What are the Components of Environmental Analysis?
The primary components of environmental analysis include:
Internal Environment: This includes factors within the organization such as corporate culture, management structure, and resources. External Environment: This comprises factors outside the organization that can impact its operations. These are further divided into:
Micro-environment: This includes factors directly connected to the business such as suppliers, customers, and competitors. Macro-environment: This includes broader factors like political, economic, social, technological, environmental, and legal conditions (PESTEL).