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Answer:
Business
If a business wants to be successful in the marketplace, it is necessary for them to fully understand what factors exert impact on the development of their company. Once they know about both positive and negative effects within and outside the company, they can produce suitable strategies to handle any predicted situation. Therefore, examining internal and external factors is considered the most important task for an enterprise before launch any strategic marketing plan.
Table of content
Understanding of Business Environment
The Importance of Business Environment Understanding
Internal and External Factors - What are They?
Internal Environment Factors
Definition
Types
External Environment Factors
Definition
Types
Method of study
Internal impacts
Human resources
Capital resources
Operational efficiency
Organizational structure
Infrastructure
Innovation
External impacts
Economic situation
Laws
Technological factors
Customer demands
Competition
Conclusion
Internal factors of business environment - business understanding
Understanding of Business Environment
To get a proper understanding of the business environment, we should step by step analyze individual elements of this term.
First of all, “environment” can be acknowledged as the surroundings or conditions in which a specific activity is carried on.
Secondly, because we know that a business firm is a social entity which is formed by a hierarchical structure where all necessary items of its own are activated together to reach the collective goal.
Therefore, it is absolutely that every factor inside or outside a business organization has a profound influence on business activities.
In other words, internal and external environment create a business environment.