In what situations do you believe that the external environment of the firm is more important...
In what situations do you believe that the external environment of the firm is more important than the internal environment as a determinant of the firm's profitability? Explain
Homework Answers
The external environment of the firm is much more important than the internal environment because of the following reasons:
1. Change in taste and preferences is an external customer concern which impacts the profitability of the company.
2. Change in policies is external to the company which impacts the profitability at large.
3. Change in the supply or constarints in the supply can impact the profitability.
4. In increase in the number of rivals or availablity of substitutes impact the profitability of a business.
5. Chnage in the economic and political stability of a country influences demand which impacts the business profitability.
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