Essay about External Environment and Organization's Strategy
The world seems to be changing ever faster, with the innovation of technological, economic and political forces reverberating around the world everyday. In the 21st century, management is becoming one of the leading key words on most of search engines such as Google, Yahoo, Go.com, Business.com, WebCrawler…Times are turbulent, and for managers trying to successfully run their organizations, not only do they have to master the technical skills but also make precise decisions at the right times and build up the appropriate strategies to achieve organizational goals. That is to say strategy is undoubtedly crucial for organization’s success, so what is strategy? Strategy refers to the plan of action that prescribes resources …show more content…
Socio-cultural aspects include such things as demographic trends. The demographic bulge in the U.S. population known as the "baby boom" affects many industries. As these people begin to retire but still desire to remain active, they could create a part-time labor pool that can provide seasonal labor for farming. In particular country like Vietnam, fashion trend has been changing dramatically. There are so rare people who wear traditional costumes but they’re in trendy clothes that imported from Europe, China, and Korean…therefore, fashion suppliers would take advantage of this behavior of Vietnamese people. Furthermore, Feng Shui is now being considered to be very common and popular, building house that needs to be in the right direction so the house owners will earn more money, the children will get better results…thus, there appears a lot companies and services who take care of these matters. Those examples are to illustrate the changes in socio-cultural aspects affect the business operations and strategies of organizations.
(The External Environment of Business: Political, Economic, Social and Regulatory by Anthony M. Pagano; Joann Verdin
Publisher: Stipes Publishing,