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ADM 1100
Ch.4 Definitions
14
Business
Undergraduate 1
06/17/2013

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Term
External Environment
Definition
A set of forces and conditions outside the organization that can potentially influence its performance.
Term
Task Environment
Definition
Forces that have a high potential for affecting the organization on an immediate basis.
Term
General Environment
Definition
Forces that typically influence the organizations external task environment and thus the organization itself.
Term
Internal Environment
Definition
Key factors and forces inside the organization that affect how it operates.
Term
Demographics
Definition
The descriptive elements of the people in a society, such as average age, level of education, financial status, and so on.
Term
Societal Values
Definition
Commonly shared desired end states.
Term
Product Technological Changes
Definition
Changes that lead to new features and capabilities of existing products or to completely new products.
Term
Process Technological Changes
Definition
Alterations in how products are made or how enterprises are managed.
Term
Structural Changes
Definition
Changes that significantly affect the dynamics of economic activity.
Term
Gross Domestic Product
Definition
The total dollar value if final goods and services produced within a nation's borders.
Term
Switching Costs
Definition
The amount of difficulty and expense involved when a customers switch from one company to another.
Term
Entry Barriers
Definition
Obstacles that make it difficult for firms to get into a business.
Term
Substitutes
Definition
Alternative products or services that can substitute for existing products or services.
Term
Strategic Partners
Definition
Organizations that work closely with a firm in the pursuit of mutually beneficial goals.
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