General Environment vs. Industry Environment

Topic

General Environment vs. Industry Environment

Instructions

What are the differences between the general environment and the industry environment? Why are these differences important?

Answer preview

he general environment embodies those elements in the wider community which have the ability of influencing all (or most) business organizations and industries which compete in those industries. In addition to this, it also embodies segments or elements that business organizations cannot directly control. On the other hand, the general environment is comprised of the segments such political/legal, economic, population, technological, sociocultural and global segments. The industry environment is considered to be the assemblage of factors which directly impacts a business organization and its competitive reactions and responses.

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