Evaluation of a company's external and internal environments is vital in order for managers to be able to formulate strategy. But how do these two environments interact? Is one more important than the other?

Address the following:

• Explain the relationship between a company's external environment and its internal environment
• Assess which one has a greater impact on company strategy
• Share an example from personal experience or news media that supports your argument. For example: Consider a hike in gas prices. In an industry dependent on gas, severe increases in price cause them to make changes internally, supporting the argument for the external environment.