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Need an account? Click here to sign up. Download Free PDF. Michael Smith. A short summary of this paper. Over recent years, there has been an exponential entrance of new businesses into the market with cutting-edge technology aimed at establishing a favorable niche for operations while increasing on their market share as they edge out competitors.

However, there are external and internal factors that affect businesses on a global and domestic level which dictate the extent to which an enterprise will thrive in the said market. Businesses and enterprises operating on a local or international level undertake various in-depth analyses to assess the environment and conditions for strategic planning. A company needs to develop a framework through which it can study and understand the market dynamics and also analyze their products.

Companies are able to evaluate the market needs and trends for planning purposes by conducting surveys for market research using the most common planning methods of SWOT and PEST analysis. Weaknesses are internal sections which are performing dismally as observed by lower sales and profits in a certain department.

Strategists seek to understand external the success or failure of a business. The banning factors and evaluate how business models will of tobacco advertising in the European Union, have to evolve to adapt to their environment. Google had to pull out of China positions that may be created in the process. The increase in aware- investment decisions had been made. As the business activities the STEER analytical tool, which incorporates become more globalized, the supranational level regulatory factors.

The The external environmental analysis constitutes United States of America is a case in point. While shores to remain vigilant at what is happening a number of operators traditionally owned at a supranational level. Major changes in the polit- enterprise, planning and permitting, procedures ical climate may bring about major changes in the for licensing and approval of new products, structure and operations of a market or industry.

Domestic Product GDP per capita. This various luxury items amongst others. These would typically amongst various countries. Typically, time series include staple foods, health services, and basic and multilinear regression analysis techniques commodities. Higher taxes have sector are likely to have a ripple effect on most a negative impact on the disposable income of industries and economies around the world.

The recession was as on the one hand, it erodes disposable income intricately linked to the bursting of the US of families but on the other hand, it provides housing bubble as housing prices plummeted access to a cheaper labor market.

In the All these economic factors demonstrate the former case, consumers are more likely to save importance of the need for continuous surveil- part of their discretionary income than to spend lance of the key economic factors that have a it on consumer goods when bank interest rates bearing on an industry. It is not an easy task to increase. Investors are also likely to borrow to analyze only those factors, which have a less and redirect part of their speculative income critical bearing on their operation rather than into guilt-edged securities rather than in further the broader spectrum.

This is mainly because of an increase in their cost of capital. Social factors. Social trends dictate work Changes in economic factors will affect patterns and attitudes, consumer tastes and different industries in different ways.

Figure 4 between the economic performances of different provides a list of examples of social factors, which countries. Today, air Greece, Ireland, Portugal, and Spain being travel has become a commodity openly acces- the main victims. The domino effect has also sible to all social classes.

Ryanair has challenged left its marks on other countries. Increased health consciousness Some industries also exhibit positive corre- of customers across the developed world has lations in performance between each other and created a market for healthy food.

For example, a decline in the tourist hand, provided employers with a healthier industry would typically have an immediate pipeline of potential employees; however, impact on the entertainment industry and a they now also have a pool of more demanding long-term impact on the construction industry.

Firms have restruc- advantage is short-lived. Technological break- tured their business model from a product throughs can either spell the demise of some orientation to a consumer orientation. Indeed, industries or create opportunities for new ones. The proliferation of the Internet and e- Insurance companies are developing seg- commerce has done away with many inter- mented products for the busy professional, mediaries. This has been referred to as disin- for the small business owner, and for families.

In the travel industry, consumers Banks have customized products for students, have become their own travel agents. They plan employees, self-employed, and the high net and book their travel online, using business-to- worth individuals.

Moreover, many retailers have of the economy. Most developed countries are found an increased intensity in competition as facing the challenges of an ageing population as they are facing rivalry from online stores.

On baby boomers are now 60 years of age and over. This is referred for medicines, healthcare, and support services to as re-intermediation. Examples of new forms and lowers demand for products associated with of intermediaries include Amazon, eBay, and the younger generation such as education.

The Expedia to name just a few. The opinions provide added value of government, which would in turn have an in the supply chain. Technological factors. The rapid pace of tech- In some cases, a new technology has nological change is driven through innovation, completely replaced an old one, sending its which is in turn created through entrepreneurs demand in free fall toward its demise. In other who seek to push the boundaries of present cases, technologies wage wars against each other limitations.

As new frontiers are broken, tech- in an effort to become the recognized standard. Factors internet retailing examples Innovations in pricing e. It has to be although iPad is the current standard for tablets constantly updated on any technological devel- and currently under threat from Samsung.

However, it is not intended to constrain the 2.