External and Internal Environments
External and Internal Environments
The survival of a corporation requires two elements: the strategic management of both its external and internal environments. The absence of either environment results in limited profitability. Whether a corporation is dealing with the growing concerns of technological changes or Internet privacy, external and internal factors will have a significant impact on day-to-day operations. Savvy corporations understand that focusing on creating and implementing a sound strategic plan produces above-average returns. Therefore, the demand to sustain a competitive advantage has caused corporations such as Metropolitan Life Insurance Company (MetLife) to focus on fully understanding its business environment. This paper will analyze two segments of the general environment and its effects on MetLife, identify two forces of competition, examine the external environment for opportunities and threats, and evaluate the internal environment for strengths and weaknesses that impact MetLife.
Choose the two (2) segments of the general environment that would rank highest in their influence on the corporation you chose. Assess how these segments affect the corporation you chose and the industry in which it operates.
The general environment is composed of segments like economic, sociocultural, technological, and political/legal trends that indirectly affect all corporations. Although corporations can not directly control the general environment, changes in any element of the general environment can eventually have an effect on a corporation. Economic and technological trends have had the greatest influence on how MetLife conducts its day-to-day activities. For example, in a stable economy where more individuals are working and household income is increasing, consumers have more money to invest in their insurance needs. More insurance services are bought and sold in a thriving economy versus a shrinking economy. In contrast, in an
The survival of a corporation requires two elements: the strategic management of both its external and internal environments. The absence of either environment results in limited profitability. Whether a corporation is dealing with the growing concerns of technological changes or Internet privacy, external and internal factors will have a significant impact on day-to-day operations. Savvy corporations understand that focusing on creating and implementing a sound strategic plan produces above-average returns. Therefore, the demand to sustain a competitive advantage has caused corporations such as Metropolitan Life Insurance Company (MetLife) to focus on fully understanding its business environment. This paper will analyze two segments of the general environment and its effects on MetLife, identify two forces of competition, examine the external environment for opportunities and threats, and evaluate the internal environment for strengths and weaknesses that impact MetLife.
Choose the two (2) segments of the general environment that would rank highest in their influence on the corporation you chose. Assess how these segments affect the corporation you chose and the industry in which it operates.
The general environment is composed of segments like economic, sociocultural, technological, and political/legal trends that indirectly affect all corporations. Although corporations can not directly control the general environment, changes in any element of the general environment can eventually have an effect on a corporation. Economic and technological trends have had the greatest influence on how MetLife conducts its day-to-day activities. For example, in a stable economy where more individuals are working and household income is increasing, consumers have more money to invest in their insurance needs. More insurance services are bought and sold in a thriving economy versus a shrinking economy. In contrast, in an