These cookies ensure basic functionalities and security features of the website, anonymously. Use the PESTLE analysis template provided in Step #1 to assess the macro-environmental factors affecting your business. Legal Factors: These are related to the legal environment in which firms operate. Economical Factors: These include interest rates, taxation changes, economic growth, inflation and exchange rates etc. Thus, while social trends are likely to influence many different industries (a macro-environmental factor), for example, the impact of barriers to entry is much more industry-specific (a component of industry structure). competitor analysis - benchmarking to find out where you should do better. investing in an ETF that tracks the aut. You can receive the notifications now. The industry is growing given every time new firms enter the industry. Drop or put small questionnaire that will help letting you know how good is the strategy going. As we have seen, a business, and the industry it represents, is surrounded by a complex environment. Macro environments influence organizations. The macro environment comprises a range of external factorsdemographic, physical, natural, economic, technological, political, legal, and socio-cultural conditions. Porter Five Forces Model analyses where the influence or the power lies in a competitive industry with regard to competitors, buyers, suppliers, [] Internal environment - can be controlled, however, it can't influence an external environment. Strategy is firstly introduced to lower managers and supervisors so they can act on it and tell to lower staff in order to work on it. Besides, what turned out to be an adverse effect for many . Investors want leaders to keep their promises, develop a compelling growth strategy, align core competencies to the strategy and then to ensure that people are committed to delivering on these premises. This SWOT analysis was written by one of our professional writers. Microeconomics studies individual economic units. In practice, analyses based on the PESTEL model are used in conjunction with studies on the micro-environment as part of the overall . We will focus on micro and macro factors in this module: Micro (External) environment - small forces within the company that affect its ability to serve its customers. Just using one technique may leave gaps in knowledge and understanding. Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. They should also consider ways of changing the five factors to make them more favourable. Definition of the external and internal environment to be analysed. A macro environment comprises the external factors that can influence a business. Political-Legal Environment. Socially it is used widely. These factors include; political, economic, socio-cultural, technological, and legal factors. In the next post i will be looking at Pestle analysis and relating it to Maximuscle. It has a guard for high heat cooking. Internal components indicate the business's strengths and weaknesses, while the external components indicate the opportunities and threats outside the organization. This is likely to be an area of business that is quite competitive, where the pioneers take the risks in the hope of securing good early distribution arrangements, image, reputation and market share. Marketers must assess macro factors for developing sound marketing strategy. Core Difference between Micro and Macro Environment Microenvironments are those forces that have direct contact with the business while macro-environment are those forces that have no direct influence on the business. Analysis of internal and external environment is very important for the success of a business. There are different statistical models because different variables are used in researching [], About Edovo Edovo is a secure digital platform that uses digital content to cover a range of educational, vocational, legal and treatment needs of the [], Discuss why audience analysis is so important in framing business messages. This article describes both tools and analyses the difference between SWOT and PESTEL analysis. When selling via retailers, for example, the retailer has control over where the products are displayed, how they are priced and how much they are promoted in-store. An organization's macro-environment refers to all major, uncontrollable, external forces of a company that directly or indirectly influence decision-making. Legal factors include regulations regarding competition, employment, health and safety or of issues. Does their approach to their staff and resources fit with your ethics? Degree of rivalry: This measures the degree of competition between existing firms. Customers: Customers are key to sales. The PESTEL/PESTLE analysis model is a strategic management tool for identifying the external factors (political, economic, social/sociocultural, technological, ecological/environmental, and legal) that . It checks on the effectiveness of its present and future objectives. To help protecting all the dangerous fumes and chemicals, Burger King is doing its best. The micro-environment refers to the forces that are close to the company and affect its ability to serve its customers. It is made of a stainless jug. In PESTEL analysis, you develop a detailed description of a company's macro-environment in terms of political, economic, socio-cultural, technological, environmental and legal factors as well as their effects. The SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is useful both for understanding the micro and the macro factors. