Question

Ally Bank has more than $95 billion in customer deposits but has no brick-and-mortar locations. The bank provides high levels of customer service through its investments in emerging technology enabling Ally to capture a high share of customer banking needs. In contrast, Fifth Third Bank has announced that it is closing 30 percent of its bank branches due to loss of market share. These examples demonstrate the impact of _____ factors as part of the external environment.

Answer 1

These illustrations highlight the influence of competitive elements as a component of the external environment.

Is competition a part of the external environment?

By definition, the external environment includes all external forces and influences that have an impact on how businesses operate. Competitive, political, technological, and economic issues are included in the business environment variables.

What does external competition entail?

A business competes and operates in a dynamic external system known as a competitive environment. The marketplace in which you compete will be more competitive the more vendors there are of a given good or service.

Which elements influence the competitive environment?

From a microeconomics perspective, there are five fundamental variables that might affect competition: the characteristics of the product, the number of sellers, entrance barriers, the accessibility of information, and location.

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