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

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Answer 1

Answer #1

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.

Answer 2

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