Positive Impacts Of Environmental Factors On Business

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Business environment has factors that affect it either in positive or negative impacts, external or internal impacts. What are the positive impacts of environmental factors on business? Thompson J. and Media D. (2014) states, ‘Internal business environment includes factors within your organization that impact the approach and success of your operations’. It means that the internal environment of a business has many factors that affect or impact the success and the tactics of the organization. There arefive positive impacts of environmental factors on business. They are competition, technology, unique mindset,socio-economic, legal or ethical and political and economy. The first positive impact of environmental factors on business is competition. Competition is one of the most serious impacts that helps the companies to offer good prices and good quality of the products. So the companies can benefit from their competitors. According to Clack A. (2012),’ when developing business philosophies and products, it is helpful to use your strength in quality production, customer service or operational efficiency to build competitive advantages that benefits your customers’. The companies have to know and understand their competitors, whether in small or large industries. Competition between companies make them compete to offer better products and services to the customers. The second positive impact of environmental factors on business is technology. ‘It can impact a supervisor’s or
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