Business enviornment Assignment Example | Topics and Well Written Essays - 2000 words - 1

Business enviornment - Assignment Example Among the others factors that may impact the way business runs its activities is the external environment, which elements can manipulate company’s marketing and thus require the organization to make adjustments and revisions of its strategy and vision. It is known that customers are among those external elements that are able to influence the business the most and thus the company should know that good relationship with clients is based on finding ways to influence them to purchase one’s products. Besides, such political or legal forces that the government regulations develop play an important role in the cost of business doing and its ability to enlarge its activities in new markets. New regulations can increase one’s unit costs and thus affect company’s profit margins. Besides, for the organizations that act internationally, the laws of the other countries create certain obstacles for the companies in their ability to bring product into foreign markets. Among the other factors of external environment that influence the company’s performance are the economic factors that determine how market products and how much money one can spend on certain business growth. The public perception is also an important factor that can help the company to prosper or ruin its image at once. However, it is also up to company to commit such an influence on public opinion by using public relations professionals and strategic information, monitoring of public opinion in order to try and smooth potential issues. One of the best known tools that enable the company to analyze the factors that influence its activities the most, is the  PESTLE analysis. It is used to identify and analyze the key drivers in the business environment. The factors that may put an impact of one’s business activity go for political, economic, social, technological, legal and environmental factors and they should researched and brainstormed by each organization in order to