What are the various environmental factors that a manager should consider in an organization?
3 years ago
Principle of Management
Environment is a collectivity of all factors within the control of individual business and beyond the control of individual business. Environment includes all the conditions, circumstances, and influences surrounding the total organization or any of its part. The environment may be
- External and
- Internal
EXTERNAL ENVIRONMENT
It greatly influences the working of every business. Its major components are:
- Economic- capital, labor, suppliers, consumers and customers
- Technological
- Social
- Political
- Ethical
INTERNAL ENVIRONMENT
It is considered with the day to day work of the various departments of an organization. They may be
- Financial aspects
- HR policies and procedures
- Production activities
- Marketing and selling activities
- Information system
Susmita Sah
Jan 13, 2022