GENERAL KNOWLEDGE

Detailed explanation-1: -External factors include political, economic, sociocultural, technological, environmental, and legal factors. These are factors that happen outside of the company but still, impact its ability to do business.

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: -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: -political-For example, new legislation. economic-For example, inflation and unemployment. social-Changes in taste and fashion or the increase in spending power of one group, for example, older people. technological-For example, being able to sell goods online or using automation in factories. More items