External Enviroment

Question 1 The external environment of a firm plays a very of import role in the operations of the memorial tablet. Why is it important for organization in the Pacific to learn and drive in about what is happening in their external environment? Use examples to explain a least 5 elements in the external environment. The business dictionary defines external environment as conditions, entities, events, and factors surrounding an organization that mildew its activities and choices, and determine its opportunities and risks.From this definition we can identify that external environment plays a vital role in the operations of organization. For an organization in the Pacific to maintain its longevity and productivity in the competitive mankind of business it is very important to be alert and attentive to the world surrounding it in monetary value of entities, events, and factors surrounding it that will influence its activities and choices, and determine its opportunities and risks th us maintain its competitive edge. Technological Element The organization must be technologically efficient.Computers are now the main mode of communication. It knows no barrier. It travels through with(predicate) while and space, continents, companies and what not. A press of a button from Fiji can enable you to communicate with someone g-force and thousand of kilometers away living in United Kingdom. It is very important that they invest in technology through equipment, training and recruitment to be able to impact in the economy. Never before in news report has innovation offered promise of so much to so many in so short a time. Bill Gates (http//voices. ahoo. com/great-technology-quotes-sayings-5759728. hypertext mark-up language? cat=15) The medium, or process, of our time electric technology is reshaping and restructuring patterns of social interdependency and every aspect of our personal life. It is forcing us to reconsider and re-evaluate practically every thought, ev ery action, Marshall McLuhan (http//voices. yahoo. com/great-technology-quotes-sayings-5759728. html? cat=15) Eg. The use of ATMs (Automated Teller Machines) by commercial banks in the region has made banking effective and efficient.No extended have people be involved in long lines wait to be served. The work of twain to three people have been made easier by a single machine. In a Fiji time interview the ANZ Bank CEO Vishnu Mohan explained that, 1ANZ customers can now carry out quick and timely self-regulating teller machine (ATM) transactions. . Economic Element The organization must also be aware of scotch development, events and activities regionally and globally. 1 (Fiji Times, 3rd October, 2012, ATM Upgrade)