BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Why must successful managers recognize opportunities and threats in their company external environment? If they miscalculate the market, opportunities will be lost.

Detailed explanation-2: -External environment factors are important because they can cause direct and indirect effects on business operations, personnel and revenue. The external environment of a company changes constantly in ways beyond the company’s control, but executives and managers can track these changes and minimize their consequences.

Detailed explanation-3: -Opportunities and threats are external-things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples include competitors, prices of raw materials, and customer shopping trends.

Detailed explanation-4: -Managers can also actively work to influence their external environments through lobbying, voting, and using the media to influence public opinion. Internal elements comprise the organization itself. Internal change arises from activities and decisions within the organization.