MGT 488 Week 2-Summary Question
From your readings and thoughts this week what are some external influences on organizations?
“…a firm’s external environment is divided into three major areas: the general, industry, and competitor environments” (Hitt, Ireland, & Hoskisson, 2009, p. 35). External influences include “demographic, economic, political/legal, sociocultural, technological, and global” (Hitt, Ireland, & Hoskisson, 2009, p. 35). Additional external influences may also include new entrants in the market, suppliers, possible threats from product substitutes, and competitive rivalry with other firms.
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