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By using the "PESTEL" Model, describe the external forces that influence businesses

By using the "PESTEL" Model, describe the external forces that influence businesses

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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By using the "PESTEL" Model, describe the external forces that influence businesses
Expert Solution
Step 1

Business Environment

  • The business environment can be defined as all the internal and external factors that influence and impact the activities and workings of an organization.
  • The term "business environment" refers to the total or selection of internal and external variables such as staff, consumer demands and desires, market forces, managers, clients, vendors, stakeholders, government activities, technological innovation, societal trends, industry dynamics, economic shifts, etc.
  • These aspects affect the company's operation and how it operates, either directly or indirectly. The sum of these considerations affects the condition and position of the company or corporate organization.
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