Answer to Question #165239 in Management for Jane

Question #165239

Business is built on relationship.

What do you think about this statement? what are the implications of managing the external environment?


1
Expert's answer
2021-02-22T13:37:38-0500

In a global world that is more connected than ever before, businesses are ever-increasingly built on relationships. Having good relationships with employees, service providers, suppliers, and stakeholders can make the difference between the success and failure of a business.


To get the definition clear, "external environment" refers to all outside influences and factors that affect a business's operation. Examples of factors in the external environment would be the price of raw materials, any ongoing global crisis (think Covid-19!), and the actions of competitors.


In a nutshell, the stronger the relationships that a business has with its suppliers and customers, the better equipped it is to handle the challenges that the external environment throw at it. Let's take a look at the examples listed above:


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