Transcription of The External Environment
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The External Environment
The External EnvironmentThe Broad EnvironmentSocio-cultural ForcesGlobal Economic ForcesGlobal Technological ForcesGlobal Political/Legal ForcesThe Task EnvironmentCompetitive ForcesExternal Stakeholders and Environmental UncertaintyPartnering with External StakeholdersStrategic GroupsKey Points SummaryEnd Notes2 CHAPTERJust like the steel and auto in-dustries during earlierdecades, the music industry isunder siege. In recent years,the technological, economic,legal, and competitive forceshave conspired to alter adecades-old business traditional music recordingand production companies inthe $40 billion music industryare being forced to evolvefrom selling products to simplyproviding a CDs each cost about$.50 to make, but retail for$ or more. The $ price covers the cost ofproduction, marketing, distribu-tion, royalties to the artists, andpercentages for the record com-panies and the retailers.
This chapter is about the influence of the external environment on organiza-tions. Although an organization cannot have much direct influence on its broad environment (i.e., society, the economy, technology, global politics), it can buffer itself from threats and take advantage of opportunities. On the other hand, the ex-
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