While analysing marketing opportunities, discuss the various factors that affect external environment of an organisation?

Some of the ten types of external environmental factors are as follows;

Political Factors

Every new political party comes to the government with its new policies and gets rid of old policies, and their change in policies would impact relevant businesses and companies. With the inconsistencies in the political environment of the country, businesses and companies have to pay heed to the legislation and the upcoming bills in order to prepare themselves for the potential changes. Some of the policies that could influence the business are as follows;

Intellect Property Rights

Import Restrictions

Competition Regulations

Employment Laws

Tariffs

Taxation

The political regulations have a great impact on the company’s operations, and the business has to comply with the new legislation in order to keep things going.

Economic Factors

The economic factors play a significant role in terms of impacting our daily life to the growth of the company. When the country’s economy is in recession, then the unemployment rate would be higher. Companies have to work extra hard in order to retain their workforce and make _____ ______ ___ ________ ______ _________.
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