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External Environment

Beth

External Environment

Identify 10 key points that you took away from the assignments. For each of the key points you are to identify the point and provide 2-3 sentences explaining the point.

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  1. Understanding the External Environment

Companies tend to acquire information about their customers, competitors, and other stakeholders. They do this to build their capabilities and knowledge.

  1. The General Environment

The general environment is made of the broader societal dimensions influencing a particular industry and every firm within that industry. The dimensions are grouped into segments such as demographic, political, technological, etc.

  1. The industry Environment

The industry environment is composed of factors influencing a company and its competitive activities and responses. These include supplier power, buyer power, the threat of new entrants, the threat of substitutes, and the rivalry intensity among competing firms.

  1. Competitor Analysis

Firms need to gather and interpret their competitors’ details to analyze their competition. Understanding the competitor’s environment can complement the insights gained after studying the industry and the general environment.

  1. Opportunity

This condition within the general environment needs to be exploited to help a firm achieve strategic competitiveness effectively. Most firms constantly encounter multiple opportunities.

  1. Demographic Segment

The demographic segment involves the population’s size, age structure, ethnic mix, geography, and distribution. These segments usually are analyzed globally due to their potential impacts across borders because most firms compete in international markets.

  1. The Economic Environment

The economic environment involves the direction and nature of the economy within which a particular firm competes. Generally, firms aim to compete in a stable economy with a strong potential for growth.

  1. The Global Segment

The global segment involves relevant and changing global markets, both new and existing. It also includes important international political events and critical institutional and cultural global market characteristics.

  1. The Political/Legal Segment

The political segment is concerned with how companies try to influence the government they operate within. Similarly, they also try to understand both the current and projected influences of those governments on the competitive environment.

  1. An Industry

An industry is a group of companies producing goods and services that are close substitutes. These companies tend to influence each other and compete with each other.

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Question 

Literature review assignment

This week the readings/videos focused on the topic of The External Environment.

External Environment

For this assignment I would like for you to reflect on the literature and identify 10 key points that you took away from the assignments. For each of the key points you are to identify the point and provide 2-3 sentences explaining the point. Please number each of the 10 points.

Suggested video: https://www.youtube.com/watch?v=98Xk5bYOVvc

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