Budget

Chapter 1 Budgeting and Financial Planning Part 1 circumstance and Purposes of Budgeting 1.1  External drivers of change Todays business environment is a being of never-ending change. In recent years, its pacing and magnitude get been accelerating, speech 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 sh arholders, customers, suppliers, employees, and society) are as well as increasing. These immaterial drivers of change are the forces that are shaping the strategies and execution of instrument of modern businesses. External drivers of change are beyond the earn 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 bring to pass your companys strategy. Focusing on external drivers will ensure that your strategical responses will make the greatest impact and will withal 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 throughout the world and take advantage of wider customer bases, economies of scale, and other militant advantages. But it also means that existing markets are yield to challenge from any global competitor. Today, it is no longer pullulate to be the best in your locality. In the long run, weft d epends on companies achieving and sustaining! world-class performance. Globalization enables and drives the need for larger harvest-festival 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 sleazy labor. These may outweigh the advantage which indigenous...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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