Discuss the key aspects of the external environment that have an impact on businesses
Businesses do not operate in a vacuum, they operate in a dynamic environment with factors that directly influence their operations and success potential. These factors include internal (eg human resources and organizational structure) and external factors such as customers and competitors. Each of these factors have the potential to influence the performance of organizations. It is thus essential for organizations to often study their environment and strategize accordingly, especially in today’s volatile market. As shown by history, firms that fail to understand their environment and strategize accordingly are likely to go obsolete. The report used PESTLE analysis to analyze the different external factors that affect businesses.
Aspects of the external environment that affect businesses Case Study
Key Learning Outcomes
- Discuss the key aspects of the external environment that have an impact on businesses
- Use PESTLE analysis to analyze environmental factors that affect businesses
- Use relevant examples to illustrate how a business is impacted by external factors
The environment is the source of survival for businesses that operate in it, but it also supplies threats. According to (Johnson et al, 2017) the macro-environment is the broadest classification of this environment as it encompasses wide-ranging aspects that affect nearly all the business operating in the environment. To study the broad factors present in the environment, identify the key drivers of change, and critically assess the possible impact they could present, businesses use the PESTLE framework that looks at the Political, Economic, Social, Technological, Legal, and Environmental factors (Evans and Richardson, 2007). The analysis below will delve deeper into the different external factors that affect businesses under the different PESTLE segments. These factors and trends in the future may impact organisations either positively or negatively (Johnson et al, 2017). It will also indicate whether the different factors present opportunities that businesses can exploit or threats that businesses need to mitigate.
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