Why is it so important that a company understand and remain highly responsive to the external environment?

Purpose: To discuss the external environment of the firm, PESTEL analysis, and the Porter Five Forces Model.

Assignment: Write a two paragraph (or more) analysis of the following question – Why is it so important that a company understand and remain highly responsive to the external environment? Can you discuss the external environment within the context of your company’s particular industry and macroeconomic environment? Use one facet of PESTEL analysis or one of the Porter Five Forces to describe a characteristic of your company’s external environment. It is important that you describe a real, specific example. You can use your company’s situation for this analysis. If you are not currently employed, you may describe a former employer or company. If security concerns preclude discussion of your current or former company, an example from the business press is acceptable.

Required materials to include on your discussion board post includes Chapter Three from the textbook and one of the Harvard Business Review articles assigned in Unit Two.

Textbook Citation: Gamble, et. al. (2021). Essentials of Strategic Management, Chapter 3;