It is important to consider that no single factor explains why consumers behave as they do. Rather, there are external and internal factors in addition to environmental factors that contribute to and help solve the puzzle. Team A will illustrate external and internal influences faced by Apple, and analyze the impact that these influences have on the Apples marketing strategy.
Sometimes failure is due to the internal environment — the company's finances, personnel External and internal influences paper equipment. Sometimes it's the environment surrounding the company.
Knowing how internal and external environmental factors affect your company can help your business thrive. The Economy In a bad economy, even a well-run business may not be able to survive. If customers lose their jobs or take jobs that can barely support them, they'll spend less on sports, recreation, gifts, luxury goods and new cars.
High interest rates on credit cards can discourage customers from spending. You can't control the economy, but understanding it can help you spot threats and opportunities. Staff Unless you're a one-person show, your employees are a major part of your company's internal environment.
Your employees have to be good at their jobs, whether it's writing code or selling products to strangers. Managers have to be good at handling lower-level employees and overseeing other parts of the internal environment.
Even if everyone's capable and talented, internal politics and conflicts can wreck a good company. Competition Unless your company is unique, you'll have to deal with competition. When you start your company, you fight against established, more experienced businesses in the same industry.
After you establish yourself, you'll eventually have to face newer firms that try to slice away your customers. Competition can make or break you — look at how many brick-and-mortar bookstores crashed and burned competing with Amazon.
Money Even in a great economy, lack of money can determine whether your company survives or dies. When your cash resources are too limited, it affects the number of people you can hire, the quality of your equipment, and the amount of advertising you can buy.
If you're flush with cash, you have a lot more flexibility to grow and expand your business or endure an economic downturn. Politics Changes in government policy can have a huge effect on your business. The tobacco industry is a classic example. Since the s, cigarette companies have been required to place warning labels on their products, and they lost the right to advertise on television.
Smokers have fewer and fewer places they can smoke legally. The percentage of Americans who smoke has dropped by more than half, with a corresponding effect on industry revenues.
Company Culture Your internal culture consists of the values, attitudes and priorities that your employees live by.
A cutthroat culture where every employee competes with one another creates a different environment from a company that emphasizes collaboration and teamwork.
Typically, company culture flows from the top down. Your staff will infer your values based on the type of people you hire, fire and promote.
Let them see the values you want your culture to embody. Customers and Suppliers Next to your employees, your customers and suppliers may be the most important people you deal with. Suppliers have a huge impact on your costs. The clout of any given supplier depends on scarcity: If you can't buy anywhere else, your negotiating room is limited.
The power of your customers depends on how fierce the competition for their dollars is, how good your products are, and whether your advertising makes customers want to buy from you, among other things.General Electric Internal/External Factors For over one hundred thirty years General Electric has helped shape this country to the comforts known today.
Their company motto “imagination at work” says it all. With their ability to adapt to the ever changing environment around them as lead the company’s success and drive over the years. In today’s. Internal and External Factors Essay.
Internal and External Factors Paper XXXXXXXXXXXX MGT/ xxxxxxxxx xxxxxxxx Internal and External Factors Paper The purpose of this paper is to explain how internal and external factors affect the four functions of management in the Wal-Mart Corporation.
PAGE PAGE 1 External and Internal Influences Paper External and Internal Influences PaperUniversity of Phoenix OnlineJanuary 26, External and Internal Influences PaperExternal and internal influences can af.
The purpose of the paper is to scan, “the internal and external environmental factors of AT&T internet access technologies for the consumer market.
The Internal Thoughts and External Influences of Macbeth Words | 5 Pages. it is something that is felt by all, whether the source is from within or as a result of other people and events. External & Internal Influences Paper External & Internal Influences Paper Learning Team A Christopher Avery, Kristi Jordan, Matthew Land, Jeffrey Nelson, Misty Roberts, Karla Rendon University of Phoenix MKT/ – Consumer Behavior Thomas O’Brien February 6, Introduction Understanding the mind of a consumer is a puzzling process.