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About this document
- Pages
- 5 pages
- Price
- $5 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Business Management, Business Strategy
- Module
- Week 3 · Week 3
This document is a set of instructions for a 1,400-word assignment on external and internal environmental analysis for a business. It covers the main factors to consider and how to format the paper. It is for Week 3 of the STR 581 course.
What's inside
- Economical factors
- Technological factors
- Social factors
- Internal strengths and weaknesses
- Competitive position and possibilities
- Organizational structure and performance
Who it is for: Students taking the STR 581 course. (Postgraduate)
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Summary
A student learns how to analyse a business's external and internal environments. The document guides a student through a business's economic, technological and social factors, its strengths and weaknesses, its competitive position and its structure.
External environmental factors
Economic factors affect a business's financial stability. Technological factors improve customer satisfaction. Social factors change shopping habits and demand.
Internal strengths and weaknesses
Businesses can leverage strengths like hot food sales and cost leadership. Weaknesses include few entry points for food sales and low grocery sales.
Competitive position and possibilities
A business's competitive advantage comes from its sales and reputation. Market studies help identify target markets. Customer retention schemes ensure constant cash flow.
Organizational structure and performance
A vertical structure can cause problems and missed opportunities. A matrix structure allows for more flexibility and better supplier management.
Key terms
- Economical factors
- Factors that affect a business's financial stability, such as demand and competition.
- Technological factors
- Technologies that improve customer satisfaction, such as billing and order management systems.
- Cost leadership
- A strategy of selling foods in large quantities to achieve economies of scale.
- Vertical organizational structure
- A structure where employees report to a supervisor, who reports to a manager.
- Matrix organizational structure
- A structure where supervisors manage different lines of business and employees rotate roles.
- Customer retention schemes
- Schemes that ensure a constant cash flow and capture market share.
Questions this document helps with
- What are the most important external environmental factors?
- How do you identify a business's internal strengths and weaknesses?
- How does organizational structure affect a business's performance?
Summary written with AI from the document's text.
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