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In: Strategic Management: Theory and Practice

Chapter 3: The External Environment: Political-Legal and Economic Forces

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The External Environment: Political-Legal and Economic Forces
The external environment: Political-legal and economic forces

After the industry has been clearly defined and its potential profitability assessed, forces outside the industry should be considered. Constant changes in these external forces can present numerous challenges to strategic managers. It is important to understand how these forces collectively influence the industry in which a firm competes before strategic plans are developed. Although a number of individual companies are discussed, this chapter continues with an industrial organization (IO) perspective by emphasizing effects on entire industries, not just firms.

Analysis of the External Environment

Organizations and industries exist ...

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