Budget

Chapter 1 Budgeting and Financial Planning Part 1 mise en scene and Purposes of Budgeting 1.1  External drivers of change Todays business environment is a serviceman of never-ending change. In recent years, its pacing and magnitude turn out been accelerating, manner of speaking 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 slaying of modern businesses. External drivers of change are beyond the actualize of any single market player. You need to identify the external drivers relevant to your companys market position. They are the forces and context which will knead your companys strategy. Focusing on external drivers will e nsure that your strategical responses will make the greatest impact and will also 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 end-to-end the world and take advantage of wider customer bases, economies of scale, and other rivalrous advantages. But it also means that existing markets are turn over to challenge from any global competitor. Today, it is no longer enough to be the best in your locality. In the long run, make clean depends on companies achieving and sustaining world-class performance. Globalization enables and drives the need for larger ware 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 readily available raw materi als, particular expertise, or dirt tuppeny! 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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