International Bulletin of Business Administration ISSN: 1451-243X Issue 12 (2011) © EuroJournals, Inc. 2011 http://www.eurojournals.com/IBBA.htm External and Internal Environments of Businesses in Nigeria: An Appraisal Obiwuru Timothy Chidi Department of Actuarial Science, University of Lagos, Nigeria E-mail: sirtimmyo@yahoo.com Oluwalaiye, Olusola Babatunde Department of Economics, Banking and Finance, Babcock University, Nigeria E-mail: falaiyeolusola@yahoo.com Okwu, Andy Titus Department of
brings the best out of the entity by offering consumers non-compromised products and services. Value adding draws the difference between the best organizations and those that are lagging behind. Today, technology is a highly essential element of the business setting. It changes with every wake and consumers would like to know that their favourite entity is doing enough to stay at pace with current trends and ensuring their convenience. Through value adding procedures such as building a brand and ensuring
1.According to textbook(,p.616), making the ‘right’ decision helps a company to achieve their goals and objectives. Furthermore, a right decision might lead to finding other opportunities in order to achieve the business goals, by solving the problems. Similarly, it will help achieving competitive advantages against some of the main competitors, and help the company to being successful. The decision making can be of many forms, mainly structured and intuitive. Intuitive decision-making is based on
by companies to evaluate the internal and external factors affecting a business organization. With this useful tool they are able to set future goals, define strategic plans and collect information about the social environment in which they operate. This strategic tool is classified by internal factors (Strengths and Weaknesses), means that the company has total control of it and external factors (Opportunities and Threats), the company cannot control it. Internal factors mean that the company
The Concept of Environment and Political Factors Introduction The market of a company like everything else, will change with time. The maturity of a company to market share increases steadily, trying to achieve the market growth. The planning and implementation of the growth strategy for the development of new markets and the expansion of the company before the current market will not only help in company’s business to live in difficult times, it could also give a company a considerable advantage
External/Internal Factors Paper There are many external and internal factors that impact the planning functions of management. We must all be mindful of these factors because they could have an enormous impact on organizations productivity. The process of assessing the external and internal factors that an organization will face can be vital to the planning function of management. One must determine a set of issues and constraints and then list the assumptions that will impact the implementation
NATURE OF A BUSINESS ENVIRONMENT: The nature of Business Environment is simply and better explained by the following approaches. Fig 1.2 Different approaches to the Nature of Business Environment (i) System Approach: In original, business is a system by which it produces goods and services for the satisfaction of wants, by using several inputs, such as, raw material, capital, labour etc. from the environment. (ii) Social Responsibility Approach: In this approach business should fulfil its responsibility
Business in today’s modern world is operating in highly dynamic environment consisting of various internal and external factors. Business therefore are required to consistently evaluate themselves both internally and externally as an attempt to survive, grow and to maintain a competitive edge. The business environment has three key perspectives which involves the internal environment, and external environment which further comprises of micro and macro environmental factors according to Kotler et
1). Describe the internal and external factor to concidre when planning to HR requirements of an organization? * Internal factora* Ans:-Internal which effect in the organization that is called internal factor. 1) What Are Internal & External Environmental Factors That Affect Business? 2) The internal business environment includes factors within the organization that impact the approach and success of your operations. The external environment consists of a variety
2.1 There are different types of factors that may affect your business. They are usually categorised in two ways; internal and external. Internal factors are ‘inside’ influences that affect the company. Internal influences are sometimes considered controllable. Here are some examples of internal factors. 1) Style of management- this can be a very important internal factor or influence. Ineffective management or a conveyor belt of new managers can seriously take its toll on a company. The poor