Evaluating a Firm’s External Environment in Delhi | Original Article

ABSTRACT:

Firm’s Environment means the external forces influencing the business decisions. They can be forces of economic, social, political and technological factors. These factors are outside the control of the business. The business does not have any control over them hence it cannot change them. The term Firm’s External Environment refers to the aggregate of all the forces, factors and institutions which are external to and beyond the control of individual business enterprises and their management but which influence their functioning. Thus Firm’s environment may be defined as all those conditions and forces external to a business unit under which it operates. Business Environment is the environment surrounding a business – including the opportunities and risks inherent in selling a product or service in the surrounding environment in Delhi. Developing a strategic plan can seem like an overwhelming task, but the best place to start is by defining what strategic planning is. The strategic planning is quite simple-the process of envisioning a future and translating this vision into defined goals, objectives, strategies, and tactics. To survive in business, organizations have to make tough decisions and create “battle plans” for success. It is hard to accomplish anything without a plan, but if you don’t understand strategic planning, clarifying the basics is a great way to start. The purpose of strategic or long-range planning is to assist an organization in establishing priorities and to better serve the needs of its constituency. A strategic plan must be flexible and practical and yet serve as a guide to implementing programs, evaluating how these programs are doing, and making adjustments if necessary in Delhi.