Analysis Of The External Environment Of Business
Analysis of the External Environment of Business
In today's highly competitive market, businesses must be aware of the environment in which they operate and the external factors that influence them. These factors can affect the main internal factors of the business and its objectives or marketing strategies.
The external environment is rarely stable and many of the external forces can change quickly and dramatically and are usually beyond a firm's control. Although some external factors can pose a threat to a business, they can also create new opportunities.
In order to assess their environment, a business may use a PEST analysis structure to evaluate the external influences or macroenvironmental factors that could affect the strategic development of the business under four areas; political factors often look at areas such as tax policy, employment laws, environmental regulations, trade restrictions and tariffs and political stability. The economic factors include......
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Approximate Word Count: 1541
Approximate Pages: 7 (250 words per double-spaced page)
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