Question

Explain the concept of external environment analysis

Answer 1

External environment analysis is a primary study and analysis of macro-environmental forces, industry analysis and competitor analysis in purview of an organization's growth. ... Industry environment includes set of contingencies which have a direct influence on the firm's action and response.

Answer 2

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An External Analyis (or Environmental Analysis) is an objective assessment of the changing world in which an enterprise operates, in order to have an 'early warning system' for identifying potential threats and opportunities