What is meant by external environment in business?
Understand the Problem
The question is asking for an explanation of the term 'external environment' as it relates to business. This will involve discussing the factors outside of a business that can impact its operations, strategies, and success.
Answer
The external environment includes outside influences that affect business operations, such as competitive, political, technological, and economic factors.
The external environment in business refers to outside influences and factors, such as competitive, political, technological, and economic factors, that affect a company's operations and decision-making.
Answer for screen readers
The external environment in business refers to outside influences and factors, such as competitive, political, technological, and economic factors, that affect a company's operations and decision-making.
More Information
The external environment, often termed as the macro environment, includes factors that businesses typically cannot control but must adapt to, such as changes in government policy, technological shifts, or economic conditions.
Tips
A common mistake is confusing external environment factors with internal ones, like company culture or internal processes.
Sources
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