Managers and the Legal Environment: Strategies for the 21st Century, 8th Edition Lecture Notes

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1C H A P T E R1LAW,VALUECREATION,ANDRISKMANAGEMENTThisfirst chapterlays the foundation for the modern corporate managerwho isswimming in a“sea of law.” It sets forth a framework for the legally astute manager tobetterunderstand theintersection between law and management, while introducinga systems approach to business,law, and society. And finally, this chapter, can helpmanagers becomemorelegally astute byunderstanding howtolegally protect a company’s value, while managing legal risks.1-1THESYSTEMSAPPROACH TOBUSINESS ANDSOCIETYBecause we live in a social system, managers must anticipate,understand, and respond tochanging policy and social perceptions of ethical management.1-1aMeeting Societal ExpectationsBusiness decisions are a series of interrelated economic and moralcomponents, aswell as systems of shareholders and community stakeholders.1-1bEffect of Law on the Competitive Environment and Firm’s Resources(i)Law shapes competitive environmentwith five forcesthat determine acompany’s attractiveness to customers:(1)buyer power, (2) supplierpower, (3) the competitive threat posed by current rivals, (4) theavailability of substitutes, and (5) the threat of new entrants.(ii)Resource-based view(RBV): firm’s resources can sustain competitiveadvantage if they are valuable, rare, and hard or expensive to imitate bycompetitors.(iii)Considerthe corporatescandalsbeginning in 2000 with Enron, andcontinuing to the recent JP Morgan “London Whale Trades.”(iv)Legally astute management teams are proactive, and practicestrategiccompliance management.1-1cLaw and the Value ChainEach activity in the value chain has legal aspects: design, manufacturing,distribution, sales and warranties.1-1dLawIsDynamicSystems approach recognizes that the law is not static and changes based on courtdecisions, federal, or state laws. Managers should be proactively involved in

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Managers and the Legal Environment: Strategies for the 21st Century, 8th Edition Lecture Notes

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