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Welcome to Essay For All, where you will get high-quality business environment assignment help at affordable rates. The business environment is the combination of all institutions, individuals, competing organizations, investors, media, courts, and government, among other factors around or within a business organization that affects its performance.
When producing commodities or marketing them to the target market, it is vital to analyze and understand the surrounding business environment since it can support the success or failure of the business operations. Businesses can only work with others. Even if a business chooses to minimize interaction with different factors, wide-ranging factors will affect the organization.
A business operates based on its surrounding environment. If the environment is favorable, the business will likely thrive unless otherwise. Business people and organizations should minimize the risk of business failure by assessing and understanding their environment. We are ready at your service for any professional business environment assignment help services.
Types of Business Environments
As explained below, two main types of business environments are external and internal.
External Environmental factors that affect businesses
External factors in a business environment are the elements beyond the control of the firm. Therefore, the business should only take steps to help them survive. There are two main categories of the external business environment: macro-environment and micro-environment. Microenvironment is the immediate external environment of a business that directly affects its performance and overall business operations. Examples of micro factors are;
- Public
- Partners
- Intermediaries
- Suppliers
- Media
- Competitors
- Customers
However, the macro environment is the remote environmental components that affect business operations which include;
Social factors
In business, social factors revolve around where people live in their respective societies, which affects their well-being and lifestyle. Different societies have different values. Besides, personal values also affect an individual’s consumer choices. A successful business should always consider the social factors affecting people when designing or developing products and services.
Neglecting the impact of the factors may affect the relevance of the product to the people. Hence, they will seek alternative suppliers who consider their social status and societal values. With stiff competition in the business world, companies are using social issues, movements, and events to appeal to their target market.
Besides, some organizations seek to earn a competitive advantage by identifying with the under-represented groups. Such practices contribute to business growth and customer satisfaction. For more details, visit our online business environment assignment help platform.
Demographic factors
When having a business, it is essential to have a target market. Not all people can be consumers of a particular product. Targeting a wide range of customers can take time and effort to understand and meet their expectations. That is why most businesses have a particular group of people who are the main customers.
Based on Essay For All Tutors, demographic factors are personal statistics such as income, occupation, marital status, nationality, race, age, and gender that affect peoples’ buying decisions. In this case, children’s products might not be consumed by teens, young or old adults the same way goods and services meant for older people may not be consumed by the youths.
It is until the youth attain old age to find sense in consuming the commodity. However, there are also chances that consumer tastes and preferences have shifted. Hence, businesses should analyze the demographics of their target market and conduct consumer research to determine their expectations and how to fulfill them.
Political and legal factors
In the external business environment, political-legal factors have a significant impact. Some of the aspects involved in this category are the current legal framework, government policy, efficiency of the current government, and political party in power, among others.
A business should remain informed of the various political factors existing in the business environment and how best to navigate to avoid the factors pinning down the business. Based on our business environment assignment help experts, some of the political factors that affect business operations are unlimited;
- Import restrictions
- Taxation
- Competition regulation
- Discrimination law
- Employment law
- Antitrust law
- Intellectual property law
- Trade control;
- Tariffs
- Corruption level
Such factors are never constant and may vary depending on who is on the top political leadership and the type of enforced rules which may affect business operations. It is always essential for businesses to comply with the enacted regulations and legislation to ensure business sustainability.
Economic factors
The main factors in the economic environment of a business are economic conditions, economic policies, and economic systems. An economic system can be broadly categorized into a mixed economy, communist economy, and free trade economy. Based on our professional tutors, economic factors that affect business operations include:
- Supply and demand
- Wages
- Inflation
- Exchange rates
- Unemployment
For instance, inflation happens when the money supply is in excess in the economic environment and cannot be supported by similar available goods and services. Therefore, the prices of commodities may increase to ensure business sustainability.
As a result, there can be a rise in the cost of raw materials. Income and employment also significantly affect business operations. When the employment rate is high, there are high chances of people being willing to consume services and buy different products.
Technological factors
The advancement of technology has supported increased business performance. Most businesses adopt technology to increase operational efficiency and also overall productivity. The constant technology change may affect business performance negatively or positively.
According to our business environment assignment helpers, some of the common technological factors in the business environment are; e-commerce technologies. Information and communication resources, and production techniques, among others. These factors affect how companies operate, interact, and market their commodities.
