GROUP 1_MM 4-1_SITUATION ASSESSMENT_ THE EXTERNAL ENVIRONMENT (POLYTECHNIC UNIVERSITY OF THE PHILIPPINES) PDF
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Polytechnic University of the Philippines
2024
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This document is a report on the external environment analysis for Strategic Marketing Management, focused on the business administration major at Polytechnic University of the Philippines. The report discusses the dynamic nature of the external environment and examines factors such as market changeability and predictability.
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Republic of the Philippines POLYTECHNIC UNIVERSITY OF THE PHILIPPINES COLLEGE OF BUSINESS ADMINISTRATION Strategic Marketing Management MARK 40093 (Friday 04:30 PM - 07:30 PM) Bachelor of Science in Business Administration...
Republic of the Philippines POLYTECHNIC UNIVERSITY OF THE PHILIPPINES COLLEGE OF BUSINESS ADMINISTRATION Strategic Marketing Management MARK 40093 (Friday 04:30 PM - 07:30 PM) Bachelor of Science in Business Administration Major in Marketing Management Written Report: SITUATION ASSESSMENT: THE EXTERNAL ENVIRONMENT Submitted by: Dawn Marie Behare Hastea Darynne Canindo Angel Dagohoy Leilani Ysabel David Micaella Javier Josella Padero Vinceint Pesquira Shene Rose Riego Submitted to: Prof. Girlie Bernardino October 2024 INTRODUCTION Today, the business environment is very complex. Increasing consumer consciousness, competitive pressures, and technological developments have pushed companies to act differently from what they used to do in the past. Considering environmental changes and trends is now a necessity for them. Businesses that closely follow the current developments around them can easily see threats and opportunities. In this way, they develop strategies for these threats and opportunities. For example, 10 years ago, businesses that predicted the change in consumer trends correctly made the necessary investments to move their activities to digital platforms. An example of this is the loss of popularity of television and radio channels, and brands such as Netflix and Spotify turning into new media platforms. Similarly, businesses that invest in global warming and climate change issues today may become market leaders in the future. Of course, predicting future conditions and being able to prepare for these conditions require an effective analysis of the business environment and the factors affecting it. Many successful multinational companies (MNCs) such as Coca-Cola, Amazon, and Samsung owe their success to the efficient analysis of environmental threats and opportunities. ese can sometimes be very far from the business or sometimes very close. For example, a global epidemic is associated with the external environment of the business, while the motivation of employees is related to the internal environment of the business. Firms should care about both internal and external environments equally. Businesses operating in a competitive industry that only focuses on the internal environment may fail quickly. Although it is impossible to predict the future perfectly, there are certain strategies for firms to analyze their internal and external environments. This unit focuses on external environmental analysis. Before moving on to certain activities of external environment analysis, it is worthwhile to closely examine types of external environment analysis 2 TYPES OF EXTERNAL ENVIRONMENT Firms shape their activities and strategies according to the environment with which they interact. The environment can provide firms with a variety of opportunities, as well as create some threats. In order to be prepared for these threats and opportunities, the environment must be defined correctly. It is very important because the misidentification of environmental factors may cause the first stage of the strategy development process to fail. Although businesses can control internal environmental factors, they often cannot directly control external environmental factors. For example, while firms have no control over government policies, they can change their organizational structure when needed. In other words, the external environment consists of dimensions that are more dynamic and harder to control. e environmental factors affecting the firm can be assessed according to two main measures (Lynch, 2006): 1. Changeability of markets – For example, there is relatively low changeability in the bottled water market but the possibility of high changeability in the PC market. 2. Predictability of changes – Unpredictability refers to a lack of regularity in the pattern of change in an environment. For example, firms can predict changes with some certainty in the smart devices market but firms operating in biogenetics cannot predict changes easily. The Industry environment refers to the environment outside the business, but it also interacts directly with the business. In this respect, the industry environment can be considered as a subset of the general environment of the firm. While general environment factors affect every firm in an industry, industrial environment factors are likely to influence organizations themselves. The dimensions that make up the industry environment can be classified as three main constituents. 1. Customers 2. Competitors 3. Suppliers 3 The general environment has an indirect impact on the activities and outcomes of the firms. The main factors affecting the external General Environment of businesses are shown in Table 3.1. In some sources, each factor can be named differently. For example, ecological factors are expressed as environmental factors or legal and political factors are evaluated separately. However, Table 3.1 covers all dimensions of the general environment. While firms cannot directly control their general environment, they can predict and prevent possible threats through the measures they can take. In the following sections, the general and industry environments have been systematically examined through two different approaches: Porter’s Five Forces model and PESTE (stands for; Political, Economic, Sociocultural, Technological, Ecological) analysis. 