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MGT 488 Week 2-Summary Question

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From your readings and thoughts this week what are some external influences on
organizations?
“…a firm’s external environment is divided into three major areas: the general, industry, and
competitor environments” (Hitt, Ireland, & Hoskisson, 2009, p. 35). External influences include
“demographic, economic, political/legal, sociocultural, technological, and global” (Hitt, Ireland,
& Hoskisson, 2009, p. 35). Additional external influences may also include new entrants in the
market, suppliers, possible threats from product substitutes, and competitive rivalry with other
firms.
What are some of the implications of these external influences to an
organization’s strategic business planning?
External environment is critical to a firm’s growth and profitability, which affects the company’s
longevity. “…external environmental conditions create threats to and opportunities for firms that,
in turn, have major effects on their strategic actions (Hitt, Ireland, & Hoskisson, 2009, p. 34).
What recommendations do you have for mitigating the negative influences on an
organization in which you are familiar?
Mitigation of the negative influences on an organization can be accomplished by researching and
analyzing external influences. Understanding potential threats enables planning to help the
organization prepare a contingency plan. The contingency plan will provide a guideline for
dealing with, or defending, negative influences.
References
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2009). Strategic Management: Concepts &
Cases Competitiveness and Globalization (8th ed.). Mason, OH: South Western Cengage
Learning.

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