What can owners and managers do to stay informed about what is happening in sectors such as demographic, socio-political, economic and global and might affect their strategies? Provide an example of an industry that has many smaller firms and the pressures owners/managers have to stay abreast of what is happening.

This journal deals with information from Chapter Two relating to the external environment. The external environment includes everything outside the firm. Obviously, as we have seen with the pandemic, outside developments can be critical to a firm’s success and even its survival. Large corporations can afford to have individuals and groups that focus entirely on what is happening in that external environment. Small and medium firms are unlikely to have such resources. What can owners and managers do to stay informed about what is happening in sectors such as demographic, socio-political, economic and global and might affect their strategies? Provide an example of an industry that has many smaller firms and the pressures owners/managers have to stay abreast of what is happening.

Journals are essentially private discussions between individual students and the instructor. Student posts will be graded based on: Content – 50%; Focus on the topic provided – 25%; and Grammar & Structure – 25%. Posts should be approximately 250 words, which is roughly equivalent to three paragraphs of 4-6 sentences each. Students are expected to make at least one reply to the instructor’s comments.