Internal And External Factors Affecting Business Environment
Business is in the trade of goods, services, or both to consumers. An environment can be said as the surrounding area. Therefore, business environment is the sum total of all external and internal surrounding factors that influence a business. Business environment is important because a business operation does not operate in a single form and solely depends on its own without communicating with the outside world. These outside factors can affect business operation and the organization has to act and react to what happens outside and inside their business. Saleem (2010) says that in a business, the organization has to tackle the internal and external environment they face in order to success. The external factors or influences can be in many forms, two of it is the technological and ethical behavior of an organization.
In the 21st century today, technology brings great influences towards everyone. Even in business. Westerman et al. (2014) concludes that technology advances fast, but how it affects and manipulates our working environment is the main concern. Without technology, the production of business a business will not be able to meet the demand and supply of the worlds as they are getting bigger and faster. The use of technology is so great that it affects a business rage of operation. With technologies, business can now be globalized easily without the need to consider about the geographical place of the business trades. Koh (2009), states that business organization
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1433 Words | 6 PagesThe external business environment consists of a set of external factors, such as economic factors, social factors, political and legal factors, demographic factors, technical factors amongst others, which are not controllable in nature and affects the business decisions of a firm. The external environment includes opportunities and threats which can impact on the marketing strategy of Huawei. As mentioned, marketers cannot control the factors of the external environment. However, they should try to understand the changes in the external environment and assess the impact of those changes on the target market. In fact, a proper understanding of these factors helps organizations to identify potential business opportunities and threats in the international market (Baines et al., 2011).
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Factors Affecting Unilever
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Impact Of External Business Environment On Automobile Industry
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1772 Words | 8 PagesTask 2a Marketing Environment Marketing environment of a company which consists of macro environment and micro environment will affects the ability of marketing management of the company to build and retain the loyalty and relationships with their target customers. Macro environmental factors will form opportunities and pose threats to the company, as well as affecting the marketing decision of the company. Besides, micro environmental factors consists of actors which close to a company that can affects ability of the company to serve others. A company can do well when they are able to understand and adapt well in the environments.
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