Business Environmental Factors-Free-Samples-Myassignmenthelp.com

Question: Discuss about the different internal and external Environmental Factors in the Industry. Answer: Introduction The following essay focuses on the different aspects of opening a new business in the modern complex business environment. The organization that has been chosen for this essay is the Future Guide Consulting. This is a start-up business and a hypothetical one. The topic for this business is the matter when it could be pursued if the funds, time and drive could be available. Some important topics have to be selected so that the matters responsible for its success could be identified. Discussion In this part of the essay, the topic of discussion is the different internal and external environmental factors in the industry (Craig Campbell, 2012). The important thing that should be mentioned in this section is the selected hypothetical business organization Future Guide Consulting will look to operate within the consultancy agency in Australia and therefore, it will look to expand its business in nearby countries as well. Business environmental factors are one of the most important aspects within the business industry that influences the standard operating procedures in the industry (Hill, Cronk Wickramasekera, 2013). It is a notable fact that consultancy industry is one of the fastest growing industries in the world and the need for finding jobs among the youth is increasing day by day (Hill, Cronk Wickramasekera, 2013). The consultancy is catering to this need of theirs. The vision they have in their sights is to become one of the leading business organizations in the consulting industry (L?z?roiu, 2015). They have around 10 experienced and qualified employees at their disposal and they want to build an effective and influential business organization depending on them. They want to build a good reputation by being preferred an organization who help to develop the business performance by the end of 2025. Internal business environments The internal business environment is an important issue to determine the proceedings of the business. The various tools like the SWOT analysis, Porters value Chain model can be considered to analyze the business environment of Future Guide Consulting. The business firms can be divided into two by the use of the value chain framework. These are primary activities and support activities. If the Porters value chain model can be discussed on Future Guide Consulting some things can be highlighted (Sivula Kantola, 2014). Support activities Future Guide has more than 3 stores in Australia in Melbourne and Sydney. They also provide the e-Commerce business. They have well-qualified and highly trained consultants to provide the best knowledge. They also tend to concentrate on the training and development of the consultants. If they use the technology, they can cut down the cost of operations and thus increase the accuracy of the outcomes (Sivula Kantola, 2014). They use the latest technology methods so that they can conduct the research and analyze them. They use certain social media marketing tools like Face book, Twitter and YouTube. They are using the relationship marketing by developing bonds with the other companies as well. They are sourcing the experienced and qualified consultants from the other countries. Inbound logistics They deliver their consulting services to the SMEs in Australia who are looking for growth. Operations The Future Guide provides their services via online programming and direct marketing. They offer various services to the clients when they come to the offices (Fearne, Garcia Martinez Dent, 2012). Marketing and Sales Future Guide has adopted the integrated marketing strategy with their clients so that they can deliver their services to their clients and build good relationships with them. Outbound logistics Future Guide increases their profits and market share by providing their services through online tools. They try to influence their customers (Fearne, Garcia Martinez Dent, 2012). Service Future Guide cares a lot about their clients and provides them best consulting so that they can gain the organizational growth. External environmental forces The PEST tool has to be discussed to concentrate on the external environmental factors (Jurevicius, 2013). Political factors They assure the tax advisory services and they maintain all the related legal frameworks related to the business within the industry, Economic factors The economic growth rate, sales and profitability of Australia has a negative effect on Future Guide. The GDP, inflation rate and interest rate of the country will affect the business (Jurevicius, 2013). Social factors The company will be looking to retain their skilled employees because they are the ones who provide professional services (Jurevicius, 2013). Technological factors The different technological innovation processes will improve the business proceedings of the company. The software, IoT and other technologies will develop the scenario. Conclusion This paper can be concluded by saying that internal and external factors have a huge impact on the progress of the company. The Future Guide Consulting will look to utilize the opportunities they have in front of them. They can also use certain marketing tools and techniques which will provide them with a better analysis of the business environment and widen their path of progress. References Craig, T., Campbell, D. (2012).Organisations and the business environment. Routledge. Fearne, A., Garcia Martinez, M., Dent, B. (2012). Dimensions of sustainable value chains: implications for value chain analysis.Supply Chain Management: An International Journal,17(6), 575-581. Hill, C. W., Cronk, T., Wickramasekera, R. (2013).Global business today. McGraw-Hill Education (Australia). Jurevicius, O. (2013). PEST PESTEL Analysis.Strategic Management Insight,13, 2013. L?z?roiu, G. (2015). The role of the management consultancy industry in the knowledge economy.Psychosociological Issues in Human Resource Management,3(2), 71-76. Sivula, A., Kantola, J. (2014). Combining crowdsourcing and Porters value chain.International Journal of Advanced Logistics,3(1-2), 17-26.