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    This document discusses several external factors that could influence a firm's implementation activities: political factors like governmental policies, economic factors like supply and demand shifts during the pandemic, and social factors like emerging trends in virtual platforms and working from home.

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    Uploaded by

    eamccune
    6 views1 page
    This document discusses several external factors that could influence a firm's implementation activities: political factors like governmental policies, economic factors like supply and demand shifts during the pandemic, and social factors like emerging trends in virtual platforms and working from home.

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    © © All Rights Reserved

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    This document discusses several external factors that could influence a firm's implementation activities: political factors like governmental policies, economic factors like supply and demand shifts during the pandemic, and social factors like emerging trends in virtual platforms and working from home.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    6 views1 page

    1

    Uploaded by

    eamccune
    This document discusses several external factors that could influence a firm's implementation activities: political factors like governmental policies, economic factors like supply and demand shifts during the pandemic, and social factors like emerging trends in virtual platforms and working from home.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Read 4.

    2 REAL WORLD LENS – Meeting Industry Standards, located in the "Look For
    Other Opportunities" section in Chapter 4.

    What other external environmental factors could influence the firm’s implementation
    activities? Be specific and explain your answer.

    There are several external environmental factors that could influence a firm’s implementation
    activities. Examples include political, economic, and social.

    Political: Governmental influence (governmental policies, political stability, and policies related
    to trade and tax) may impact the economy and therefore impact organizations in certain
    industries. For example during the pandemic, many governmental policies restricted business
    operations. Some business were forced to shut down and others were forced to implement
    protocols that allowed them to stay open, such as restaurants. Restaurants had to quickly
    implement take-out and curbside options to remain operable. Lander University quickly
    implemented an online format for all face to face instruction so that students could continue their
    education.

    Economic: Economic conditions shift the supply and demand, which directly impact companies.
    For example, during the pandemic the supply and demand of toilet paper and hand sanitizer have
    not been balanced. Companies are having to react through increased production of hand sanitizer
    and toilet paper to keep up with the demand. Other companies have quickly implemented
    producing products such as ventilators that were not a part of their standard operation. We have
    also seen a decrease in the price of gasoline because many people have been quarantined at home
    and have not been driving as much. Insurance companies have even issued refunds to consumers
    since claims have decreased with people staying home.

    Social: Changes in the sociocultural market environment illustrative of customer needs and
    wants. Examples include emerging trends, population analytics, and demographics. Virtual
    platforms have been an emerging trend during the pandemic. I had never heard of Zoom or
    Microsoft Teams but I have become very familiar with these concepts. In fact, I read the other
    day that sales had increased over approximately 150% for Zoom. These platforms have helped
    assist in the emerging trend of working from home and social distancing.

    Political, economic, and social factors can influence a firm’s implementation activities in the
    materials science firm in this real world lens example. Political environmental factors could
    include trades and the ability to work with international suppliers. The economic factor may
    influence consumer spending and either increase or decrease supply and demand of the product
    depending on the climate. If the firm cannot keep up with the trends and maintain a forward
    looking approach, the firm may be achieving goals but not producing what customers want.
    Organizations should try to prepare as much and as often as possible but sometimes there are
    unknowns that can arise. This pandemic has been an example of just that! Part of being prepared
    involves having a knowledgeable and skilled team to share ideas!

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