Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Analyzing and understanding your organization's external environment is an essential step within an organization's strategic planning. Based on the analysis, this will allow the organization

Analyzing and understanding your organization's external environment is an essential step within an organization's strategic planning. Based on the analysis, this will allow the organization to make decisions that will Aid in the growth of their business. Managers must consistently evaluate external environments for trends and events that can affect the environment. They must monitor changes that could affect the organization in a particular way, as no organization is immune to the effects of the outside world, which is why they must always be wary of all external factors. It is essential to understand the external environment so managers can identify the latest trends, which include technological innovations and critical success factors. Analyzing the competitive environment and identifying threats are also vital strategies when accessing external factors, as all these key points can create a realistic picture of the organization's current status. Managers must be able to base their decisions on facts with the data collected externally for outside factors

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Research Methods

Authors: Emma Bell, Bill Harley, Alan Bryman

5th Edition

0198809875, 9780198809876

More Books

Students also viewed these General Management questions