Internal and External Factors Impacting Miel Company's Business Environment

This poster discusses the impact of internal and external factors on Miel Company's business environment, including political, economic, technological, and competitive factors. It also explores how the company can deal with these factors to create growth opportunities and overcome threats.

Introduction
Business environment consists with both internal and
external factors that delivers a significant impact on the
business and its activities. It is very vital to acknowledge
these factors in order to formulate strategies and to reduce
the impact of these factors. The poster is considering the
Miel Company that is a leading workshop in London.
Internal and External Factors
Internal Environment
Factors which are available within the organization can be termed
as internal factors. These factors are tangible and intangible in
nature which can be controlled by a company. It can be categorized
as strength and weaknesses where some elements deliver positive
impact on the business and some are not. In case of Miel
organization, the internal factors are as follows:
• Suppliers
• Organizational structure as well as production system
• Price setting
• Transport
• Employing suitable workers and subcontractors
How the company impact its context
External Environment
External factors of business environment deliver both
positive and negative impact on the organization. Miel
Company has different methods through which they can
deal with such factors:
• Political factors
• Environment
• Economies
• Corporate Social Responsibility
External Factors
Factors those are available in external environment of
business can be known as external environment factors.
Since these are uncontrollable in nature Miel organization
needs to consider external factors:
• Political factors
• Economic factors
• Technological factors
• Competition
References
Bukeikhanov, D. G. and et.al., 2018. Investigation of
interrelationship of internal and external factors and
parameters of ‘opencast’system. In Mine Planning and
Equipment Selection 2000 (pp. 33-38). Routledge.
Direction, S., 2020. SMEs and strategy development:
The impact of leadership and internal and external
factors.
Conclusion
It is concluded that business environment is consist with
internal and external factors which impact the
companies. It is very essential to acknowledge all the
internal and external factors. Understanding these
factors, a company can create several growth
opportunities as well as overcome the threats.