how do the decision you made help you manage external factor

how do the decision you made help you manage external factor in a company

Solution

The external factors of a company are those which can\'t be controlled by the management but still affect the company to a great extent. They together with internal factors form a business environment. Examples of external factor include technological innovation, economics, social, legal, and political factor. (WE will be talking about economical factor here)

Recently, in my company, I made a decision to increase our exports to other third world countries like India and Indo-China. Taking into account the decreasing export growth and declining market in European countries after Brexit this decision helped us to beat the bearish nature of the market and still increase our production and exports thereby increasing the profit of the company. The declining economic condition in European markets is the external factor and decision was to increase our market share in India and other south-east Asian markets.