COURSE OVERVIEW:
Businesses are greatly influenced by their environment. All the factors which determine day to day circumstances impact firms. So, businesses must constantly analyse the trade environment and the market.
To understand any business, the critical step is to explore all the factors related to business and properly judging its impact on the business. There are many factors and forces which have considerable impact on any business. All these forces come under one word called environment. Hence understanding the business means understanding its environment.
The business environment is the complex realm of factors and conditions that influence all participants in commerce (principally consumers, businesses, and governments). It is the amalgam of all the forces that influence business activity but that are external to — and outside the direct control of — any one person, company, or market. The business environment is vast, dynamic, and complex. It represents the interplay of inputs, issues, actions, causes, and effects that can manifest in foreseeable, as well as unpredictable and unprecedented, risks and outcomes.
Systematic and timely observation of the business environment is necessary to prepare for and successfully adjust to the changes as the business environment evolves. Any information gained from analysing the major factors influencing the organisation can be synthesised into knowledge to be used by a business to navigate the business environment as effectively as possible. An important outcome is to identify potential threats and opportunities that may be linked to changes in the business environment.
Business environment analysis is a process to identify all the external and internal elements, which can affect the organisation’s performance. The analysis entails assessing the level of threat or opportunity the factors might present. These evaluations are later translated into the decision-making process. The analysis helps align strategies with the firm’s environment.
This course looks at how your organisation works and at the major factors that influence it. By developing your awareness of your organisation you will be able to contribute more effectively to achieving the overall goals.
The first part of this course begins by explaining what business environment is about. Then considers a number of fundamental questions about your organisation when exploring the nature of the organisation you are working in. Also, examines the key features in your organisational landscape that will help you to analyse your business environment. Then looks at the players in the organisation, the marketplace and the industry sector.
The second part starts by discussing the macro environment factors: politics, economics, social matters, technology, legislation and eco-environment. Then reviews each of these factors to help you assess their impact on your organisation. Then discusses the PESTLE analysis – the quintessential analysis tool for assessing factors in the external environment. Also, discusses the SWOT analysis tool that brings together the internal and external factors that impact on an organisation. Finally, explains how the SWOT analysis works.
LEARNING OUTCOMES:
By the end of this course, you will be able to:
- Understand what business environment means
- Review the core components of your organisation and what makes it different from others
- Identify ways to communicate the goals of an organisation
- Identify your organisation’s vision, mission and values
- Understand how organisation’s vision, mission and values translate into strategic objectives
- Develop a strategic understanding of your business
- Examine the culture and structural types within an organisation
- Understand how the culture and structural types operate as a vehicle for change
- Identify the key factors in an organisation that impact on its success
- Measure the performance of your organisation using the balanced scorecard approach
- Understand how portfolio analysis can help you analyse the products and services your organisation offers
- Carry out a stakeholder analysis for your organisation
- Assess how the marketplace works in terms of price, supply and demand
- Identify the purpose and nature of market research used by your organisation
- Understand how market research aids decision making
- Apply the Ansoff matrix to identify possible opportunities in the market
- Analyse the competitive nature of your industry
- Carry out a Five Force analysis
- Consider benchmarking as an industry analysis tool
- Evaluate the impact of political factors on organisations
- Understand some key economic terms
- Examine social trends
- Explore a demographic profile to assess its implications for organisations
- Consider the organisational impact of new technologies
- Understand how three types of Australian legislation impact on stakeholders: employment law, consumer law and corporate law
- Carry out an eco-environmental audit of your organisation or work area
- Carry out a PESTLE analysis
- Conduct a SWOT analysis
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.