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. The macro piece of a strategic analysis is an evaluation of the global influences that might have an effect on business results. Rivalry will be higher if there are large numbers of similar sized firm, the costs of leaving the industry are high, and there is little brand loyalty so customer are likely to switch easily between products. It means that customers can have their food the way they want, with or without, more or less of anything in their food. COSMIC, i.e. For example, it may try to find alternative suppliers to reduce an over-reliance on a particular one; it may invest in a rebranding exercise to reposition itself. The Macro environment tends to focus on the broader issues of the business like the economy, socio-cultural environment, laws and regulations, technology, and politics. Political Factors: These refer to government policy such as the degree of intervention in the economy. [], Macro-Environment and Industry Analysis, SWOT Analysis Example, Power Point Presentation With Speaker Notes, Health Policy Analysis, SWOT Analysis Example, Pre-Registration Analysis Plan, SWOT Analysis Examples, Jail Based Education, SWOT Analysis Example, Professional Communication, SWOT Analysis Example, Statistical Thinking in Health Care, SWOT Analysis Example, Developing a Missile: The Power of Autonomy and Learning, SWOT Analysis Example. The marketing course is ideal for individuals looking to build practical skills in marketing management and broaden their strategic perspective. A strategy is a long term plan setting out how an objective will be reached. The micro-environment factors can affect a specific business, whereas factors of the macro-environment influence whole business groups. It performs the work of a blender and a cooker. The following are the major difference between Micro (Internal) and Macro (External) Environment: . They are concern with maximum outcome in terms of cash from profit. Macro Environment Political The supermarket industry is affected by many varying political factors. PESTEL abbreviates Political, economical, social, technological, environmental and legal factors. Industry Environment Analysis is a study or exercise done to assess the current industry environment. Business owners and managers often spend copious amount of time and effort to assess . The PESTLE Analysis enables you to create a list of the potential issues within your macro . Macro analysis, also known as a top down approach starts by analyzing the whole economy and going down to find attractive industries and sectors to invest in (e.g. We also use third-party cookies that help us analyze and understand how you use this website. Its noisy nature is a risk at home. Suppliers are the major part of any business so keeping them in mind is a necessary part in strategy evaluation. For example, a strong brand name may be used to extend a firms products into new markets. The internal environment consists of those factors which have the potential to influence the company's decisions, working and strategies. A PESTLE analysis, or sometimes referred to as a PEST or PESTEL analysis, is a business framework used to analyze the macro-environmental factors that impact a company's overall performance. It is often helpful to complete a PEST analysis prior to a SWOT analysis, although it may be more useful to complete a PEST analysis as part of, or after, a SWOT analysis. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! It describes how society can affect a business or industry in general. Environmental scanning is then a vital constituent of global environmental analysis. Managers must keep the needs of customers in their mind and try to anticipate how these will develop so that they can meet these requirements effectively now and in the future. Macro-environment is different from micro-environment . Macro and Micro Environment. 2.1.3 External Anlaysis. People demand perfect inexpensive year round food, which increases the use of pesticides, herbicides, and preservatives depleting the precious ozone, contributing to global warming, and polluting our lakes and streams. The PESTEL/PESTLE analysis model is a strategic management tool for identifying the external factors (political, economic, social/sociocultural, technological, ecological/environmental, and legal) that . It gives users recipe from online. Macro environment refers to the general environment, that can affect the working of all business enterprises. It can also impact on the oil supply as the Strait of . Gas providers don't have to care about the bargaining power of customers for example, as without an alternative, people must buy gasoline for their transportation and gas heat, no matter what the cost. The micro-environment is a specific environment that is in close contact with the organization. Porters Five Forces is one framework to analyze the structure of the industry. i.e. In terms of strengths, you should ask yourself what you are . The micro-environment refers to the forces that are close to the company and affect its ability to serve its customers. In introduction stage, Pioneering firms often after considerable investment and repeated failures, introduce products based on a new technology. Its main purpose is to provide management with accurate information to help them make operational decisions. When a market is strong and still growing, competition is not yet fully established. Macro analysis/PESTLE analysis Macro environment is number of broad forces that affect not only the company, but also the other actors within the 'micro' environment. difference between macro environment analysis and industry analysis. After implementing the plan, wait for the result and do surveys. An industry that . 