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The task environment provides some important benefits to the organisation hence need the need for a proper management of its elements Outline the and explain the with some example from Ghana and metho?
Wiki User
∙ 15y ago
A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits A corporation's scanning of the environment should include analyses of all relevant elements in the task environment. Managers need to consider the competitive environment, also referred to as the task environment or industry environment. The profitability of the firm and the nature of competition in the industry are more directly influenced by developments in the competitive environment. Industry Analysis
Industry - group of firms producing a similar product or service.
The firm interacts with a more specific environment, the industry.
4 main components that exert influence on industry:
1. Suppliers
2. Competitors and potential substitutes
3. Potential entrants
4. Buyers Competitors, potential substitutes and potential entrants
The number of firms operating within the industry as well as the number of firms wishing to enter the industry are regulated by barriers to entry which determine continued participation in and/or exit from the industry. Some of the constraints are the rate of industry growth, the level of fixed costs, and the degree of differentiation. Potential competitors are not limited to firms considering to offer exactly the same or differentiated products or services, substitutes to the existing products and services are also a potential threat. Substitute products/services may co-exist with the present range of products and services or may render the present range obsolete. Buyers and Suppliers
The competitive situation of business firms is influenced by the nature of its transactions with its buyers and suppliers. Buyers exert their power in the industry when they force down prices, bargain for higher quality or more services, and play competitors against each other. Suppliers can exert bargaining power over participants in an industry by threatening to raise prices or reduce the quality of purchased goods or services. In addition, we usually think of suppliers as other firms. But labor has to be recognized as a supplier as well - one that exerts great power in many industries. Michael Porter's Approach to Industry Analysis
- The 'five forces model' developed by Michael E. Porter, has been the most commonly utilized analytical tool for examining the competitive environment.
- It describes the competitive environment in terms of five basic forces: threat of new entrants, bargaining power of the firm's suppliers, bargaining power of the firm's customers, threat of substitute products, and intensity of rivalry among firms.
- The collective strength of these forces determines the ultimate profit potential in the industry, which profit potential is measured in terms of long run return in invested capital.
- They also determine the nature and extent of competition.
- The stronger each of these forces is, the more companies are limited in their ability to raise prices and earn greater profits.
- A strong force can be a threat, likely to reduce profits
- A weak force can be an opportunity, may allow greater profits
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∙ 15y ago
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