The general conditions for competition that influence all businesses that provide similar products and services.
Havard professor Michel E.Porter propelled the concept of industry environment into the foreground of strategic thought and business planning. The cornerstone of his work first appeared in the Havard Business Review, in which Porter explains the five forces that shape competition in an industry. His well-defined analytic frame-work helps strategic managers to link remote factors to their effects on a firms operating environment.
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- Premise control
Management process of systematically and continuously checking to determine whether premises upon which the strategy is based are still valid .
Heuristics is a rules of thumb that managers use to simplify decision making.
- Market Development
Market development refers to identifying and developing new markets for its current products.
- Concentrated growth
A grand strategy in which a firm directs its resources to the profitable growth of a single product, in a single market, with a single dominant technology .
- Leader's Perseverance
The capacity to see a commitment through to completion long after most people would have stopped trying.
A situation in which a decision maker has neither certainty nor reasonable probability estimates available, is called uncertainty.
- Utilitarian approach
judging the appropriateness of a particular action based on a goal to provide the greatest good for the greatest number of people.