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Katrin Fridriks

the immediate external environment includes

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the immediate external environment includes

External environment is further classified as: Micro environment is also known as operating environment. which exist inside the company and has the capability to influence the company’s strategic decisions and functions, as well as they can be influenced by company’s decisions.On the contrary, the external environment is that part of the business environment consisting of all those factors which do not exist within the company but can affect the company… Suse is a trademark of Novell Corporation, Fedora, Red Hat, Red Hat Enterprise Linux of Red Hat Corporation. As the foundation of the organization’s internal environment, it plays a major role in shaping managerial behavior. It will be more difficult to influence the more general factors external to the organization. Proper plans and policies help the firm to accomplish its objectives. 7. They are the law making bodies that frame rules and regulations. Business deals with people so they have to study in detail the various components of demographic environment. They need to appreciate that the general environmental factors are largely non-controllable because of their distantly located external nature. A business occupying the same marketplace as another company that provides similar products or services has a competitor. The factors of the general environment are broad and non-specific whereas the dimensions of the task environment are composed of the specific organization. Competitors B. S. B. U.s C. Divisions D. Management. Businesses have different classes of customers like wholesale customers, retail customers, industrial customer’s foreign customers etc. The external environment consists of an organization’s external factors that affect its businesses indirectly. A classic example is the tobacco industry. Customers demand satisfaction with the products and services they purchase and use. the»s warrants the necessity of studying the economic environment to identify changes, trends and their strategic implications. Its impact on the operations of the firm, its competitors and customers make its analysis imperative. The reputation of an organization is a very valuable intangible asset. The business firm must constantly monitor the changes in the technological environment, which may have a considerable impact on the working of a business. Do suppliers offer attractive quantity discounts? Organizational culture (or corporate culture) significantly influences employee behavior. When you open a company, you normally find yourself fighting against established and more experienced organizations in the same sector. Owners of an organization may be an individual in the case of sole proprietorship business, partners in a partnership firm, shareholders or stockholders in a limited company or members in a cooperative society. An organization s resources can be discussed under five broad heads: physical resources, human resources; financial resources, informational resources, and technological resources. The industry environmental factors are generally more controllable by a firm than the general environmental factors. The hand for many products changes with the changes in social attitudes. Therefore the business firm maintains public relations department to handle complaints, grievances and suggestions from general public. Introduction to Managerial Environments, Next The business should not only rely on the single supplier but also have relations with multiple suppliers. An intelligent response to the ever-increasing technological advances should be entrepreneurial rather than reactive. By the word “environment” we understand the surroundings or conditions in which a particular activity is carried on. (p. 4) Strategic management involves the _____, directing, _____ and controlling of a company's strategy-related decisions and actions. Without an understanding of the environment, managers are like a bicycle without a handlebar – no way of maneuvering while riding on a street. This is the reason why managers should take more care of the owners of their organizations. Some countries; have liberalized their economy and shifted from centrally managed economy to a capitalist economy or welfare economy. Macro environment is also known as general environment. For example: the personnel policy in respect of promotion should be based on merit rather than seniority. Copyright 10. Demographics are measures of the various characteristics of the people and social groups who make up a society. Microsoft®, Windows®, Windows NT®, SQL Server®, Microsoft Project® and Internet Explorer® are registered trademarks of Microsoft Corporation. Managers must recognize and respond to all the factors that can influence their organizations. Therefore, business organizations must pay attention to the income and consumption patterns of the customers. Financial factors like financial policies, financial status (position) and capital structure ‘a/so influence the internal environment of a firm affecting its performance- If the firm enjoys sufficient financial resource, it can spend on research and promotional activities. Internal environment includes various internal factors of the organization such as resources, owners/shareholders, a board of directors, employees and trade union, goodwill, and corporate culture. Examples are investment by owners, profits, reserve funds, and revenues received out of a sale. ‘No- reputation’ cannot create any positive image. Culture is important to every employee including managers who work in the organization. Technology has brought about far reaching changes in the methods of production, quality of goods, productivity, and packaging. Robin, D. P., & Reidenbach, R. E. (1987). Sybase® is a trademark of Sybase Inc. Constant research and development activities should be undertaken by the firm to enhance the quality of the brand. The deployment of resources is a key managerial responsibility. Society is largely influenced by the culture and in turn culture influence the business firm. Analysis depends primarily on the level of gravity of the phenomenon for the manager and his own interpretation of the opportunities and threats.

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