Answer Happy

Discuss three out of the five environments in which your company operates 1. Economic Environment Discuss factors that affect your consumers purchasing power and spending patterns, What is the economic environment that you are operating in? Is it a growth, recovery or recession? Will it be easy to find staff? What is the current interest rate ie, is it increasing or decreasing? What is consumer confidence like? 2. Technical Environment The technological erwironment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business, New technologies create new markets and can influence your consumers and competitors. Name at least one technology change that could impact your company 3. Industry Environment What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices of new benchmarks to use?! 4. Competitive Environment How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one? What is your advantage over competitors? is the market large enough to support you and competitors? 5. Political Environment Consider the political legal environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operato? 3