Analysis of the External Environment of Business
A business' is commonly defined as an organisation which provides goods or services in addition to transforming input into output. Its objectives can either be profitable or non-profitable. One of the main requirements that must be fulfilled for a business to exist is that it must act and react to activities and occurrences beyond that of the organisation. These factors that happen outside of the business are known as external influences or factors. They have a major influence on a business with respect to the main internal functions and occasionally their objectives and strategies. However, the overriding factor that affects most business is the degree of competition between themselves and another business that provides the same product or service. Other significant influences are social, legal, economic, political and technological factors.
Technology is defined as the sum of knowledge of the means and methods of producing goods and services' (Penguin Dictionary of Economics- The Business Environment, Worthington and Britton). It is also increasingly science based, encompassing things like chemistry, physics and electronics, and refers to the organisation of production as well as the actual techniques of production itself.' (The Business Environment-Worthington and Britton)
The major technological factor that affects business is technological change, in particular, the rapid pace of change in production processes and product innovation. As a result of this, new products are introduced, adjustments to the organisation and method of production are implemented, alterations to the quality of resources and products are made, and new ways of distributing the ...
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...p of technological developments and advancements, it is also an essential key factor and strategy within Public Relations. This is mainly due to several reasons. Firstly, fluency with technologies must be attainted in order to present all communication possibilities to clients. Consultants must be seen to be adept and familiar with all areas of technology, old and new, in order to present a reassuring, modern approach. This is simply due to the fact that clients and customers may look elsewhere if they feel they are not being presented with all the possible current options for publicity and they are missing out on a whole other field. For example, if you are a Public Relations consultant for the supermarket Tesco, in order to achieve maximum publicity for them, the most modern and innovative approaches must be used in order to keep up, or surpass their competitors.
“The term technology refers to the use of scientific knowledge to develop practical needs for controlling physical objects and...
The most recent definition of public relations, according to the Public Relations Society of America (2012), states that “Public Relations is a strategic communication process that builds mutually beneficial relationships between organizations and their publics.” Through the rapid advancement of modern media and technology, there have never been more outlets and opportunities available for accomplishing the goals of public relations. Believing the development of social media has not created serious changes in the way public relations practitioners go about their duties would be foolish and a fast track to falling behind in this rapid world of communication. The main goals of public relations are “to create, maintain, and protect the organization’s reputation, enhance its prestige and present a favorable image,” as defined by Inc. Magazine’s online encyclopedia. Fundamentally, it is not the goals of public relations that have changed with social media, but it is the means of accomplishing these goals that is dramatically changing.
A business can either take a step forward or a step back depending on the external and internal influences and how they handle them, they can either flourish or enter stages of degradation and cessation. External and internal influences on a businesses plays a part in the opportunities that arise in the industry the business operates in, otherwise the business may choose to venture out of it’s defined industry depending on the opportunities at hand. Businesses are affected by internal and external influences to a degree where they are either benefiting or suffering from the way they handle opportunities that arise. The five articles depict the problems encountered by businesses no matter their size or industry.
Technological -The knowledge explosion has introduced new technology for nearly every business function. As we enter a technology based century, the technology used in every organizations operation is increasingly turbulent, rocked by forces such as competition and customer demands. The technological element tends to develop through periods of incremental change punctuated by technological breakthroughs that either improve or destroy the ability of firms in an industry. It is the current state of knowledge about the production of goods and services in an industry.
