factors and forces that surround the firm and influence the firm in decision making and operations.

Internal factors

Those that occur within the premises of an organization and directly affect the different operations of the business.

Value System

The culture and norms of the business that denote the regulatory framework every employee must abide and act within.

Missions and Objectives

Context that guides the different priorities, policies, and philosophies of a business based on its mission and vision.

Financial Factors

Factors like financial policies, financial position, and capital structure which affect business performance and strategies.

Internal Relationship

The amount of support the top management enjoys from its shareholders, employees, and the board of directors affecting smooth functioning.

Suppliers

External micro factors consisting of people responsible for supplying necessary inputs to the organization.

Competitors

Close challengers of the business, including similar competitive product brands, sizes, and market capitalizations.

Marketing Intermediaries

Entities that aid the company in promoting, selling, and distributing goods and services to its consumers.

Economic Factors

Macro external factors including growth rate, inflation, and restrictive trade practices with considerable impact on the business.

Social Factors

Society-related variables including preferences, priorities, pattern of beliefs, purchasing power, and educational background.

Demographic Factors

The study of people relative to their age, sex, marital status, occupation, and family size.

Political Factors

Macro external factors that include government policies, laws, and legalities.

Technological Factors

Challenges to dealers that affect the kind of product that a dealer is offering.

Organizational Environmental Scanning

A method of gaining knowledge of outside influences and analyzing gathered information to determine strategic and planned action.

SWOT MATRIX

An assessment tool for internal strengths and weaknesses in relation to external opportunities and threats faces by an organization.

STRENGTH

The advantages of your company over the other.

WEAKNESS

The limited resources available in your company.

OPPORTUNITIES

Chances for development, advances, or expansions.

THREATS

Circumstances or situations which you cannot control.