Week 6 assignment – external and internal environments
Furthermore, changes in consumer trends and preferences are also another potential threat. If the company’s products or services become outdated or no longer meet customer needs then this could result in lost sales and subsequent drops in revenue. Additionally, economic downturns or fluctuations can have an impact on business operations due to reduced spending by consumers.
As well as these threats there are also opportunities available to the corporation. Investing in new technology or processes may open up avenues for growth and help keep up with industry advancements. Similarly, employing market research techniques can provide valuable insight into customer demands that can then be used to develop more innovative offerings that may set them apart from competitors. Also partnering with other organizations who share similar goals & visions may enable access to resources & expertise not accessible alone allowing for potential business expansion & diversification initiatives