Strategic Factors
Are the key issues organizations or businesses need to do to succeed and make things right with the stakeholders, the customers, suppliers, and employees for the success of the company(Bradley, Cutts & Liu, 2015). Most successful companies have managers responsible for implementing the most critical strategies in an organization.
Answer to the question:
- For a decision-maker to identify strategic factors in an organization, they have to analyze the competitors, the macro analysis to highlight the external factors, the behaviors of the customers, the population of their target customers, and the needs and desires of the customers.
- The external environment of an association is made out of different components that impact the effect of the activity of the business. However, the company cannot control it since its way above its operations. The external environment consists of the competitor analysis, industry, and the macro-environmental forces (Bomblies, Higgins & Yant, 2015). The external environmental forces include technology (technology used by a company), legal (laws made by the government on the business specification), political (nature of the politics in a certain state), economic and the social-cultural environment (which major with the economy and cultural beliefs of the customers).
The internal environment comprises of those components that exist inside or inside an association, which consists of physical assets, financial resources, innovative resources, and human resources (Bomblies, Higgins & Yant, 2015). Performing an internal examination of an internal environment helps in recognizing the qualities and shortcomings of the association. Besides, the internal environment can be controlled by an organization since it has absolute power.
Bomblies, K., Higgins, J., & Yant, L. (2015). Meiosis evolves adaptation to external and internal environments. New Phytologist, 208(2), 306-323. doi: 10.1111/nph.13499
Bradley, M., Cutts, A., & Liu, W. (2015). Strategic Mortgage Default: The Effect of Neighborhood Factors. Real Estate Economics, 43(2), 271-299. doi: 10.1111/1540-6229.12081