Unit 4: Evaluating The Strategic Implications Of External Environment Analysis

EVALUATING THE STRATEGIC IMPLICATIONS OF EXTERNAL ENVIRONMENT ANALYSIS Students Name Course Professors Name Institutions Name City and State where it is located Date Abstract For a company to remain competitive in an industry with many companies, it has to scan the external environment continuously. Moreso, for new entrants in the industry who have to compete for resources and customers with players who have been in the market. The support of opinion leaders is also very crucial in enhancing the sales of a new product. Therefore, it is paramount for a company to perform a stakeholder analysis. Thus, a comprehensive external ecological analysis and stakeholders analysis will positively affect the success of strategic plans of companies. Evaluating the Strategic Implications of External Environment Analysis External Ecosystem Analysis of a Food Manufacturing Company External ecosystem involves the assessment of the opportunities and threats in a business operating environment (Campbell Craig 2016, p. 123-125). Opportunities are factors when exploited can work for the company, and threats are issues in the external ecosystem that are a risk to the success of a business (Bohm 2008, p. 2). Companies commonly assess the external environment by use of PESTEL tool which analyses political, economic, social, technological,