Strategic Management Work Assignment
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In the lecture notes the various external environment factors that affect business operations. The following 6 components are discussed in the notes:
1. Economic environment
This refers to the changes in the economic cycles and economic growth and includes factors such as the inflation, tax rates, unemployment rates, and income levels. When the external economy is performing well for instance when the income levels of people go up then a business will perform well and vice versa.
2. Social environment
These includes the characteristics of the population such as their lifestyle, education level, values and attitudes. The social factors influence what products the people will demand more of.
3. Political environment
The political climate is also another critical factor that the management of organizations should consider in decision making. When there is political instability or unrest businesses will be affected negatively and when there is political stability a business will be affected positively (Kuzmin et al., 2021).
4. Legal/ regulatory environment
These includes the set of laws and regulations that govern an entire country and the industry within which an organization. Some laws could act as an opportunity while some other laws are a threat to a business.
5. Technological environment
Technology can be referred to as the application of the science and engineering skills in the solution of production and organizational problems. The software and new equipment affects businesses through the improvement of the production process (Yakubu et al., 2019). Technology advancement leads to new innovations and affect the business positively.
6. Competitive environment
Competitors are the businesses in an industry that compete with a business for customers. When competition is stiff managers are required to create strategies to help them beat the competition. Lack of competition sometimes could mean that an industry is undesirable.
Unemployment Rate in the United States
U.S internet users
Kuzmin, E. A., Vinogradova, M. V., & Zinatullina, E. R. (2021). Macro Environmental Factors
in the Development of Public-Private Partnership in Russia. International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 12(10), 1-12.
Yakubu, S., Yalo, M. I., & Halilu, U. (2019). Analysis of Environmental Factors Affecting
Manufacturing Small and Medium-Size Enterprises in Kogi State Nigeria. Journal of Social Economics Research, 6(2), 85-96.
2000 2005 2010 2015 2020 3.9E-2 4.9000000000000002E-2 9.2999999999999999E-2 0.05 8.3000000000000004E-2
1990 2000 2010 2020 252120309 281710909 309011475 331002651
2013 2014 2015 2016 2017 2018 2019 2020 260.32 262.24 270.39999999999998 278.58999999999997 282.02999999999997 285.45999999999998 290.49 297.14
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