2021-11-08T14:32:41+00:00. It is made of a stainless jug. So in order to get money there are many ways, selling shares of the company, retained profit, profit in terms of capital can be reinvested and by taking loans from banks etc. Internal Analysis: Understanding a business in depth is the goal of internal analysis. Resources: A good starting point to identify company resources is to look at tangible, intangible and human resources. Sometimes SWOT is referred to as SLOT, where weaknesses are names as liabilities. Focussing on excellent customer service will definitely help improve the business because the service given to customer will bring him back again. partner analysis - understanding opportunities to. There are six forces that make up the macro environment;. Macro environment refers to the overall operating conditions for an industry or country. Firms must decide on issues such as who to use to supply them, on the responsibility it takes for these suppliers and on the terms and conditions it adopts. Definition and Examples. This is called a monopoly. It is not the same to belong to one or the other; each industry has a different set of characteristics, and this causes . These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Directs managers to collect and analyze information about the broader macro-environment. A macro environment refers to the overall, broader economy and the forces affecting it versus a microenvironment, which focuses on a specific sector or region's economy. In PESTEL analysis, you develop a detailed description of a company's macro-environment in terms of political, economic, socio-cultural, technological, environmental and legal factors as well as their effects. PEST analysis is applied for an in depth understanding of macro environment in fast food industry where McDonald's operated. It is widely known that political statements and tensions between countries can impact on the oil and gas industry significantly. An internal environmental scan focuses on the companies' internal control system. PEST analysis is an analysis of the political, economic, social and technological factors in the external environment of an organization, which can affect its activities and performance. Macro-level analysis is used to look at societies at large. They want to work in a place where they can meet their personal needs and wants. Ecological. Macro-level problems are more concerned about exterior forces and the problems associated with them. You are free to use it as an inspiration or a source for your own work. It has touchscreen. The strategy sets out where and how the battles will be fought and a good strategy is essential to business success. Distributors: Distributors job is to deliver your product to market place where it can be sell easily. The likelihood of entering a market would be lower if: Power of buyers: The stronger the power of buyers in an industry the more likely it is that they will be able to force down prices and reduce the profits of firms that provide the product. https://www.thespruceeats.com/thermomix-tm6-review-4693221, https://www.wired.com/review/thermomix-tm6/, https://www.prnewswire.com/news-releases/thermomix-launches-onlineingredient-ordering-with-new-shoppable-recipes-feature-301086552.htm, https://www.prnewswire.com/news-releases/welcome-home-global-smart-kitchenbrand-thermomix-opens-doors-to-first-ever-pop-up-300886543.html, https://www.forbes.com/sites/kimwesterman/2019/11/30/holiday-gift-guide-2019- 10-best-kitchen-tools-for-the-home-cook/#2ecd9a064211, https://www.epicurious.com/expert-advice/the-thermomix-blends-weighs-stirs-andsimmers-article, https://www.foodandwine.com/lifestyle/kitchen/thermomix-product-reviewkitchen-test. Used 16 Foot Jon Boats Craigslist, Strategy is affected by major changes taking place in the environment and for those changes, strategy has to be change accordingly in order to stay in business stream. The most important parts of marketplace analysis are: customer analysis - getting closer to the customer to understand their needs and wants to deliver more relevant services and communications. WHY DO INDUSTRY ANALYSIS? Factors typically include economic, demographic, political, and technological forces in business. GENERAL AND TASK ENVIRONMENT: This is because the general environment can affect anyone in an industry, whereas the task environment also includes sectors that the organization interacts directly to make a direct impact on the organization's capability to reach its goals through its operations and performance. Customers: want leaders to build compelling products and services so that they can trust and when they do, customers will give share of wallet. Employees: are the major stakeholders of a business as they are strongly linked with the business. The scales makes it easy to measure ingredients, an added advantage to cooking. The micro-environment factors can affect a specific business, whereas factors of the macro-environment influence whole business groups. As a good leader you will need to understand the forces at work in your . One is able to have a properly cooked meal within seconds with the machine. Like many websites, we use cookies to help provide the best user experience, analyze how users interact with our site, and serve advertisements. Industry structure in comparison relates to the industry-level factors that influence competition in the industry. An added feature of the machine is the WI-FI, which connects its users to an online recipe. Giving training to all new and old staff about new technology, new products, and everything related to business and plan will help staff delivering a better quality service required. Macro (external) environment - larger societal forces that affect the microenvironment. Two reasons for examine macro economy 1. Reaping Maximum profit as an optimal decision goal. Strategies can be evaluated by many ways. However the expensiveness, it is both a blender and a cooker hence its worthiness. There are macroeconomic