Internal Environmental factors based on Essay For All
Based on our business environment assignment help experts, the internal business environment entails all those factors affecting business performance. Such factors include:
- Management and management practices
- Work and work processes
- Machine and equipment
- Culture
- Climate
Before emphasizing the external factors and blaming them for business failure or underperformance, it is vital to assess the internal environment. In organizations, the behavior and decisions of the human resource can affect organizational performance. There are various factors that affect the internal environment of a business.
Physical resources and technological capabilities
In the internal business environment, physical resources are the tangible organizational assets that aid in enhancing a company’s competitive capability.
Human resources
An organization can only run with machines partially. There must be human resources to be on the watch-out and respond in case of any malfunction. An organization that highly relies on human resources should ensure good management since the people can determine the success or failure of the business.
Corporate culture
According to our tutors, corporate culture is an organization’s behavior, beliefs, and values that dictate how employees and managers behave or interact and how they manage their external affairs.
Organizational structure
Organizational structure outlines the hierarchy and flow of power within an organization. It also entails the direction of duties to reach the ultimate goal. The different types of organizational structures include bureaucratic, divisional, functional, and matrix structures.
Vision, mission, and objectives
During strategic planning, businesses create a vision and mission statement while also setting clear objectives for their existence. The company can reach its goals or objectives through its vision and mission. The mission outlines the reason for existence, while the vision outlines the future position that the organization desires to reach.
Value system
In a business environment, a value system comprises the organization’s norms, management practices, and work processes. They are the regulatory frameworks that dictate how employees should perform their duties.
Importance of understanding a business environment
There are multiple benefits to why entrepreneurs, companies, and business owners should understand the business environment around them. According to our business environment assignment helpers, the understanding ensures that the company remains competitive.
While there are businesses that may fail for their inability to understand their environment, those with good understanding will take the necessary measures to remain competitive despite the changes. Besides, the understanding supports the adaptability of business organizations to emerging changes and being flexible enough while also adopting new technologies to overcome the challenges of the rapid changes in the business world.
Once a business knows its environment, it can ensure good planning and effective policy-making. For instance, the business can design strategies to help them navigate the changes. Changes in the business environment can bring about threats or opportunities. Once an organization keeps track of its business environment, it can explore the current opportunities while taking necessary measures against the potential risks. Get more details from our experts.
Features of Business environment
Complex
Factors affecting the business environment are very complex. Sometimes, they can yield better performance, while other times, they can impair business operations. Hence, until the factors prevail, business owners can determine the measures to take.
Unpredictable
The ever-changing nature of business environments makes business owners and key stakeholders in the sector uncertain of the future. They need help to predict what is coming ahead for proper preparation.
Dynamic
This means that the business environment is constantly changing. Hence, businesses cannot survive by choosing rigid approaches that cannot adjust to fit the new changes. Once business owners understand the dynamic nature of the environment, it becomes easy to ensure good strategic planning for a competitive advantage. Additional features of the business environment are;
- Multiple- angled
- Relative
- Susceptible
What is the business environment analysis process
1. Identify environmental elements
The first step in conducting an environmental analysis is selecting the environmental elements to be examined. Depending on the industry you work in, this. Consider legal aspects, such as health and safety standards, if you work for a healthcare center. Choose elements that could affect how you conduct business when making your selection.
2. Collecting data
After deciding which environmental elements to consider, gather data on those factors. You can conduct some research and observe your influences here. The two basic types of information to gather are written and conversational data. People hear verbal data by listening to sources like radio broadcasts.
In contrast, they read documented data gathered from like newspapers or magazines. Using the business environment sample above would entail looking online and in medical journals. Therefore, check for any health and safety standards modifications that would affect your medical facility.
3. Analyze the competition.
You might wish to gather information on your rivals to see whether they pose any threats. You can accomplish this by using a method known as espionage, in which you gather data outside of the norm. In the same situation, you might snoop on a neighboring medical institution to learn about current events like the launch of a new branch.
4. Forecast the effects
You can forecast how specific environmental conditions can affect your business. You can then foresee possible risks or opportunities. There are many techniques for forecasting, including surveying and brainstorming. Using the same scenario, the medical institution can predict that some of their patients may leave if a new branch opens at a facility owned by a rival.
5. Review your tactics
Evaluate your existing and future strategies to establish how the anticipated environmental changes may affect your organization. Doing this can tackle potential problems that may have arisen due to the causes. For instance, the healthcare institution might want to develop a new strategy for how they intend to handle the drop in patients brought on by the opening of a new branch of a rival.
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