1. The external environment has a crucial role in shaping an industry and an individual company’s future (Tan 2013). In order to make the business ahead of the competition, a company must be able to adjust its strategies in such a way that it would reflect the environment where it operates. It is important for a company to understand its external environment since it affects the business and its operations. There is no business that is insulted from its external environment. Issues such as political decisions have an impact on a business because for example, it can change ...
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