1. Why is it important for any organization (firms, nonprofits, etc.) to study and understand its external environment? How is the PESTEL and Five Forces framework helpful? External Environment

1. What is the importance of understanding and studying external environments for organizations, whether they are nonprofits or firms? To understand the external environment of your organization. The Five Forces Framework and the PESTEL are helpful. 2. How do the five competitive forces in Porter’s five forces model affect the average profitability of the industry? In what ways might industry profits be increased by weaker forces and decreased profits by strong ones? You can identify an industry that has many rivals with poor financial performance. Which one of these five forces seems to be the strongest? 3. These chapters examine the options firms have when entering new markets. Take a look at Chapter 3 to see how Airbnb may have responded.
External Environment 
Business environments shift often, thus they must be taken into account while planning and carrying out operations (Jain & Dhir, 2021). Managers and business leaders have an obligation to examine internal problems to determine how they might impact corporate decisions. You should also be alert to any environment elements that might have an influence on your organization’s performance and create strategies to address them. Because they can have both direct and indirect influence on business operations, employees, and revenue, external environment considerations are significant.Executives and managers may watch these changes and lessen their effects even if a firm’s external environment changes regularly in ways that the organization cannot control (Jain & Dhir, 2021). Companies might consider monitoring the external environment to reduce unpredicted events as well as the potential impact of sudden changes. Cont…
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