BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General Environment
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Attractive Environment
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Competitor Environment
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Industry Environment
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Detailed explanation-1: -The external business environment consists of economic, political and legal, demographic, social, competitive, global, and technological sectors.
Detailed explanation-2: -External environmental factors are the factors outside the organization that influence the business. These often include the social and cultural, natural environment, political, legal, technological, and economic factors.
Detailed explanation-3: -A PEST analysis (or STEP analysis) invites you to list all the relevant external forces using four headings: Political, Economic, Sociological and Technological. These are useful headings; it doesn’t matter that some items might be both political and economic (eg taxation and exchange rates).
Detailed explanation-4: -In general, there are three major parts of external environment in business includes the general environment, the industrial environment and the competitor’s environment.