External Environment Flashcards
1
Q
Why do businesses need to take external environment into account?
A
In order to make effective decisions.
Because they have little, if any, control over these factors.
2
Q
Why do businesses need to monitor their external environment?
A
To react to any changes that occur.
The most competitive businesses will anticipate change, rather than react to it.
3
Q
What external factors can impact a business?
A
Politics
Economy
Social
Technology
Legislation
Environment
