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In the current global economic climate, growing rivalry among the organizations, forces of globalization, rapid changes in business practices fueled by innovations in technology has increased the necessity of companies to tune up their strengths according to the opportunities that unfold in the market…
Here the word finite list is emphasized because the job of the manager is not to make an exhaustive list of all the factors that may affect the organization. But focus should be on key environmental variables that could influence business"1.
As mentioned above, understanding of the internal and external environment of the business is very crucial for the basic function of planning to take place in an organization. An awareness of one's self and the surrounding environment is the first step in the long journey of survival and success for an organization. After the analysis of the environment, both internal and external, planning is the next activity which involves the future of the entity. The analysis of the present and to be prepared for the future is the essence of planning. Hence, understanding the environment and the relevance on its competitive business strategy is vital for the organization to grow and to create value for the stakeholders.
Next, to tackle all the challenges for a company, a good business strategy should be supported by the commitment for implementation and good control mechanism. In creating the strategy and the performance climate the business manager uses facts, reasonable premises it has to take advantage of the opportunities to steer ahead of the competition. ...
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