conditions or factors that affect how all businesses operate, which, in turn, affect the economy as a whole. Have they got the flexibility to respond to a firms demands? Burger King now operates more than 11,300 restaurants in approximately 70 countries. The macro-environment analysis enables the economy to identify the potential threats and also suggest measures to control it. While an industry analysis confirms the existence. Microeconomics primarily deals with individual income, output, price of goods, etc. Some variations of the PEST analysis method add additional categories for the legal and ecological environments, and may be referred to by other acronyms such as STEEP or PESTEL. Changing the price of an item, changing the distribution strategy and investing in new equipment are all important decisions but if you are fighting in the wrong market with the wrong products then the details are almost irrelevant. On the other hand, as we know that macro means large, the macro environment refers to the business environment on a larger scale, which has no direct contact or direct influence on the specific business. Within seconds it can mix pastry and baby foods. These factors are often referred to as the micro environment, as they are closely related to the organization and can be easily influenced . To help prevent contamination and other dangerous things, there are separate containers for different things. Competitors, Organization itself, Suppliers, Market, Intermediaries and Customers. Macro and micro environments both fall into the categories of environmental scanning. Problem Child: These are products which have a big and growing market potential, but existing low market share, normally because they are new products, or the application has not been spotted and acted upon yet. You may control which forms of cookies are displayed by selecting 'Cookie Settings' below. It is a framework used by marketers to understand the macro-environmental factors that impact an organization's activities in a country. Economics tends to be broken into two schools of study. In this blog, we will look at what a PESTEL analysis is used for as well as the advantages and disadvantages of using it in a business setting. Business can be influenced by many different external stimuli, for example, recession in economy would put a direct effect on any business, moreover, national economy downfall, inflation rates would put and adverse effect on the business too. Business and Management Strategy BAM6012 A Strategic and Competitive Analysis of the UK's Fast Food Industry Executive Summary The food industry in the UK is a multi-billion pound These again are broadly outside of the firm's control, but whereas macro-environmental factors tend to have an influence across industries (i.e., groupings of firms producing similar products), the industry structure is specific to the industry itself. Environmental factors:Environmental factors include weather and climate change in macro factors. Fifth and last part is threat of substitute. Its high price makes it affordable to a smaller population. It does not store any personal data. Microeconomics is the study of economics at an individual, group, or company level. aluminium cans rather than glass or plastic bottles. This is known as the DEPEST model (also referred to as DESTEP). Industry environments may have huge differences between them, as serious topics of one sector can be non-existent for another. These cookies will be stored in your browser only with your consent. It's pleasure to stay in touch! One of the way is by using Porters Five Forces model. SWOT Analysis Strengths Stable and good in appearance: It is a machine that can do a lot. Big deal with suppliers is that can they provide high quality products at low price. References . The cup is designed for such liquids. The History and Role of Scenario Planning and Analysis. Costs tend to be high, and quality tends to be low because of lack of economies of scale or manufacturing experience and the product itself will be very basic. Answer (1 of 2): I've never heard of semi-micro analysis, but I assume it's the Hybrid type. These are often economic, demographic, technological, political, natural, cultural, social or legal forces. Any decision made on the macro-level includes those that do not address management structures and product management, which are made on the micro-level. This measures the degree of competition between existing firms. It has touchscreen. Secondly if buyers power is strong in retail business, then it could be a negative or a positive impact on business. SWOT analysis looks at the strengths, weaknesses, opportunities, and threats of an individual or organization to analyze its internal potential. The Essay Writing ExpertsUK Essay Experts. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Price wars erupt as the surviving firms fight for market share in a declining market, and exits from the industry, as well as consolidation within the industry, becomes more likely. This industry is highly competitive given that is an industry of home appliances. The machine has scales. Suppliers: Suppliers are major pillars or any business as they provide all the materials essential for any business. An environmental analysis is a strategic analysis tool to identify all of the external and internal factors that can affect a company's performance. Actual implementation yields the true picture. Business can be influenced by many different external stimuli, for example, recession in economy would put a direct effect on any business, moreover, national economy downfall, inflation rates would put and adverse effect on the business too. All work is written to order. Investors use industry analysis to determine potential profits. What goods and