The external factors will be talking about are
The competitive environment of a business is the part of a company's external environment that consists of other firms trying to win customers in the same market
The totality of economic factors, such as employment, income, inflation, interest rates,
productivity, and wealth, that influence the buying behavior of consumers and institutions.
Political Legal Environment
The governments actions which affects the operations of a company or business. These actions may be on local, regional, national or international level.
Changes in technology affect how a company will do business. A business may have to dramatically change their operating strategy as a result of changes in the technological environment.
A set of beliefs, customs, practices and behavior that exists within a population is very important.
Personal statistics that include such information as income level, gender, educational level, location, ethnicity, race, and family size
The climate, weather, and natural resources that affect human survival and economic activity is a part of natural environment.
The advantages and disadvantage of 2 external factor!
1. Competition between different firms leads to increased efficiency, as firms do whatever is necessary—including laying off workers—to lower their costs
2. Most people work harder (the threat of losing one's job is a great motivator)
1. Distorted investment priorities, as wealth gets directed into what will earn the largest profit... [continues]
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(2012, 01). My Decription of the Seven External Factors. StudyMode.com. Retrieved 01, 2012, from http://www.studymode.com/essays/My-Decription-Of-The-Seven-External-892159.html
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