Miel Bakeries is a London-based workshop that specializes in cakes, pastries, and bread. This presentation discusses the internal and external factors that impact the business, including economic, social, technological, and competitive factors.
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Introduction Everybusinesshasinternalandexternalfactorswhich impact the business and its activities in the industry. It is very essential to understand the significance of such factors which means organisation to frame strategies in order to reduce the impact of these factors. Miel Bakeriesand its environment External factors External factors are exists outside the environment of business where they don't have any control. In context to Mielorganisation,theyarerequiredwithsuitable changesinordertogrowanddevelop.Thereare numbers of factors which are listed below:- •Political factors •Economic factors •Social factors •Technological factors •Competition Internal factors Internal factors is meant by those factors which are exist within the organisation and they have tangible and intangible control over it. •Suppliers •Price setting •Organisational structure as well as production system •Transport: References Carozza, L. S., 2019. Internal and External Problem-Solving.Leadership in Speech-Language Pathology, p.63. Dad, A. and Karim, A. M., 2019. A Literature Review on External Factors Affecting Export Competitiveness of Raw Woven Sector of Pakistan.Malaysian Journal of Social Sciences and Humanities (MJSSH),4(2), pp.51-58. Miel Bakeries Miel Bakeries is a London fame workshop (Carozza, L. S., 2019).Itisindependentorganisationwhichishighly specialized in the creation of cakes, pastries as well as bread. Impact of internal and external factors Conclusion It has been concluded that internal and external factors of business environment create important impact on the companies. It is important to understand the importance of internal and external factors which makes companies to make correspondence in order to create the maximum chances for opportunities while focusing on threats.