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External Environmental Factors in Business by Justin Beach - Updated September 26, Good business management is not only a matter of how an individual deals with the factors they can control but about how they respond to the things they cannot.
Economic The overall economy is one of the most obvious external environmental factors that impacts businesses.
No single business has a tremendous effect on the overall economy but businesses must always respond to economic changes. In a strong economy a business can exercise a great deal of flexibility in terms of prices, expenses and hiring. When the economy is doing poorly, incomes are down and unemployment is high.
A business must be very careful about how it prices its products and services and exercise caution in terms of expenses. Consumer Needs Changes in consumer attitudes and demand can also impact business. For example, over the last few decades there has been an increasing demand for environmentally friendly products.
Companies have had to respond to this demand in terms of what kind of products they produce, how those products are packaged and how and where they produce those products.
Changes in consumers habits, lifestyles, tastes and popular fashion must all be taken into account in business. Video of the Day Brought to you by Techwalla Brought to you by Techwalla Political and Legal The external environment of a business is frequently impacted by the political and legal climate.
Additionally environmental and health regulations can force changes in how a company does business. In some cases certain products or parts of those products can be banned or found to be unsafe which can force a recall of products.
In other cases, imports from or exports to a given country can be cut off due to international politics. No business has control over the products and services offered by competing firms or their prices, advertising, manufacturing, hiring, or sales methods.
Competing companies will obviously be impacted by many of the same external environmental factors, such as political, social and economic changes.
Some environmental factors can also differ. For example, companies based in different countries, or whose manufacturing takes place in different countries, are impacted in different ways by the political and economic environment.
In the end, the outcome of competition frequently comes down to which company does the best job of adapting to its environment.The elite don’t have a monopoly on the environment.
Nor do they have a monopoly on our responsibility to take care of it. We all have to do our part. That’s why Hyundai is taking strides toward making environmental efficiency more affordable.
Over the next few years, Hyundai will introduce. Unparalleled fuel efficiency, quality engineering & the best warranty make the Hyundai Sonata Hybrid unlike any other.
Explore all specs and trims. The external financial obligation is also increasing, which may create financial problems for Hyundai (Hyundai Motor Company, ).
Analysis of the External Environment The business of Hyundai also operates in the external environment and there are several opportunities and threats are produced by the external environment for the . Hyundai Affecting External Environment Chapter 4 The External Environment The Environmental Domain Organization Environment is composed of all elements that exist outside the boundary of the organization that have the .
Introduction Of Hyundai Motor Company Marketing Essay. External environment surrounds the business operations and the internal environment of business as well.
Importantly, the external environment highly influences the organization's performance. Introduction of Hyundai Motor Company. The beginning of Hyundai Motor . Economic. The overall economy is one of the most obvious external environmental factors that impacts businesses.
No single business has a tremendous effect on the overall economy but businesses must always respond to economic changes.