Each of you need to find a current news article from a reputable, business-focused source (e.g., Wall Street Journal, Fortune, Kiplinger’s, or Forbes) that illustrates either a political/governmental or sociocultural external force and its impact on your industry. In this blog, post the link to the article and your analysis of what impact the specific force will have on your industry within the upcoming year. Please do not repeat articles, unless you are focusing on the impact in a different industry.
Political or governmental forces can be at the local, regional, national or international level. As we rely increasingly on global markets and governments for success, we also need to consider our relationships with these entities as well as their fiscal and monetary policies and their overall stability.
Sociocultural forces are an important part of the external environment and include not only the cultural norms and values of our society, but also such demographic factors as age, marital status, income, lifestyle, etc. It is important to monitor these ever-changing forces and to adapt your strategy accordingly to maintain your competitive advantage.