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Business environment is very important to an organization which will help the firm to identify opportunities and getting the first mover advantage. Besides that, it can also improve performance of an organization. The companies that continuously monitor their environment and adopt suitable business practices are the ones which not only improve their present performance but also continue to succeed in the market for a longer period. Environmental understanding helps an organization in improving their image by showing their sensitivity to the environment within which they are working.
Environment of a business involved the internal and external factor that influencing a business decision. Internal environment are the factor that will affect the business directly, which involve customer, employees, shareholders, competitors and supplier, stakeholders. External environment refers to the factors that influence the organization indirectly, which involve political, economic, social technology, legislation, environment and demographic, (PESTLED).
This helps an organization to reduce the risk of getting failure in their operation and development in new product. PEST analysis and Porter’s Five analysis is used to find out the external environment, where, value chain analysis and SWOT analysis is used to find the internal environment of an organization.
Strategy is about the direction in which the organization is going, the ways to achieve objective and competitive advantage, satisfying the needs of stakeholders and responding to the environment. Different organization develops different strategy in order to respond to the environment of their organization. The business strategy includes Ansoff’s Matrix, Boston Consulting Growth Matrix (BCG) and Porter Generic Competitive Strategies.

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