4 ACTIVITIES OF EXTERNAL ENVIRONMENT ANALYSIS There are four basic activities that businesses should pay attention to in the external environment analysis to predict possible threats and evaluate opportunities. These are scanning, monitoring, forecasting, and assessing. Each activity is interlinked and needs to be performed one after another. Firms cannot go a step further without performing previous activities. Scanning Environmental scanning is the process of gathering data by examining the changes in the external environment of the firm. This process of conducting research and gathering external information is sometimes called industry analysis. Through scanning, businesses determine the current appearance of the external environment and identify possible changes in advance. Environmental scanning often reveals ambiguous, incomplete, or disconnected data and information (Schwarz, 2008). In environmental scanning, it involves monitoring changes in a firm's internal and external environments to identify opportunities and threats. Firms use this process to develop strategies that maximize opportunities and minimize risks. Although often focused on the external environment, internal factors like a company's value system, structure, culture, and technological capabilities are also crucial. External scanning should precede internal analysis since changes within the company can impact its overall success. For example, Samsung continuously monitors competitors like Apple and Huawei – environmental scanning while also assessing its own resources internal – scanning. Monitoring Successful monitoring helps firms develop effective strategies for the future. Monitoring also contributes to firms’ productivity by increasing their environmental awareness level. According to Yukl (2013), monitoring educates firms on many issues from the concerns of customers and clients to economic conditions and market trends. Scanning and monitoring activities can provide the firm with information about the markets and how the new strategies developed by the company can be successful. 5 In the monitoring process, firms observe environmental changes to find out if an important trend is emerging from among those spotted through scanning (Hitt et al., 2011). For example, relying on the last five year’s sales statistics, the popularity of vintage clothing is projected to start decreasing this year. Many clothing companies have started to design more modern outfits for the next season. Forecasting Forecasting is the activity of predicting future events based on historical data and current trends identified during the scanning and monitoring phases. This involves using analytical techniques to estimate potential outcomes related to market conditions, customer preferences, and other environmental factors. Accurate forecasting enables businesses to anticipate changes and prepare strategies accordingly, thus reducing uncertainty in decision-making. Although firms cannot predict the future, especially in complex situations, they should continue making long-term plans based on data gathered through environmental scanning. For example, while businesses couldn’t foresee oil prices dropping below $18 per barrel in early 2020, ongoing forecasting remains crucial. Analysts use trends and data to develop scenarios for future possibilities. These predictions guide budgeting, resource allocation, and strategic planning. Without such forecasts, firms would struggle to create both short-term and long-term plans effectively. Assessing Assessing the external environment in which the firm operates is the final critical activity. This is different from other types of activities because assessing focuses on the firm as the primary analysis unit. The main objective of assessing is to determine the timing and significance of the effects of environmental changes that have been identified through previous phases. In case the evaluations are inadequate and/or insufficient, the previous steps for external environmental analysis may also be wasted. Therefore, an effective assessment is a critical element of external environmental analysis (Hitt et al., 2011). 6 ANALYSIS OF INDUSTRY (MICRO) ENVIRONMENT: PORTER'S FIVE FORCES MODEL A "microenvironment" is the environment where companies sell their products or services, interact with competitors, and provide the materials they need for the production process. Porter's Approach to Industry Analysis Michael E. Porter is a professor at Harvard Business School who developed several important concepts in the field of business strategy, including Porter's Five Forces model, the concept of competitive advantage, and value chain analysis. Porter's Five Forces model allows us to describe the attractiveness of an industry. This type of competition analysis refers to a strategic research type; it is the process of collecting data and analyzing that data about the competitors. The main purposes of an industry analysis are: 1. to review the factors that influence the way the industry develops, 2. to investigate the status of the competitors, 3. to detect what threats or opportunities they create for the firm, 4. to understand the firm's position relative to other participants in the industry. As shown in the figure, Porter's Five Forces model will be addressed by the threat of potential competitors, the threat of substitute products, the power of suppliers, the power of customers, and the competition with existing competitors. According to Porter's model, the stronger each of these forces are as shown in the model, the more limited the ability of established companies to raise prices and earn greater profits. 