Factors Affecting the Business Environment

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Presentation transcript:

Factors Affecting the Business Environment What’s Shakin’? Factors Affecting the Business Environment Economics LAP 26

Identify types of external factors affecting business environments.

External Environment Businesses must respond right! Must meet customer needs

External Factors Ethnic/cultural factors Political factors Social factors Economic factors Technological factors Competitive factors

Ethnic/Cultural Factors Globalization Cultural intelligence

Political Factors Laws Regulatory agencies Industry associations Consumer groups Taxes

Social Factors Changing values and attitudes Changing family roles Lifestyle and fashion trends Demographic shifts

Economic Factors Customer spending Business costs

Technological Factors Looking for updated technology Meeting customer needs

Competitive Factors Increased due to globalization Must stay ahead of the pack

Discuss how businesses react to factors affecting their environments.

How Businesses React to External Environment Environmental scanning— gathering information Determining level of susceptibility Planning ahead!

Keep the Change Adapting to Markets Economics LAP 25

Explain why businesses must adapt to changing markets.

Forces Driving Market Change Globalization Consumer demands Spending trends Industry structure changes Growth of service businesses Shrinking product life cycles

Characteristics of Adaptable Organizations Flexibility Cultural intelligence Strong leadership Open-mindedness Agility Cohesiveness

Describe ways that businesses adapt to changing markets.

Strategies Businesses Use to Stay Flexible Proactive management Innovative management Competitive aggression Organizational learning Market orientation Slack resources