Technical Environment- The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries that could affect your business. New technologies create new markets and can influence you consumers and competitors. Industry environment: What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?
Competitive Environment – How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one? What is your advantage over competitors? Is the market large enough to support you and competitors?
Political & Regulatory Environment – Consider the political environment for the areas that your business operates in. Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operate?
Sociocultural Environment- Consider the influences in our society and its culture that may influence your business. What attitudes, beliefs, norms, customs and lifestyle choices impact how, when and where your customers interact with your business?
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