7 Figure 2. Porter’s Five Forces Threat of New Entrants When a new company tries to enter a market, it can threaten the market share and profits of businesses already established there. To protect themselves, these existing businesses come up with strategies to keep new competitors out. On the other hand, companies that want to join the market look for ways to overcome these challenges. That’s why it’s important for companies to keep an eye on what potential competitors are doing. If a business does well, it may attract new competitors into the market. And there are some factors that make the industry attractive. These are: Industry Structure Legal Incentives High Growth Rate Potential High Profitability Potential Low Risk Status Low Competition Level Low Uncertainty Degree Demand Balance 8 When entering a new industry, companies face "barriers to entry," or things that make it hard to join the market. One big barrier is the lack of available distribution channels or the inability to use existing ones. Setting up new distribution channels is expensive, and current companies may prevent new ones from using theirs. High costs and economies of scale are also major obstacles. New businesses often have to spend a lot of money upfront, and it takes time to produce enough goods to bring down costs. Another challenge is the loyalty customers have to existing brands, making it hard for new companies to win them over. To compete, new businesses might have to boost their marketing and promotions to build their own brand loyalty. Established companies also have the advantage of lower costs due to economies of scale, which makes it even harder for newcomers. Additionally, government regulations can make it tough for new companies to enter certain markets, especially in places where strict laws are designed to keep out foreign brands. The Threat of Substitute Products For instance, if tea and coffee are substitutes, a price increase in one can cause higher demand for the other. Similarly, with complementary goods like breading and butter, an increase in the price of one may lower the demand for the other. The risk that substitute products pose to a business depends on two key factors: Changing consumer preferences The cost of switching to the substitute Consumers opting for substitute products can be a threat to businesses. Lifestyle changes and advancements in technology introduce new products and services. For example, many people now use tablets instead of laptops, and because tablets are generally cheaper, the threat to the PC market is significant. Likewise, people are buying new mobile phones instead of cameras, sticking with their phone’s camera due to the high cost of switching. Even if a substitute product is more expensive, it can still be a threat if it offers better performance or features that consumers value. 9 Bargaining Power of Suppliers Different conditions, such as position and the number of suppliers and resources in the market, significantly affect the nature of the competition. For example, strong suppliers will use their bargaining power either to raise their prices or to provide more advantageous sales conditions. In either case, suppliers will lower the profitability of the industry from which they provide input, as they will cost more of the created value. Suppliers with high bargaining power also tend to have their desires and requests granted in their business-related relationships. it can give them the freedom to behave flexibly in their strategies. The high bargaining power of the suppliers varies depending on several factors. For example, being one of the few suppliers in the industry and having unique products increases a supplier’s bargaining power. In addition, the absence of substitute products in the market also increases their bargaining power. For example, in the PC industry, the most profitable players are not Dell or Lenovo, but their two suppliers Microsoft (operating systems) and Intel (microprocessors), both of whom possess strong bargaining power (Peng, 2009, p.41). In this example, the fact that there are only a few microprocessor manufacturers in the PC industry and that Intel’s technological superiority makes buyers such as Dell and Lenovo dependent on it. Similarly, a strong position of suppliers of other vital resources such as skilled labor, capital, equipment, and other components could have great influence on the structure of the industry (Adewole, 2005, p.361). In addition, increased market transparency and reduced switching costs contribute to the increased likeliness of the entry of substitutes into new markets (Tiggelaar, 1999). There are some Key points of Bargaining power of suppliers: 1. Supplier Strength - When suppliers are strong, they can raise prices or impose more favorable conditions on buyers. This often reduces the profitability of companies that depend on those suppliers because higher input costs reduce their margins. 10 2. Factors Increasing Supplier Power - Few Suppliers: If there are only a few suppliers available in the industry, their bargaining power increases. Buyers have limited options and depend more heavily on these suppliers. - Unique Products: If the supplier offers products that are unique or essential, buyers may have no alternative but to accept the supplier's terms. - Lack of Substitutes: When there are no substitute products, buyers have limited choices, further enhancing the supplier’s leverage. 3. Supplier Influence on Industry Structure - Suppliers of critical resources like skilled labor, capital, equipment, or other essential components can influence the entire structure of an industry. If these suppliers have a strong position, they can shape the competitive dynamics of the market. 