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Question 4 (25 marks) What are the components of the general environment? How does each affect...

Question:

Question 4 (25 marks) What are the components of the general environment? How does each affect the strategy of a firm? Fully
Question 4 (25 marks) What are the components of the general environment? How does each affect the strategy of a firm? Fully explain and illustrate with a local example

Answers

Components of general environment:

Component Affect on strategy of firm Example
Political They affect the operations & may sometimes impede processes & decision making An important business legislation is stalled due to hung parliament due to which business is losing clients
Economic Favorable macroeconomic factors help in growth of business whereas a damp economy may lead to slowdown of the business During a slowdown, sales drop by half as there is no demand
Social Social factors dictate the kind of products & services demanded by the customer Social factors have to be kept in mind especially while designing marketing campaigns
Technological Advancement in technology calls for constant upgradation in product offering Artificial technology is helping improve customer service
Environmental Environment is to be saved at all costs & also helps build a goodwill Eco friendly products are a hit in the market
Legal Business should try to minimize legal costs Unnecessary litigation is to be avoided as it takes up time & resources.
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