Title: Influence of the External Environment on Strategic Decision | Your Business
Headings: Influence of the External Environment on Strategic Decision
Influence of the External Environment on Strategic Decision
What Is the Business Environment?
Why Environmental Analysis?
Structure of the Business Environment
Political Factors
Economic Factors
Sociological Factors
Legal Factors
Technological Factors
Environmental Factors

Content: Therefore, it pays to stay up to date on the general political outlook. The common example of how politics can influence a business is to look at how import and export tariffs change over time. Tariffs imposed on another country or by another country can make it uneconomical to do business with that country. Economic Factors
Both microeconomic and macroeconomic factors influence how much revenue a business brings in per quarter. Keeping tabs on economic indicators can help you anticipate changes in the business environment. Over time, this attention to detail can save you money - or may even save your business. Economic downturns, while difficult to predict, do occur on a regular basis. Sociological Factors
Culture changes all the time. What is socially acceptable one decade may not be the next. Profitable marketing tactics may become taboo or outright illegal.