Reflection Summary Bus 475

Reflection Summary

The information on developing an industry and competitive analysis is important to opening any business. The book identifies four questions that a firm needs to address when understanding the firms industry and competition. Those questions include: what are the boundaries of the industry, what is the structure of the industry, which firms are our competitors, what are the major determinants of competition? Knowing your competition and business industry is imperative to developing your successful business plan.

Identifying the external environment influence a businesses choice of direction when developing its organizational structure and internal processes. A business does not have control over the external environment. The external environment includes three categories. The categories are: factors in the remote environment, factors in the industry environment, and factors in the operating environment. External environment will affect the flow of business. Some of these things could include; government regulations, economy, ecological factors

Learning Team Reflection Week Two

Introduction

After the Learning Team managed to complete their readings each member in the Learning Team stated something in regards to the readings for week two. The Learning Team members indicated their thoughts and input as listed below.

Tavanh Mounenalath

Early in Chapter 6, it explains what SWOT analysis is. SWOT refers to the strengths, weaknesses, opportunities, and threats to a company. It is a simple analysis to give managers a quick overview of the company’s strategic situation. This chapter will help in our next individual paper.

Nancy Leon

Nancy refers to an article that was listed in the readings this week. She states: I think it’s very sad that Best Buy will be closing 50 of its big box stores this year. It is very sad that all of the big chain stores like Mervyns, Gottchalks, and now maybe Best buy might be gone because they can’t...