The Business Environment - Edubirdie

University:
California State University, Northridge
Course:
BUS 104 | Introduction to Business
Academic year:

2023
Views:

371

Pages:

1
Author:

JJIssac

The Business Environment When it comes to running a business, internal and external factors are constantly influencing how things operate. It's important for managers to understand these factors so they can make smart decisions. Let's break it down. The external stuff refers to forces outside the organization that impact performance and decision-making. We're talking economic conditions, political climate, technology changes, consumer lifestyles, environmental issues - all the big picture stuff that's hard to control but crucial to keep an eye on. Internally, you've got all the resources, capabilities, structures and culture within the company itself. Think financial and human resources, management style, organizational values and norms. These internal components allow a business to function but also shape how it functions. So strategy involves finding the right fit between external conditions and internal capabilities. This is why SWOT analysis is so handy - managers can identify opportunities and threats in the outside environment and match them against organizational strengths and weaknesses. Here's the reality - the business landscape is always shifting. So leaders need to scan changes in the external environment and adjust internal resources, plans and processes accordingly. It's about flexibility and alignment. Bottom line: managers must have their fingers on the pulse of both the broader business ecosystem and the core components within their organization. This 360degree perspective allows them to craft strategies that leverage external chances while playing to internal strengths. It's about finding - and maintaining - the right strategic balance between the outside and inside forces.

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