4. Transparency and Entry of Substitutes - Increased “market transparency” and reduced “switching costs” can make it easier for new substitutes to enter the market. This could potentially lower the bargaining power of suppliers in the future, as buyers would have more options. Bargaining Power of Buyers The Bargaining Power of Buyers refers to the influence that customers (either individual consumers or businesses) have on a company’s pricing, product offerings, and overall business strategy. Main points of Bargaining Power of Buyers: 1. Powerful Buyers and Changing Consumer Demands - Modern consumers have a wide variety of choices, making it harder for companies to attract their attention. 11 - Today’s buyers are not only interested in fulfilling their basic needs but also in satisfying “social desires”, such as seeking unique experiences, enjoying the shopping process, and purchasing authentic or distinct products - Consumers’ growing expectations and demands give them increased power over businesses, which must cater to these preferences or risk losing market share. 2. Businesses vs. Individual Consumers - Buyers can be end consumers (individuals purchasing for personal use) or businesses (buying products for resale). Businesses usually have more negotiating power compared to individual consumers because they buy in bulk and can have a significant impact on the seller’s revenue. 3. Circumstances that Increase Buyer Power Buyers tend to have strong bargaining power under the following conditions: - Low Switching Costs: If buyers can easily switch to another brand or substitute product, they can push businesses to offer better prices or quality to retain their loyalty. - Buyer Importance: If a buyer represents a large portion of a company’s revenue, the buyer holds significant leverage to negotiate better deals. - Seller Struggles: When a company faces declining demand, buyers can use this situation to negotiate better terms since the seller is more desperate for sales. - Informed Buyers: Buyers who are well-informed about the **prices, products, and costs of the sellers can negotiate more effectively, using their knowledge to demand better deals. - Purchase Discretion: If buyers can choose whether or when to buy a product, they can use this flexibility to their advantage in negotiations. Intensity of Rivalry Among Established Firms The level of competition between well-established businesses within the same market is referred to as the degree of rivalry. Businesses may use aggressive strategies to draw customers when there is intense competition, such as cutting costs, raising advertising, enhancing product quality, or providing excellent customer service. 12 Intense competition can result in price wars, in which businesses repeatedly cut their prices to compete with one another. This can reduce profitability for all players in the market. The number of rivals, the rate of industry growth, product differentiation, and the existence of fixed costs are some of the elements that affect how intense a competition is. The competition level in an industry depends on different variables, such as: The large number of competitors with the same capabilities in the industry — In this case, the severity of competition is quite high. the number of companies in an industry makes the struggle for market share more difficult. is struggle increases the intensity of competition. Low market growth rate Barriers to exit — As a result of the industry losing its former appeal, some businesses may decide to leave the market. this situation directly affects the level of competition in the market. However, situations such as high costs of leaving the market, emotional attachment to an industry, or the dependence on a single industry may prevent businesses from leaving the industry Other Factors Affecting the Industry Environment The groups that affect the industrial environment of the firms are not limited to the factors in the Porter's Five Forces Model. In the industry environment analysis, the relationships with the following four constituents should also be taken into account: 1. Strategic Groups 2. Customers 3. Unions 4. Financial Institutions 13 Strategic groups are firms in the same industry, but which position themselves and their activities differently. In most cases, there is more than one strategic group within the same industry. Competitors within these strategic groups are more similar to each other from a strategic point of view. Financial institutions within the close environment of the firm have an important position to meet their capital and funding needs if businesses want to grow and develop. These institutions help businesses achieve their goals. For this reason, businesses should follow the financial decisions and financial institutions very carefully and develop good relations with them. Businesses with high financial credit scores will be able to overcome financial problems that they may encounter in the future. Unions are institutions that create a bridge between the worker and the employer and aim to maximize the quality and success of the worker's life. In this regard, managing the relations with these institutions that defend the rights of workers is also important for competition management. Businesses should consider situations such as workforce level, productivity, motivation, and union agreements in their strategic decisions Political Environment The political environment impacts a company's entire marketing and operational tactics. This environment is impacted by government actions, such as the development and implementation of policies, rules, and laws that directly affect enterprises. In policies and laws, the political environment includes the stability of the government and its approach to foreign investments, trade agreements, and diplomatic relations. Political stability is key because a stable government provides a predictable environment for businesses to plan long-term investments and strategies. In contrast, political instability, such as sudden changes in leadership, economic sanctions, or political unrest, can cause uncertainty and disrupt business operations. Therefore, companies need to monitor not only the laws in place but also the political climate and how it may evolve. 