External environmental factors and social trends need to be examined when conducting a situational analysis.

Question

​External environmental factors and social trends need to be examined when conducting a situational analysis.

Quizplus · Accepted Answer

External environmental factors and social trends are important components of the situational analysis that need to be considered to better understand the market conditions and opportunities for a business. These factors can include economic conditions, technological advancements, social and cultural shifts, regulatory policies, and competition. By analyzing these factors, businesses can develop strategies to better position themselves in the market and anticipate changes in consumer demand and behavior.

​External Environmental Factors and Social Trends Need to Be Examined

External Environmental Factors and Social Trends Need to Be Examined