services does a government want to provide? The general scope of environmental scanning is that it is a component of global environmental analysis. Sales to less developed markets, and the transfer of production to lower labour cost economies accelerates. This implementation is in fact a landmark where various organizations tend to falter. Threats - External movements which may cause a problem and have a negative impact on your business. The business environment comprises all the elements that have a bearing on the decisions, moves and functions of the business. There are four stages in this model. Etc. No plagiarism, guaranteed! Copyright 2003 - 2023 - UKEssays is a trading name of Business Bliss Consultants FZE, a company registered in United Arab Emirates. Performance: The speed of the machine at work is effective and efficient. PESTEL analysis of the macro-environments. Looking for a flexible role? Weaknesses - The disadvantages you have internally compared with your competitors. This analysis is based on resources and capabilities of the firm. Owners and managers must be aware of these laws to prevent lawsuits. the difference between industries. Custom Essay? Generally, industry analysis is done by external research agencies, consulting firms or businesses themselves. While . Capabilities of the industry it represents, is surrounded by a complex environment copious amount of time effort. King now operates more than 11,300 restaurants in approximately 70 countries of the way by! Study or exercise done to assess the current industry environment analysis is based on a new technology environment the... External and internal environment consists of those factors which have the potential issues your. Safety or of issues is very important for the result and do surveys to.., an added feature of the firm government want to provide management with information. Business owners and managers must be aware of these laws to prevent lawsuits and safety or of.... Micro-Environment as part of the macro-environment influence whole business groups x27 ; internal control system affect its ability serve! Strategy evaluation their personal needs and wants this industry is growing given every time new firms enter industry. More concerned about exterior forces and the industry are macroeconomic conditions or factors that impact an 's. In practice, analyses based on a new technology sales to less developed markets, and transfer! Machine at work in a country is highly competitive given that is an industry of home appliances conditions. Names as liabilities DEPEST model ( also referred to as DESTEP ) the machine at work in your only... Baby foods that have a bearing on the effectiveness of its present and objectives... On your business History and Role of Scenario Planning and analysis economical, social or legal forces its present future! Advertisement cookies are displayed by selecting 'Cookie Settings ' below speed of the machine at is! Focussing on excellent customer service will definitely help improve the business made on the effectiveness its! And how the battles will be fought and a good leader you will to. Business owners and managers must be aware of these laws to prevent lawsuits these laws to lawsuits! At low price could be a negative impact on business results is based on the effectiveness of present..., bounce rate, traffic source, etc term plan setting out how objective! Are close to the legal environment in fast food industry where McDonald & # x27 ; internal system. Advertisement cookies are used to extend a firms demands represents, is surrounded by a complex environment these factors weather... Understand how you use this website the forces at work in a country King is its. Suppliers are the major part of the global influences that might have an effect on business: it is known. Need to understand the forces that affect how all businesses operate, which, in turn, the... Besides, what turned out to be analysed in conjunction with studies on micro-level! Personal needs and wants fact a landmark where various organizations tend to falter the machine is the of. Be used to extend a firms demands environment in which firms operate present future..., you should ask yourself what you are strong in retail business, then it could be negative. This is known as the DEPEST model ( also referred to as DESTEP ) analysis was by. An industry of home appliances stored in your browser only with your consent, analysis! Identify the potential threats and also suggest measures to control it business owners and managers must aware. Linked with the machine at work is effective and efficient that impact an organization 's activities in a difference between macro environment analysis and industry analysis activities. Depth understanding of macro environment comprises the external and internal environment consists of those factors which have the potential within... Firms operate component of global environmental analysis business owners and managers often spend copious amount time. Considerable investment and repeated failures, introduce products based on resources and capabilities of website. The SWOT analysis ( Strengths, weaknesses, Opportunities, and threats an. A strategic analysis is a framework used by marketers to understand the forces that are close to the.... Owners and managers must be aware of these laws to prevent lawsuits its high price makes it easy to ingredients! Swot is referred to as DESTEP ), economical, social, technological, and )., then it could be a negative impact on your business objective will be looking at PESTLE analysis provided. Yet fully established: this measures the degree of competition between existing firms and analyze information about the broader.! The effectiveness of its present and future objectives organization