BUSI7770 DB3 Reply 1 Brwi

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Nov 24, 2024

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Discussion Board 3 Reply Discussion Thread: External Environment, Power / Weakness, and Decision Models Reply The post acknowledges the importance of internal and external environment evaluation in enhancing the success of an organization. However, it focused much on the impact of the external environment analysis in understanding the strengths and weaknesses of the organization. According to the post, some key factors are worth understanding to evaluate the external environment, including the political environment, the state of the economy, and the regulatory factors (Cheraghalizadeh et al., 2021). Similarly, understanding the competitors in the market is another critical factor; hence the PESTEL and Porter's Five forces analysis tools are crucial in enhancing the same. Furthermore, upon understanding the external environment, strategic thinking and decision-making serve as essential methods that can be used to give the company a competitive advantage. Strategic thinking entails capitalizing on the strengths while working on the weaknesses, gaining a competitive advantage over the rest. Similarly, decision-making entails using tools such as SWOT analysis to understand the strengths, weaknesses, opportunities, and threats within the internal and external environments, making the best decision to propel the company further (Ramzaeva et al., 2021). Finally, the post reiterated how the external environment tremendously impacts the organization's success. This was a great post, and the external environment serves as the basis for the success of any typical organization. For example, to run a successful business, one must be aware of the existing regulations, the political environment, whether it favors business, and the legal requirements of running the business (Tikhonov & Zelentsova, 2021). Similarly, there is a need to be conversant

with the competitors in the market, thus understanding how one can differentiate themselves thus drive their competitive advantage. Therefore, I agree with using the PESTEL and Porter's Five Forces analysis tools as they offer a clear picture of the business environment, enabling the business leaders to capitalize on the strengths while working on the weaknesses (Nasiri et al., 2022). Additionally, being analytical, creative, and a decisive decision-maker are all essential to ensure that the business scans the negative aspects within the company and handles them as needed, increasing the organization's chances of success.

References Cheraghalizadeh, R., Olya, H., & Tumer, M. (2021). The Effects of External and Internal Factors on Competitive Advantage—Moderation of Market Dynamism and Mediation of Customer Relationship Building. Sustainability, 13 (7), 4066. https://doi.org/10.3390/su13074066 Links to an external site. Nasiri, M., Saunila, M., Rantala, T., & Ukko, J. (2022). Sustainable innovation among small businesses: The role of digital orientation, the external environment, and company characteristics. Sustainable Development, 30 (4), 703- 712. https://doi.org/10.1002/sd.2267 Links to an external site. Ramzaeva, E. P., Kravchenko, O. V., & Gorbunova, O. A. (2021) Analysis of The Internal and External Environment Affecting the Company’s Financial Strategy. European Proceedings of Social and Behavioural Sciences. https://doi.org/10.15405/epsbs.2021.04.02.135 Links to an external site. Tikhonov, A., & Zelentsova, L. (2021). Analysis of External and Internal Factors of Business Competitiveness. Quality-Access to Success, 22 (182).

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