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| Topic: |
Business
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| Number of pages / Number of words: |
11 / 2873 |
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Thornton Professor & Director 1996 Tsinghua Univ.
Homer A. Heal Director, Univ. Michigan ATLAS Project 1997 Univ. of Michigan
Section 3: External Environment; Opportunities and Threats.
In the EFAS process of scanning a firm's external environment, one is looking for their opportunities and threats which contribute to the developed relationship between a firm and its profitability within the market setting...
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The ability to identify these factors within a corporation's societal and task environment are the influential forces placed on their long-run decision making. The identifiable factors lie within these forces: Economic, ability to regulate the exchange of materials, money, energy, and information; Technology, solving problems trough innovation; Political-legal, power attained through protective laws and regulations; and Sociocultural, a society's overall view of values, morals, and customs (Hunger & Wheelen, 2007)...
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