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Analyzing The External Environment of The Firm

The document discusses a global casino industry case study that examines its evolution, challenges, and strategies. It highlights the industry's expansion from traditional hubs in the US to new markets like Asia-Pacific and Macau. Challenges discussed include declining revenues and attracting younger customers. The case emphasizes strategic moves like mergers and international growth. It also notes the industry shifting to broader entertainment offerings to appeal to wider audiences. The second part focuses on developing environmental forecasts and the importance of scanning, monitoring, and collecting competitive intelligence. It introduces scenario planning and discusses how political, economic, technological and other external factors influence strategies. Forces in the competitive environment like threats from new entrants and substitutes are explored using Porter's five

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Cherry-ann Huerte
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24 views1 page

Analyzing The External Environment of The Firm

The document discusses a global casino industry case study that examines its evolution, challenges, and strategies. It highlights the industry's expansion from traditional hubs in the US to new markets like Asia-Pacific and Macau. Challenges discussed include declining revenues and attracting younger customers. The case emphasizes strategic moves like mergers and international growth. It also notes the industry shifting to broader entertainment offerings to appeal to wider audiences. The second part focuses on developing environmental forecasts and the importance of scanning, monitoring, and collecting competitive intelligence. It introduces scenario planning and discusses how political, economic, technological and other external factors influence strategies. Forces in the competitive environment like threats from new entrants and substitutes are explored using Porter's five

Uploaded by

Cherry-ann Huerte
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Republic of the Philippines

NORTH EASTERN MINDANAO STATE UNIVERSITY


Formerly Surigao del Sur State University
Cantilan Campus
Cantilan, Surigao del Sur
Telefax No. 086-212-5132
Website: www.sdssu.edu.ph

Analyzing the External Environment of the Firm

The 2019 global casino industry case study delves into its evolution and challenges.
Traditionally led by the U.S., especially Las Vegas and Atlantic City, the industry has transformed
with the spread of casinos across the country and the rise of new hubs like Macau. Global
expansion, notably in Asia-Pacific, is discussed. Challenges such as declining revenues and the
need to attract younger players are highlighted. The case emphasizes strategic moves like
mergers and international expansion, especially in Asia. It also notes the industry's shift towards
a broader entertainment focus to appeal to a wider audience, especially millennials. The case
provides a comprehensive view of the global casino industry's dynamics, challenges, and
strategies.

In Chapter 2, the focus is on understanding the importance of developing forecasts of


the business environment, emphasizing the proactive role of managers in anticipating threats
and opportunities. It highlights the critical processes of environmental scanning, monitoring,
and collecting competitive intelligence as essential inputs to forecasting. Scenario planning is
introduced as a useful technique for firms in unpredictable and changing industries. The impact
of the general environment, consisting of demographic, sociocultural, political/legal,
technological, economic, and global factors, on a firm's strategies and performance is discussed.
Forces in the competitive environment, as outlined in the "five forces" model, are explored,
covering the threat of new entrants, bargaining power of buyers and suppliers, threat of
substitute products/services, and intensity of rivalry. The chapter also delves into how the
Internet and digital capabilities influence these competitive forces. Additionally, the concept of
strategic groups is introduced, emphasizing that while no two firms are identical, strategic
groups help identify firms with similar strategies, influencing rivalry.

As a student engaging with the global casino industry case study and strategic
management concepts, I've expanded my knowledge horizon. The case study offered a practical
view of how industries evolve, adapt to challenges, and explore new markets. Learning about
forecasting, environmental analysis, and the "five forces" model has equipped me with strategic
thinking tools applicable not only in academics but also in understanding the dynamics of
various industries. This experience contributes to my personal growth by bridging theoretical
concepts with real-world applications, a valuable skill set for future endeavors.

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