The world of the healthcare environment is fast-paced and implementation of new healthcare technology requires an organization to have a strategic management plan. Subsequently, in order to start building the strategic management plan one must understand the external competitive forces that influence a strategic management plan by doing an environmental analysis, which is the first step involved with strategic planning and strategic thinking to understand the external environment (Ginter, Duncan, & Swayne, 2013, p. 40). Environmental analysis involves assessing the “trends, events, concerns in the general environment and in the healthcare industry, and the service area” (Ginter et al., 2013, p. 41). Moreover, environmental analysis attempts
The discipline of public relations is a modern profession which has been in existence for only close to a century; however, it has already taken an important role in the fields of business, government, entertainment and non-profit organizations including educational institutions and healthcare organizations. Public relations professionals are required to have excellent organizational, interpersonal and communication skills and have the ability to persuade the public. It is imperative for PR professionals to effectively communicate with its public in order to establish and maintain a positive relationship. Furthermore, public relations professionals must have the ability to work under pressure and effectively manage crisis which may have detrimental effect on the company and the public it serves. State purpose of paper and an overview of what will be covered in the introduction
In recent decades, the world economy has undergone an unprecedented level of integration. Previously, I have provided a list of knowledge management tools that can be utilized to analyze many questions and trends, as well as the reason why these tools are important in the global economy. These tools are essential of international relations as being able to examine global problems beyond the headlines. This paper further demonstrates how these tools could be applied to solve the problem or to bring the business opportunity to fruition in today's Japanese business environment.
Businesses play a significant role with the economies of all countries, whether developed or developing. It contributes to the welfare of the society through the satisfaction of needs, provides a source of livelihood to millions of people worldwide. Businesses do not operate in vacuums but operate within business environments. The events in the environment of a company have a direct effect on the success or failure of that company. According to Jain, Trehan and Trehan (2009), business environments can be categorized in two: (1) internal business environment; (2) external business environment. Institutions and organizations are usually in a position of controlling their internal business environment. By doing so, they gain the ability of affecting their institutional performance. On the contrary, it is difficult for a business to control the external environment; however, businesses can identify in advance the opportunities and threats presented by the external environment and take decisive actions to ensure its continued success (Jain, Trehan & Trehan, 2009; Goyal & Goyal, 2009).
The external factors can be divided into six broadly categories which are political, environment, social, technology, environment and legal (Johnson, 2005). Such external factors usually are out of the firm's control and sometimes present themselves as threats. In this case, political factor, environmental factor and technology factor will be used to analyse the computer technology industry.
As society grows and evolves, technological advancements and innovations continue to develop and consistently change different aspects of our society. For an organization, understanding how to manage these innovations is essential for their proper utilization and implementation. With technological advancements and innovations constantly emerging, it is important for an organization to stay aware of which new technological innovations can help them be successful. Organizations are always looking to set themselves apart from competition through innovation.
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
Science and Technology has been around from the beginning of time. It evolved from the everyday efforts of people trying to improve their way of life. Throughout history, humankind has developed and utilized tools, machines, and techniques without understanding how or why they worked or comprehending their physical or chemical composition. Before we go any further a definition has to be given for both Science and Technology because they are both different in their own right even though the two are almost indistinguishable. According to the Oxford Dictionary Technology can be defined as the knowledge or use of the mechanical arts and applied sciences, while Science can be defined as the branch of knowledge involving systematized observation and experiment. Science can be further divided into three separate categories; Pure, Applied and Natural Sciences. In addition technology is often defined as applied science, it is simply the application of scientific knowledge to achieve a specific human purpose, however, historical evidence suggests technology is a product of science.
Organisation is the most important element in management. Any organization is located and operated in the environment. Every action of all organizations is possible only if it allows its realization. The internal environment is the source of its vitality. It involves the capacity needed for the functioning of the organization, but at the same time can be a source of problems and even her death of the organisation. The external environment is the source that supply organization resources. The organization is in constant exchange with the external environment consequently it provides itself with survival. The main objective of this work is to consider elements of the internal and external environment of the organization which are in a constant
Keeping up with technology is difficult, tiresome, and firms find it very costly to keep at pace with it. Technology rapidly and constantly keeps on changing. Being at par technologically requires extensive research and strategic analysis of acquiring new innovation. Enforcing new technology requires staff retraining and in some cases making employees redundant.
According to the Merriam-Webster Dictionary online, technology means: the use of science in industry, engineering, etc., to invent useful things or to solve problems: a machine, piece of equipment, method, etc. that is created by technology.