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External Environment

Please help with the following:

1.Given the importance of understanding the external environment, why do some firms fail to do so? Provide examples of firms that did not understand their external environment. What were the implications of the firm's failure to understand that environment?

Solution Preview

Some firms fail to develop strong understanding of the external environment because they do not realize the importance of impact that changes happening in the external environment can bring to the industry and the profitability of the organization. As we know that today's business world is extremely dynamic and rapidly changing, it is often seen that companies operating in traditional management style and lacking strategic planning and management and a strategic insight into the future ...

Solution Summary

Given the importance of understanding the external environment, why do some firms fail to do so? Provide examples of firms that did not understand their external environment.

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