PLEASE NO ANSWERS FROM COURSEHERO OR OLD CHEGG ANSWERS, THANKS IN ADVANCE The ch

Question

PLEASE NO ANSWERS FROM COURSEHERO OR OLD CHEGG ANSWERS, THANKS IN ADVANCE

The chapter specified some of the changes in the external environment that can provide business opportunities (technological discoveries, lifestyle and taste changes, and so on). Identify some recent changes on current trends in the external environment and the business opportunities they might offer.

(Evolutionary changes in the business community over the last years. Improvements we have made in both human relations and technological advancements.)

Explanation / Answer

Business environment has many important factors to analyze. It has two type of environment one is internal to the organization which can be controlled by the organization itself. The other environment is external environment which has forces like political, economical, social, technological, environmental and legal. These factors might create opportunities or threats to the business organizations. For example: The current president Mr Donald trump is known for his real estate business and a supporter to free economy. So, companies who wish to invest in US or abroad might have some different opportunities.

Some recent innovations and advancement in technology has possible different set of business and new avenues to the various stakeholders. If, we talk about trend in consumer purchase then people across the globe is heavily dependent upon e-commerce websites or technological driven transactions. Services can be delivered instantly in 24*7 hours through artificial intelligence and robotics.

People now see the online feedback about the product offerings then they decide to post an online order.

People seek customer rating, comments and blog news to make a good perception of the product. It has enhanced the scope of content marketing. Digital advertising has substituted the huge portion form traditional paper based advertisement techniques.

Companies now started to make strategic advantages with the development of talent pool and as sound HRM policy so it was a new trend to set new employment practices across the industry. Use of technology is quite important to take competitive advantages like Apple, IBM and Microsoft are taking.

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