Answer to Question #167189 in Management for Dela

Question #167189

What are the implications for managing the external environment?


1
Expert's answer
2021-03-01T09:35:56-0500

The external environment comprises all outside factors that may affect an organization. Managing these factors is crucial for organizational sustainability. For example, controlling competition will help a firm to counter the challenges that rivals present while they vie for customers. Managing political and economic issues is vital to comply with tax policies, trade regulations, and minimum wage rules. it is also crucial to analyze demographic characteristics to identify a population's specific needs. Technological characteristics also present the need to manage this facet because an organization's success depends on how well it utilizes and responds to technological changes.


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