External environment is outside the organization boundary. A company sets plan and strategy based on this environment, since it has no influence to change such environment.
Four aspects are as below:
#) Political: this environment makes a platform a business to run. Prices would be stable if the government is stable; otherwise, this could be fluctuated if the economy doesn’t have political stability.
#) Economical: the country having growth prospect is economically sound. People can afford high price. Business strategy must be also growth oriented. Prices would be set accordingly.
#) Legal: if legal formalities in a place are high, prices would be high, since the expenses have to be covered by the business. In practical, the business strategy would be to reduce cost in other fields (like in production, supplying, etc.)
#) Input factors: if input costs for making production are high, prices would be high. Sometimes, a business becomes hopeless to prevent it. Businesses should always search for alternatives in order to cope up.
6) When setting prices, the company must consider its external environment. Describe four aspects of the...
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Aspects of the External Environment Consider a business that you frequent (for example, a restuarant, grocery store, etc.) and review the six aspects of the external environment discussed in the text. Create a list of factors in the external environment that could affect the management of the business you selected. An initial post requires organized writing (introduction/body/conclusion) that is supported by evidence (peer-reviewed literature, textbook). Citations/references must be written in APA format. Responses to two other students must be organized...
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cial Environment 2. Stock prices and intrinsic values Aa Aa Benjamin Graham, the father of value investing, once said, "In the short run, the market is a voting machine, but in the long run, the market is a weighing machine." In this quote, Benjamin Graham was referring to the key difference between the "price" and the "value" of a security. In November 2006, Citigroup's stock (NYSE: C) was trading at $49.59. Following the credit crisis of 2007-2008 and by the...
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