CLAUDIA VENTER PRESENTATION

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Nov 24, 2024

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INTERNAL AND EXTERNAL FACTORS THAT AFECT A BUSINESS STUDENT: CLAUDIA VENTER

INTRODUCTION  If a business wants to be successful in the marketplace , it is necessary for them to fully understand what factors exert impact on the development of their company. Once they know about both positive and negative effects within and outside the company, they can produce suitable strategies to handle any predicted situation. Therefore, examining internal and external factors is considered the most important task for an enterprise before launch any strategic marketing plan. This Photo by Unknown Author is licensed under CC BY-SA

INTERNAL FACTORS The internal factors refer to anything within the company and under the control of the company no matter whether they are tangible or intangible. These factors after being figured out are grouped into the strengths and weaknesses of the company. If one element brings positive effects to the company, it is considered as strength. On the other hand, if a factor prevents the development of the company, it is a weakness. Within the company, there are numerous criteria need to be taken into consideration.

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FACTORS Plans & Policies Value Proposition Human Resource Financial and Marketing Resources Corporate Image and brand equity Plant/Machinery/Equipments (or you can say Physical assets) Labour Management Inter-personal Relationship with employees Internal Technology Resources & Dependencies Organizational structure or in some cases Code of Conduct Quality and size of Infrastructure Task Executions or Operations Financial Forecast The founders relationship and their decision making power.

EXTERNAL FACTORS On the contrary to internal factors, external elements are affecting factors outside and under no control of the company. Considering the outside environment allows businessmen to take suitable adjustments to their marketing plan to make it more adaptable to the external environment. Sometimes this involves developing a new Amazon product photography strategy if you advertise your products on this platform, finding trustworthy partners willing to make an investment, or pruning the original business plan. There are numerous criteria considered as external elements. Among them, some of the most outstanding and important factors need to listed the are current economic situation, laws, surrounding infrastructure, and customer demands.

FACTORS Micro factors : Customers Input or Suppliers Competitors Public Marketing & Media Talent Macro factors : Economic Political/legal Technology Social an Natural

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HUMAN RESOURCES  Human resources  In the modern global economy, where ideas and digital skills - rather than physical resources are increasingly where economic value is realised, human resource can be a company’s greatest treasure. In general, the employees can be either a strength or weakness of the company depending on the level of practical skills, attitudes toward work, performance and so on. For example, if a business has skilled and motivated workers, they are sure to be the biggest asset of this enterprise.  Conversely, employees without carefully trained and have negative attitudes to their task will be an enormous challenge for the company to address. In short, the CEO should have a strategic and effective human management not only for the sake of company benefits but also for the positive development of their employees.

CAPITAL RESOURCES  Capital resources  From a general view, financial capital is the funds necessary to grow and sustain a business. CEO takes financial capital to invest in not only tangible goods such as factories, machines, tools and other productive equipment to produce an output but also intangible resources such as marketing, employee training, etc.

SWOT ANALYSIS  What Is SWOT Analysis?  SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.  A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Companies should use it as a guide and not necessarily as a prescription. This Photo by Unknown Author is licensed under CC BY-SA

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Porter’s 5 Forces and Pestle  Porter's 5 Forces  Porter's 5 Forces is an analytical model used to help identify the structure of an industry and to help companies determine their competitive strategies. The model was developed by Harvard Business School professor Michael E. Porter as part of his book " Competitive Strategy: Techniques for Analyzing Industries and Competito rs ," published in 1980.  The model can be applied to any segment of the economy. It helps explain why various industries maintain different degrees of profitability.  PESTLE Analysis  PESTLE stands for political, economic, sociocultural, technological, legal, and environmental.  It is an analytical tool available to companies to determine how external factors influence their operations and make them more competitive in the market.

CONCLUSI ON  In conclusion, following what has been presented, we can see the importance of internal and external factors in a company, which factors can influence a business the most, but also how a company can be analyzed through a swot analysis.

REFERENCE  Mageplaza. (n.d.). What Are Internal & External Environmental Factors That Affect Business. [online] Available at: https://www.mageplaza.com/blog/what-are-interna l-external-environmental-factors-that-affect-busine ss.html#internal-impacts .  https://www.investopedia.com/terms/p/porter.asp 

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