External Environment Essay

External Environment Student’s Name Institutional Affiliation Course Professor’s Name Date External Environment The external environment is one of the major concepts in the textbook. It outlines various factors such as political-legal forces that affect businesses. One of the experienced I had in the workplace is the change in customers’ attitudes after the government issued a new directive. During the coronavirus pandemic, businesses have been affected in various ways. One of the ways is that customers and employees are cautious about their health. Therefore, some decide to stay at home or shop only from companies that are maintaining high hygiene standards. The outcome is due to the government directive to stay at home, wear masks in public, and observe the social distance. For example, governments have issued orders to bar customers from accessing shops if they are not wearing masks. The pandemic has also triggered conflicting statements from health officials and politicians about the safety of the public and reopening decisions. Businesses are not in control of the external forces making them vulnerable to negative influences. Businesses must comply with the regulations or they will face fines. One of the major effects is a reduction in performance by reducing sales or disrupting the supply chain (Chiu, 2016). When companies have poor performance in sales, they cannot maintain their employees. Therefore, the situation at the workplace led to the decision of the management to lay off staff. External forces can thus compromise the performance of a business and lead to a high unemployment rate (Ahmad et al., 2017). When companies cannot operate freely, they are constrained by legal and political forces. For example, a businesswoman was arrested and charged in America after opening her shop against the government directives. She was later released, but the incidence paints a picture of how external forces can affect businesses (Nepal, 2020). The legal and political factors can discourage people from reopening their businesses thus affecting their profitability and increasing the risk of bankruptcy. Political and legal factors also affect the movement of goods and services across various markets. Lack of efficient and seamless transportation comprises the competition of a business. It also derails the ability of a business to reach its business objectives (Chiu, 2016). For example, during the pandemic, airplanes did not operate forcing customers to incur losses due to minimal transportation. Although the directives are for the safety of the citizens, some of them are politically instigated. The political impact causes businesses to suffer since their productivity is undermined and their targets delayed (Ahmad et al., 2017). Additionally, political and legal factors affect the viability of some businesses and markets. People fear to venture into some businesses since they fear that political or legal decisions will affect them negatively. Political and legal issues impact the decision of investors leading to the poor performance of the stock market. They affect the entire economy since people are not ready to invest. A slow-down of the economy leads to job losses and bankruptcy of the economy (Chiu, 2016). Crime is another factor that increases when the legal factors do not favor the performance of the market. It is evident across various countries in the world since governments had no experience of handling the pandemic (Nepal, 2020). The current pandemic is a learning opportunity for governments to understand the negative impacts of legal and political issues on the economy. Governments should improve their decision-making to avoid affecting small and large businesses. References Chiu, W. H. (2016). Political Governance and Economic Growth: Evidence from Emerging Economies. International Journal of Economic Perspectives, 10(4). Ahmad, W. N. K. W., Rezaei, J., Sadaghiani, S., & Tavasszy, L. A. (2017). Evaluation of the external forces affecting the sustainability of oil and gas supply chain using Best Worst Method. Journal of cleaner production, 153, 242-252. Nepal, S. K. (2020). Travel and tourism after COVID-19–business as usual or opportunity to reset?. Tourism Geographies, 1-5.
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