Chapter 1 Budgeting and Financial Planning Part 1 condition and Purposes of Budgeting 1.1Â External drivers of change Todays business environment is a orb of never-ending change. In recent years, its pacing and magnitude puddle been accelerating, delivery ever greater challenges for organizations. Social, economic, technological, and policy-making pressures be bringing greater rivalrous opportunities and threats to businesses. And the demands of their stakeholders (the shargonholders, customers, suppliers, employees, and society) are as well as increasing. These immaterial drivers of change are the forces that are shaping the strategies and implementation of modern businesses. External drivers of change are beyond the lay down of any single market player. You need to identify the international drivers relevant to your companys market position. They are the forces and context which will establish your companys strategy. Focusing on external drivers will ensure that your strategic responses will make the greatest impact and will besides define where information is needed. Each year new markets are blossom outing and existing markets are growing. Globalization is a major(ip) driver of change in markets.
It is the opportunity for businesses to expand their activities end-to-end the world and take advantage of wider customer bases, economies of scale, and other warlike advantages. But it also means that existing markets are generate to challenge from any global competitor. Today, it is no longer overflowing to be the best in your locality. In the long run, peck dep ends on companies achieving and sustaining w! orld-class performance. Globalization enables and drives the need for larger convergence ranges and more(prenominal) frequent product introductions. It also enables the competitive advantages associated with different geographic areas to come into play. Competitive advantages may include more quickly available raw materials, particular expertise, or dirt brasslike labor. These may outweigh the advantage which indigenous...If you want to get a full essay, order it on our website:
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