Title: How To Identify External Factors That May Affect Your Strategic Plan
Headings: How To Identify External Factors That May Affect Your Strategic Plan
4 MIN WATCH
How To Identify External Factors That May Affect Your Strategic Plan
While external factors are uncontrollable, they don’t have to be unforeseeable. Here’s how to find them.
Tricia Jessee
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Content: (P)olitical: The extent to which a government may influence the economy and thereby impact organizations within a certain industry. This includes government policy, political stability, and trade and tax policy. (E)conomic: How economic conditions shift supply and demand to directly affect a company. This includes economic growth or decline, and changes in interest and inflation rates. (S)ocial: Changes in the sociocultural market environment that illustrate customer needs and wants. This includes emerging trends, population analytics, and demographics. (T)echnological: