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 forces
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competitive forces
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legal/political forces
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technological forces
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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: -Directly interactive forces include owners, customers, suppliers, competitors, employees, and employee unions. Management has a responsibility to each of these groups. Here are some examples: Owners expect managers to watch over their interests and provide a return on investments.
Detailed explanation-3: -In general, there are three major parts of external environment in business includes the general environment, the industrial environment and the competitor’s environment.
Detailed explanation-4: -Key Takeaways The common external environment factors that businesses should consider are political, economic, social and cultural, legal, technological, and environmental/natural.