You are preparing to address your stockholders at the company's annual meeting. Your topic is "The Changing Business Environment." Share with classmates at least two changes that you would talk about with your stockholders. Explain your answer fully and incorporate material from your readings to help support your answer.
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Strategic planning can be affected by various changes in the external environment in which a business operates. New competitors move into the market. Existing competitors leave the market. Population shifts result in increases or decreases in population. The economy may change either positively or negatively. No environment is stable over time, so organizations must be alert to external impacts that can affect their planning.Companies should have a process in place for continually monitoring the environment that represents their market and their industry and alerting the appropriate people to changes that can affect the plan, she says.
The internal environment also can affect strategic planning efforts. Suppose a key employee leaves or several employees suddenly leave. Suppose a new employee with unique skills in a new area joins the company. Suppose new technology is introduced that employees don't yet know how to use. Just as the external environment can shift, causing companies to revisit their planning efforts, so can the internal environment.
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