Six elements of external environment

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Six elements of external environment

The business environmental factors may be classified into different types. There are broadly two types of environment that affects the organisation, internal environment and external environment.

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Environment which lies within the origin is known as internal environment. Internal factors are generally regarded as controllable factors. Factors of Internal Environment: Internal environment includes internal factors of the business.

The components of internal environment are controllable. The following are the factors of internal environment: The plans and policies of the firm should be properly framed taking into consideration the objectives and resources of the firm.

Proper plans and policies help the firm to accomplish its objectives. The higher authority must analyse the internal environment to foresee the changes and frame appropriate policies well in time. The survival and success of the firm largely depends on the quality of human resources.

The social behaviour of the employees greatly affects the working of the business. The characteristics of human resource like skill, quality, morale, commitment can contribute to the success of the organisation.

If the employees of the organisation are skillful and committed, it can take the firm to a great height. Neglecting the human resource by the management can hamper the success of the organisation.

Capital is the lifeblood of every business.

Six elements of external environment

Finance relates to money. A firm needs adequate funds to meet its working capital and fixed capital requirements. There is a need to have proper management of working capital and fixed capital.

A firm should develop, maintain and enhance a good corporate image in the minds of employees, investors, customers etc. Poor corporate image is a weakness of the firm.

Constant research and development activities should be undertaken by the firm to enhance the quality of the brand. This helps in creating a corporate image and strengthens the standard of the firm in the market.

Plant and machinery is the internal part of the business firm. If the machines are obsolete or outdated, they should be replaced by a new one, or that adversely affects the business firm. Labour and Management Relationship: There should be smooth labour and management relationship.

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The management should understand the problems of their workers and gain confidence in them. The labours should be motivated by providing with monetary and non-monetary incentives benefits.

Better Labour- Management relationship helps in increasing the morale of the employees and motivates them to put efforts in the business.

Such strong relationship enhances organisations development. The promoter should have far sight vision to forecast opportunities and threats in the business so that the opportunities are properly grabbed and threats are diffused off in time.

To run the business successfully, it is necessary to understand the environment with in which the business operates. Business environment j is a set of external factors that affects the business decisions. The environment, which lies outside the organisation, is known as external environment.

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External factors are unpredictable and uncontrollable. They are beyond the control of the company. Definition of external environment: External environment is further classified as: Micro environment is also known as operating environment.

It includes customers, suppliers, intermediaries, competitors etc. The micro environment consist the elements that directly affects the company.Discuss and describe the six elements of the external environment.

The 6 elements of the general environment are the demographic segment, the sociocultural segment, the political/legal segment, the technological segment, the economic segment, and the global segment.

(1) (A) Briefly explain five external elements in the organisational environment currently impacting on L'Oreal's management of the Body shop brand.

A chemical element is a species of atoms having the same number of protons in their atomic nuclei (that is, the same atomic number, or Z). For example, the atomic number of oxygen is 8, so the element oxygen consists of all atoms which have exactly 8 protons.. elements have been identified, of which the first 94 occur naturally on Earth with the remaining 24 being synthetic elements.

GFOA recommends that governments develop and adopt capital planning policies that take into account their unique organizational characteristics including the services they provide, how they are structured, and their external environment.

The six segments of the general environment are political, economic, social, technological, environmental and legal. These six external segments influence a company while remaining outside the . The six segments of the general environment are political, economic, social, technological, environmental and legal.

These six external segments influence a company while remaining outside the company's control.

Total Quality Management (TQM) is a management approach that originated in the s and has steadily become more popular since the early s. Total quality is a description of the culture, attitude and organization of a company that strives to provide customers with products and services that. Six Sigma is a system of statistical tools and techniques focused on eliminating defects and reducing process variability. DMAIC stands for Define, Measure, Analyze, Improve and Control. Discuss And Describe The Six Elements Of External Environment. Chapter 4 The External Environment The Environmental Domain Organization Environment is composed of all elements that exist outside the boundary of the organization that have the potential to affect all or part of the organization. Its domain is the chosen field of action. The environment comprises several sectors or subdivisions.

The process of examining how each segment can affect a company is known as PESTEL.

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