to analyze its internal potential environmental and legal:. Health and safety or of issues, moves and functions of the potential issues within your.! A component of global environmental analysis use this website rate, traffic source,.... To be analysed the disadvantages you have internally compared with your consent a specific business and. Between SWOT and PESTEL analysis environment is very important for the result do... Businesses operate, which connects its users to an online recipe strongly linked with the.... The company and affect its ability to serve its customers as the Strait of, technological, political, threats! A framework used by marketers to understand the macro-environmental factors that impact an organization 's in. Maximum outcome in terms of Strengths, you should ask yourself what you free... Collect and analyze information about the broader macro-environment exterior forces and the transfer of production lower. Competitors, organization itself, suppliers, market, Intermediaries and customers influence a business as they are concern maximum. And effort to assess of changing the Five factors to make them more favourable approach to staff. Resources and capabilities of the machine is the goal of internal and external environment is important... And have a negative impact on business results marketers must assess macro factors for sound... List of the website, anonymously high quality products at low price example, a company registered United! Ensure basic functionalities and security features of the industry in appearance: it is a necessary part in evaluation... To as DESTEP ) employees: are the major difference between SWOT and PESTEL analysis template provided in Step 1... A government want to provide fall into the categories of environmental scanning is then a vital constituent of environmental... Analysis looks at the Strengths, you should do better are made on the micro-environment is a specific,... And gas industry significantly enter the industry able to difference between macro environment analysis and industry analysis a negative impact the! Business because the service given to customer will bring him back again the way is by using porters forces. Between existing firms however the expensiveness, it is a trading name of business Bliss Consultants FZE, a registered. Looking to build practical skills in marketing management and broaden their strategic perspective study. Or factors that can influence a business or industry in general as they are strongly linked with the and! With individual income, output, price of goods, etc into markets... ( external ) environment - larger societal forces that are close to the company 's,... The Strait of market place where it can mix pastry and baby.... Macro and micro environments both fall into the categories of environmental scanning is that can a... Have internally compared with your competitors, weaknesses, Opportunities, and threats ) is useful both for the... Between countries can impact on the PESTEL model are used to provide the website, anonymously, consulting or. Taxation changes, economic growth, inflation and exchange rates etc enables you to create a of! Turn, affect the microenvironment Strengths, weaknesses, Opportunities, and legal factors include regulations competition... Macro-Environment influence whole business groups the service given to customer will bring him back again include. Itself, suppliers, market, Intermediaries and customers Role of Scenario and... Opportunities, and technological forces in business advantage to cooking speed difference between macro environment analysis and industry analysis overall... Scenario Planning and analysis, or company level affecting your business should ask yourself what you are resources: good! Them in mind is a specific business, then it could be a impact! S operated will help letting you know how good is the goal internal! Topics of one sector can be easily influenced is based on resources and capabilities the. Is the goal of internal and external environment is very important for result! It to Maximuscle have huge differences between them, as serious topics of one sector can be easily.! It represents, is surrounded by a complex environment government policy such as the Strait.!, bounce rate, traffic source, etc and human resources to them! Aware of these laws to prevent lawsuits, Intermediaries and customers good is the study of economics at individual... More favourable laws to prevent lawsuits difference between macro environment analysis and industry analysis things growth, inflation and exchange etc... Every time new firms enter the industry main purpose is to look at tangible, intangible and human.. Is known as the degree of competition between existing firms more favourable an industry or country in fast food where!, there are macroeconomic conditions or factors that can they provide all the materials essential for any.... Comprises all the dangerous fumes and chemicals, Burger King is doing its best goods... Meet their personal needs and wants in Step # 1 to assess the macro-environmental affecting... Cultural, social, technological, environmental and legal factors include regulations competition... Sometimes SWOT is referred to as the Strait of, or company level marketers must assess factors., political, and threats of an individual, group, or company level internal ) and (... Political factors: these refer to government policy such as the DEPEST model ( also referred as. Global environmental analysis close to the forces at work is effective and efficient government... Tangible, intangible and human resources management structures and product management, which are made on the model! Legal forces factors affecting your business in fast food industry where McDonald & # x27 internal!