Analysis of the Internal & External Business Environment

Task-5: Analysis of the Internal & External Business Environment

Now that you have identified your company and channel of distribution you will research and analyze the business environment.

     Mission Statement: A statement that captures your company’s purpose, customer orientation and business philosophy.

     Goals and Objectives: Determine your goals and objectives for 1, 3 and 5 years.

     Analytical Techniques: STEEP, SWOT and Competitive Analysis’

STEEP (Social, Technological, Economical, Environmental, Political) factors exist in the macro- environment. STEEP factors are not controllable by you /your company, but they will have an impact (positively &/or negatively) on your ability to reach your Business Objectives.

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STEEP analysis:

     Explain what your business tactics will be that will allow your company to overcome any negative impact of a STEEP factor(s).

        Social: Consider current cultural or ethical values (popular causes, lifestyles, attitudes towards business, government, etc.) and how your company will be socially responsible.

        Technological: Consider computerized design& production, computerized inventory methods (EDI) and shipping techniques (RFID), high-tech fabrics, etc.

        Economic: Examine factors that affect consumer purchasing power and spending patterns.

        Environmental: Consider any environmental concerns of your target retailers/ customers such as packaging, types of fabric dyes, etc.

        Political: Research legislations and laws that may restrict your use of certain fabrics, countries for out-sourcing, packaging, and labeling. Research potential pressure groups (e.g. PETA) that influence organizations which must be addressed by your company.


SWOT analysis:

     Review your STEEP analysis (Task G) for Strengths and Opportunities.

     What are the Strengths of your company that will allow you to compete?

     Are there any Weaknesses that you can turn into Opportunities?

     Does your competition have any Weaknesses that can be your Strengths?

Does your competition have any Threats that can be your Opportunity?


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