14 For businesses, understanding and adapting to the political environment is essential for several reasons. First, staying compliant with local and international laws helps avoid legal complications, such as lawsuits or penalties, which can be costly and damage the company's reputation. Furthermore, businesses that are aware of potential policy changes can anticipate risks and adapt their strategies accordingly. For example, if a government is considering changes to labor regulations, businesses can prepare by adjusting their employment practices or human resource strategies. Moreover, companies that align their operations with government policies may find opportunities for growth, such as tax incentives for businesses that prioritize sustainability or invest in certain regions. Additionally, companies that operate in a compliant, ethical manner often foster a strong reputation among consumers, leading to increased trust and brand loyalty. This trust is crucial for long-term success, as it helps businesses build sustainable relationships with their customers and stakeholders. Economic Factors Economic factors are external variables within an economy that significantly influence a company’s ability to operate, compete, and succeed. These factors encompass a wide range of elements, such as business cycles. This plays a role in shaping how companies produce, distribute, and sell their products or services. There are 3 types of Business Cycle: Depression period, Recovery Period, and Boom period. For example, business cycles, which involve periods of economic expansion and contraction, can dictate the level of demand for products and services. During times of economic growth, consumers tend to have more disposable income, leading to higher spending and increased demand. On the contrary, during recessions or downturns, consumer spending typically decreases, leading businesses to reassess their production and distribution strategies to maintain profitability. The importance of understanding these economic factors in strategic marketing management cannot be overstated. These factors directly influence market conditions, consumer behavior, and purchasing power. Businesses need to be aware of these influences to make informed decisions regarding pricing, product offerings, and resource allocation. 15 For example, during periods of economic boom, businesses may increase their marketing efforts, expand operations, and introduce new products to capture a larger market share. In contrast, during an economic downturn, companies might need to cut costs, reduce inventory, or focus on essential products that are more likely to sell. Sociocultural Factors Sociocultural factors refer to the intricate interplay of societal and cultural influences that shape consumer behavior, preferences, and buying decisions. These factors are derived from various dimensions of a person's life and environment, including their cultural background, social class, community norms, and lifestyle choices. Each of these elements contributes to how individuals perceive and interact with products and brands. Cultural characteristics encompass the shared beliefs, values, customs, and practices that define a group or society. These characteristics influence what is considered desirable or acceptable in different contexts, thus affecting consumer preferences. For example, cultural values around family, tradition, and social responsibility can significantly shape purchasing decisions. Lifestyle choices are another critical aspect of sociocultural factors, reflecting how individuals choose to live based on their values, interests, and social circumstances. This includes daily habits, leisure activities, and consumption patterns. For instance, a growing trend toward health and wellness can lead consumers to prefer organic, locally sourced, or sustainable products. Social mobility also plays a vital role in shaping consumer behavior. As individuals or families experience upward or downward mobility in social status, their purchasing power and preferences may shift accordingly. A rising middle class may exhibit a preference for premium products, while those facing economic challenges might prioritize affordability. Ethnicity and regional differences add another layer to sociocultural influences. Different ethnic groups and regions may have distinct preferences and behaviors shaped by historical, social, and economic factors. Businesses must understand these nuances to create products and marketing campaigns that resonate with diverse audiences. 16 Lastly, Traditions and value judgments further show the importance of sociocultural factors. Certain practices or beliefs may dictate specific consumption behaviors, such as religious observances impacting food choices during holidays. For example, in countries where certain dietary restrictions exist, brands must adapt their offerings to align with these cultural norms. In strategic marketing management, analyzing these sociocultural factors is crucial for businesses to understand their target audience deeply. By recognizing and integrating these influences into marketing strategies, companies can craft messages and offerings that are not only relevant but also culturally sensitive and appealing to consumers' values and lifestyles. This alignment can foster brand loyalty and drive purchasing decisions, ultimately leading to greater success in the marketplace. Technological Factors The technological environment is one of the fastest-changing elements in the business environment. The business cannot be indifferent to this change that is experienced outside of itself. Even the ability to keep up with this change is one of the main success factors for today's businesses. The ability to keep up with this change