Review of last class- Introduction to Business Administration

Mr. Clarke is analyzing the business environment. He states that overtime, new generations could have different tastes for particular products. Which environment was he assessing?

Social Environment

Competitive Environment

Technological Environment

One category of planning is?

Organizing

Forcasting

Delphi Method

Types of plans are:

Tight

short-term plans

Breadth

The definition of planning:

Planning is the function that precedes all other managerial functions and is the foundation for the organizing, influencing, and controlling functions of managers

Controlling, planning, leading and organizing

Planning is the function that precedes all other managerial functions

Advantages of Planning are:

An overemphasized activity

Future-oriented

Good to have on company board meeting

One Quantitative Methods of forecasting is:

Regression Method

Questionnaire

Environmental review

List the two steps for Strategic planning

Strategic planning and Business analysis

Environmental analysis and Strategic implementation

Strategy formulation and optimization

Porters five force model looks at:

The financial operation of five organizational segments

Supplier power denotes the power that suppliers have over the firms operating in an industry.

primary forces that determine competitiveness within an industry and illustrates how those forces are related

Strategic Planning – BCG Matrix, please define

helps managers develop organizational strategy based on market share of businesses and the growth of markets

Technical Skills, Human Skills and Conceptual Skills

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