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Enterprises: How internal and external factors can affect their success
Enterprises: How internal and external factors can affect their success
Write a report that is split into the following two sections:
Write a report that is split into the following two sections:
Section 1: The impact of internal and external factors
Section 1: The impact of internal and external factors
In this section, consider the impact of external and internal factors on the business success of a local enterprise. This should include the order of importance for each enterprise of the:
In this section, consider the impact of external and internal factors on the business success of a local enterprise. This should include the order of importance for each enterprise of the:
Internal factors within its control, e.g.:
Internal factors within its control, e.g.:
Understanding the market
Keeping customers satisfied
Effective planning and financing
Marketing and promoting the enterprise
Unforeseen human resources cost
External factors outside its control, e.g.:
External factors outside its control, e.g.:
The impact of external factors on costs:
changes in the cost of energy, raw materials, borrowing, premises
The impact of external factors: marketing,selling and regulations:
changes in costs of marketing or selling
governmental changes
The impact of external factors on revenue:
competitors
consumer confidence in the economy
changing consumer behaviour
changes in consumer legislation
Section 2: Evaluating internal and external factors
Section 2: Evaluating internal and external factors
Carry out situational analyses to identify how internal and external factors might affect it, and even determine its success.
Carry out situational analyses to identify how internal and external factors might affect it, and even determine its success.
You should use a:
SWOT analysis to look at internal and external factors
PEST analysis to look at external factors
Ensure you include relevant examples from the enterprise and that you arrive at a conclusion as to which are the most significant factors, and how they are currently affecting its success.
Ensure you include relevant examples from the enterprise and that you arrive at a conclusion as to which are the most significant factors, and how they are currently affecting its success.
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