Question

Conduct online research on BB&T, including both company and non-company sources. From a strategic perspective, discuss recent environmental changes that have caused strategic issues with which the company is dealing in real time, today. Information concerning recent changes in the firm is readily available online.

Subject: Strategic and Managerial Decision Making

Answer 1

Environmental factors can be explained as identifiable elements within the cultural, economic, demographic, physical, technological or political environment which impacts the growth, operations and survival of an organization. Environmental factors can be both internal as well external for the business. External factors can include economic and technological factors whereas; internal factors may include value system, objectives or internal relationships of a business.

The business environment your company moves through is made up of internal and external elements. External elements include technology, law, politics, competition, media and trends. Internal environmental factors include management, your physical assets, cash flow, your business's culture and the knowledge and skill of your workforce.

Any of these factors can change in an instant: New laws may change what materials you use in your product. A product that's popular and hip can go out of style overnight. Your most knowledgeable, capable employees can quit because they're underpaid. A new investor may demand a higher rate of return.

Every business, whether large or small, is affected not only from internal organizational factors but, from several external factors. Company have no control on external environment. Developing marketing strategies should include considering environmental factors so an accurate picture of the market trends and environment can be presented and to understand as to where the company is standing. Ignoring environmental aspects is similar to walking on a path where there are unsuccessful marketing and lost revenues which can ultimately impact the health of the business brand.