is called innovation, which plays a crucial role in enabling businesses to continue their activities successfully. So much so that this affects the costs of the enterprise to a large extent. For example, in technology- intensive industries, high technology costs during the establishment phase decrease production costs, while in labor-intensive industries the initial investment costs are low but the unit costs are high. We can list the factors affecting the technological environmental elements of the business as: R&D studies IT use Using the Internet Automation Technology incentives Technological development speed Technology transfers 17 Decision-making depends on prevailing technological conditions and, increasingly, on the rate of change in the knowledge and technology base of the external environment (Morden, 2007, p. 99). Technological change is generally reflected in all departments of the business and makes the change necessary in those departments. For example, in order to work in a coordinated manner, the accounting department must keep up with the technological transformation experienced in the production and logistics department (Craig & Campbell, 2012). Examples of Companies that succeeded and those that failed based on their response to new technology: Netflix is a prime example of a business that succeeded by embracing new technology. Initially, Netflix started as a DVD rental service. However, they foresaw the shift toward digital streaming as internet speeds improved and customer preferences changed. In 2007, Netflix shifted its focus from DVDs to online streaming. By adopting this technology early, they created a new business model, offering content on-demand via the internet. Today, Netflix is a global leader in streaming services, dominating the market and constantly evolving by investing in AI-driven recommendations and original content. On the other hand, Blockbuster is a well-known example of a company that failed because it didn’t adopt new technology. In the 1990s and early 2000s, Blockbuster was the largest video rental chain globally, with over 9,000 stores. However, as digital streaming became popular, Blockbuster chose not to pivot toward this technology. In fact, they passed up the opportunity to buy Netflix for $50 million in 2000. By sticking to its traditional rental model and ignoring the digital revolution, Blockbuster lost customers to Netflix and other streaming platforms. The company eventually filed for bankruptcy in 2010. This example shows how a failure to adapt to technological advancements can cause even the biggest companies to collapse. 18 Ecological Environment The ecological environment is defined as "a system of many parameters such as nutrients, food, temperature, material resources and social behavior. Each parameter will have maximum and minimum limits to allow sustainability" (Twidell, 1995, p.315). The ecological environment also includes subjects such as energy sources, climate change, animal rights, biodiversity, and environmental pollution in the natural environment of the firm. The unconscious use of the natural environment by businesses leads to the deterioration of the ecological balance. Many businesses today harm the ecological environment for the mere sake of increasing their profitability. This situation, on the one hand, causes the rapid depletion of natural resources and species, while on the other it causes pollution of the natural environment. The environmental awareness of today's consumer is increasing day by day. Green consumers purchase environmentally friendly products and punish businesses that do not fulfill their responsibilities toward the natural environment. Emphasis on concepts such as sustainability, green products, natural products, and natural production processes provides a competitive advantage to the business. Conscious consumers think that by purchasing such products they protect the natural environment even if their prices are high. The increase in the number of conscious consumers has also prompted governments to take measures in protecting the ecological environment. This situation has caused businesses to care more about the ecological environment. Today, protecting the natural environment has become a must, not a choice. That is, firms must measure and control their impact on the natural environment. Identifying the damage to the natural environment in any type of the production, both in distribution and marketing activities are important in terms of cost planning and competitive advantage. Hence, while planning a strategy, firms should take the ecological costs into consideration and include them in their business processes and future plans. In addition, businesses can observe environmental changes and make predictions about the developments to determine their strategies accordingly. By doing so, they can gain a competitive advantage. 19 For example, businesses that grasp the importance of environmental issues such as global warming and climate change years ago are now referred to by consumers as environmentally friendly or green businesses. With the increase of green marketing practices, the "green washing" activities of the businesses have increased. "Green washing" can be defined as the act of portraying a firm's activities environmentally friendly. Companies that implement green washing activities try to look as if they are sensitive to the ecological environment, but they are not in practice. Unfortunately, many businesses today allocate more to their green washing activities than the budget they allocate to protecting the ecological environment. 20 Reference: Cengiz, H. (2020). Strategic Management: External Environment analysis. ResearchGate. https://www.researchgate.net/publication/369480054_Strategic_Management_External_E nvironment_Analysis?fbclid=IwZXh0bgNhZW0CMTEAAR1ql9cafdMY208RbLiC6-cH 7P3zlxEMqrxdSwDsF7NNVlXK9DGEr1w5uus_aem_z2_La--QWuXpOLXMFQcGUA 21