In today's competitive business climate, achieving long-term business success has become more difficult. For example, changes in technology cause the demise of technology manufacturers, and changes in the supply of oil and the resulting price of gasoline can have an impact on auto companies that focus on gas guzzlers.
For your current employer or any company for which you have knowledge, answer the following questions:
- What are two factors or forces external to the company that made them successful or was key to them being successful, now or in the past? These are meant to be big-picture forces affecting the overall economy or the industry as a whole (i.e., new regulations, major new competitor, new technology, etc.).
- What specific events could happen that could cause these two favorable factors to change, and therefore, negatively impact the company?
- How do you feel the company should respond if there is a negative impact on it?