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Essay / Research Paper Abstract
An 8 page paper that responds to this question: If petrol prices in Australia rose to $10 per litre in ten years, what would be the impact on businesses? What are the risks and opportunities? The essay discusses external forces that influence all businesses. Assumptions made in the industrial organization model, Porters five sources and generic competitive strategies. The writer discusses how these theories are being applied with today's fuel costs and what businesses could do if the scenario became true. Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: MM12_PGmhifl.RTF
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Unformatted sample text from the term paper:
risks and potential opportunities? To discuss the questions, the essay first provides a theoretical perspective that includes a discussion of the global external environmental segments that influence any business. The
essay also discusses Porters five forces in the competitive environment as well as the generic strategies for gaining a competitive advantage. The essay then applies the theories with actual examples
resulting from fuel costs today. The writer speculates on what businesses could do if fuel costs were to soar to $10 per litre. Theoretical Perspective All businesses are
affected by both internal and external factors. Hanson and colleagues (2008). There are four assumptions made in the industrial organization (I/O) model. First, there will always be pressures from the
external environment and these pressures will determine the strategies businesses adopt to be success; second, the companies in an industry control resources that are similar and they adopt strategies that
are also similar to each other; third, resources that a company uses to implement their strategies are mobile across the businesses; and fourth, decision makers in firms are believed to
be rational and committed to act in the best interests of their own organization (Hanson et al. 2008). The external environment is described as incorporating a number of
segments: economic, demographic, socio-cultural, global, technological and political/legal (Hanson et al. 2008). These can be viewed as forcers or drivers of the business. An organizations managers must possess the
skills needed to deal with each of these external forces (Hanson et al. 2008). Company leaders must be able to identify both the risks and the opportunities presented by each
of these forces and they must then develop strategies to minimize the risks and exploit the opportunities. Any strategy designed needs to use the strengths of the organization (Hanson et
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