EXTERNAL FACTORS AND THEIR IMPACT ON ENTERPRISE STRATEGIC MANAGEMENT – A LITERATURE REVIEW

Kosovare Mustafa Sadiku

Abstract


Businesses can’t control external factors but must respond to them. These political, economic, social, technological, environmental and competitive factors are represented by the acronym PESTEC. This research is based on secondary data following the methodology of literature review for different periods of time to understand which of these 5 factors has the greatest impact on the strategic management of the enterprise. From the data obtained we have concluded that all external factors have a high impact on the strategic management of the enterprise. The management of the enterprise in time should be informed of the expected changes that may come from political, economic, social or cultural factors. All these factors have their importance and impact on the good management of the enterprise and even more so in its strategic aspect.

 

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Keywords


strategic management, business, political factors, economic factors, social factors, technological factors, environmental and competitive factors

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References


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DOI: http://dx.doi.org/10.46827/ejhrms.v6i1.1291

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