External business environment analysis?

Answer:

Answer

All businesses and organisations operate in a changing world and are subject to forces which are more powerful than they are, and which are beyond their control. No business can survive without continued interaction with the external environment, just as a ship at sea is subject to powerful natural forces of which it needs to be aware and deal with, organisations are influenced by forces in their external business environment. Any business strategy needs to take account of all these forces so that opportunities and threats can be identified and the organisation can navigate its way to success by matching its internal strengths to external opportunities. (A SWOT Analysis can help here.) As an aid to identifying all these external forces, a couple of acronyms come in handy.