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Impact of external environment factors on success of busines

You have examined several different aspects of your start-up business. Identify what forces in the external environment (competition, political/legal, economic, technological, and social/cultural) would you believe to have the greatest potential impact on your success? Why?

Answer: I feel the greatest potential impact on the success of my business would be the elderly, because they are known to be collectibles. As well, my closest competition seems to be about 45 miles away, so I have the opportunity to create a niche market in my area. I am also near many churches, and they might be a large consumer of my product. Since I am near schools, perhaps my product could be sold as a fund-raising opportunity. I am also the only store which licensed to sell the product. This creates an advantage since people know that I will provide a high quality product that is licensed.

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From technological point of view, online marketing can be used to capture more market share. People generally go online to shop for collectibles, therefore using online marketing can be a cheaper and effective form of marketing in the start up phase.

Another important aspect to look for and cater to the customers in the initial phase would be service to customers. Customers need to be satisfied, both in the pre sales as ...

Solution Summary

A wide range of external environment forces forces has impact on the success of startup businesses.