BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sociocultural trends
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Technology
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Economy
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Human Resources
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Detailed explanation-1: -Manufacturing is NOT an external factor since manufacturing is referred as an internal factor as it belongs within the complete control of the organization.
Detailed explanation-2: -Expert-Verified Answer However, an organization’s policies are created internally by the owners of the business and so, do not form a part of the external environment.
Detailed explanation-3: -Important terms and concepts: The common external environment factors that businesses should consider are political, economic, social and cultural, legal, technological, and environmental/natural.
Detailed explanation-4: -The external environment, also known as the macro environment, is out of the control of an individual business. Factors like competition, market, economic, demographic, and environmental factors all play a role in the external environment of an organisation.