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Strategic Management: The External Assessment

The external assessment involves analyzing the current environment and trends that may affect an organization. It includes examining competitive and collaborative forces outside the organization to identify opportunities and threats. The external environment encompasses political, economic, social, technological, environmental, and competitive factors that influence an organization's goals but are outside its control. These external forces are categorized into the economic, legal, competitive, technological, social, and global environments affecting a business. Understanding the external environment is important for strategic management and decision making.

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875 views11 pages

Strategic Management: The External Assessment

The external assessment involves analyzing the current environment and trends that may affect an organization. It includes examining competitive and collaborative forces outside the organization to identify opportunities and threats. The external environment encompasses political, economic, social, technological, environmental, and competitive factors that influence an organization's goals but are outside its control. These external forces are categorized into the economic, legal, competitive, technological, social, and global environments affecting a business. Understanding the external environment is important for strategic management and decision making.

Uploaded by

SHARMAINE CORPUZ MIRANDA
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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STRATEGIC

MEGREY’

MANAGEMENT

MODULE 3
The External
Assessment
THE EXTERNAL ASSESSMENT

• It involves analysis of the current environment and the


trends that may affect it. It also includes an analysis of
competitive and collaborative forces and agents. The result
of an external assessment reveals the opportunities and
threats that confront the organization.
• The External Assessment, or External Environmental Scan, is
an inventory of the political, economic, social, and
technological forces that influence the mission and goals of
an organization, and how it functions. It involves analysis of
the current environment and the trends that may affect it.
• External forces are forces caused by external agent outside
of the system. Internal forces are forces exchanged by the
objects in the system. To determine what part should be
considered external and internal, mechanical system should
be clearly defined.
• External factors. Businesses can't control external factors
but must respond to them. These political, economic, social,
technological, environmental and competitive factors are
represented by the acronym PESTEC. Business management.
• External Environment
• Further key elements include customers and suppliers, competitors,
cultural factors, and the types of regulatory frameworks or
governmental influences on the organization. The greater the number
of external forces, the greater the complexity of
the external environment.
• External factors are those influences, circumstances or
situations that a business cannot control that affect
the business decisions that the business owner and
stakeholders make. The are a large number of external
factors can have a direct impact on the ability of
your business to achieve its strategic objectives.
• The six factors that affect the
macro environment, and these include
economic, sociocultural, political, legal,
technical, and environmental considerations.
the external forces that affect business into the following six categories:
Economic environment.

• Economic environment.
• Legal environment.
• Competitive environment.
• Technological environment.
• Social environment.
• Global environment.
•
External factors - External factors - National 5 Business ... - BBC
• www.bbc.co.uk › bitesize › guides › zgfrpbk › revision
External Factors - Online Business: Planning for Success
• www.futurelearn.com › course
What is an External Environment in Business? - Definition, Types ...
• study.com › academy › lesson › what-is-an-external

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