External Environment

UNIT 4 EXTERNAL ENVIRONMENT

Objectives
After reading this unit, you should be able to:
 Understand the importance of environmental analysis;
 Acquaint yourself with the broad dimensions in a general environment;
 Know the relationship between the general environment and strategy;
 Understand the concept of Industrial Organization (I/O) model;
 Know the PESTLE framework for analysis and the implications of its factors.

Structure
4.1 Introduction
4.2 General Environment and Strategy
4.3 Process for analyzing the External Environment
4.4 External Environment
4.5 Industrial Organization Model
4.6 PESTLE Framework
4.7 External Factor Evaluation Matrix
4.8 Summary
4.9 Keywords
4.10 Self-Assessment Questions
4.11 References and Further Readings

4.1 INTRODUCTION
Strategic analysis is basically concerned with structuring the relationship
between a business and its environment. The environment in which a business
operates has a greater influence on their successes or failures. There is a strong
linkage between the changing environment, the strategic response of the business
to such changes and the performance. It is therefore important to understand the
forces of external environment the way they influence the linkage. The external
environment which is dynamic and changing holds both opportunities and threats
for the organizations. The organizations while attempting at strategic realignments,
try to capture these opportunities and avoid the emerging threats. At the same
time the changes in the environment affect the attractiveness or risk levels of
various investments of the organizations or the investors.
The first level of the external analysis i.e. understanding of the macro environment
has an influence on the success or failure of an organization’s strategies. The
impact of the changes of the macro environment is felt on the organization and
its strategies through their influences on the competitive forces of the competitive 63
Environmental Analysis environment. Assessing the external environment is also known as environmental
scanning or industry analysis. In this unit we will learn a practical approach to
assessing and analyzing the external information and understand the concept of
Industrial Organization (I/O) model.

4.2 GENERAL ENVIRONMENT AND STRATEGY

A manager needs to analyze the kind of impact the change may bring in their own
industry as the impact are never same for all industries. For example, the emerging
younger demographic profile of India will have very different consequences for
businesses say in health care or entertainment. While the former will face an adverse
effect, the latter will have a positive effect and these needs to be analyzed and
integrated into strategic decision making. In response to these assessments of
differential impacts, managers will be able to take advantages of the opportunities
or guard themselves of the threats. Exhibit 1 shows how in different ways various
industries get affected by the different environmental trends.
Responding to these various impacts with new strategic initiatives the managers
must take notice of the fact that if the changes are significant, it may have the
potential of changing the competitive rules of the game in the industry. For
example, in India the competitive rules of the game for sectors like telecom,
banking and insurance etc, in the post liberalization period changed specially in
last few years. With the pandemic crisis, the rules have changed all the more as
more stress is towards digitization. With the easing of FDI and participation of
major global players, norms have changed dramatically which is reflected in the
strategies of most of the organizations in the sector. These changes can be seen
in the area of technology and pricing, intensity of advertising and promotions,
their business alliances and network in the nation.
Managers need to be cautious of the fact that there may be developments, which
are not so easy to predict and therefore need further attention so that they can
be incorporated in their strategy. In the global context, the managers must see
the kind of impact any single change will have in different markets. It is
quite possible that they are very different both in degree and their nature.
Exhibit 1: Environmental trends and their probable impact on
different sectors
Environmental Probable positive Probable neutral Probable negative
trends effects effects effects
1. Aging population Medical services Minerals Colleges and
schools
2. Multiple income Fast food Machine tools Grocer’s supplies
families
3. Deregulation Shipping Financial sector
4. Increased Waste management Software Leather
environmental
legislation
5. Growing global Telecommunication/ Competition
small scale/
handicrafts
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Structural Drivers to Change External Environment

The PESTLE analysis gives a number of factors and their likely influences.
However it is important to identify the specific factors which may influence an
industry and force them towards competitive adjustments. These factors are
termed as structural drivers of change which have the likely effect on the structure
of an industry or on the competitive environment.
As a first step based on PESTLE analysis, the key driving forces need to be
identified and then impact of the combined effect of these forces should also be
made. Increasing globalization of the industry and the E enabled era could make
such driving forces capable of affecting the structure of an industry or its
environment.

4.3 PROCESS FOR ANALYZING THE EXTERNAL

ENVIRONMENT
Let us now see the process for analyzing the external environment. This consists
of three steps which are as follows:
Step 1: Environmental scanning
Step 2: Assimilation
Step 3: Evaluation
The process of analyzing the external environment requires three steps to be
followed. In the first step the organization should gather all the information related
to political, economic, socio-cultural, technological, legal and environmental
(PESTLE) trends. This can be done using internet, magazines, newspapers etc.
A periodic scanning report of these factors can be submitted for performing the
external audit. The second step involves assimilation of all the information
gathered. This involves assessing the opportunities and threats available with
the organization. The last step in this process is evaluating. In this the key external
factors need to be identified and a list of the same is to be made. These key
factors should be important in helping long term objectives of the organization
and should be measurable in nature. Using these sources the environmental
analysis for any organization can be done.
Environmental scanning
The factors or the forces understood under PESTLE framework put together,
present a highly complex and uncertain environment which are difficult to predict
or foresee. From a long term view of strategy however, reaching somewhat closer
to such forces are important in understanding the key factors influencing the
success of such strategies.
Environmental scanning is one of the few ways to detect future driving forces
early and this involves studying and interpreting the developments of social,
political, economic, ecological and technical events that could become driving
forces. It attempts to figure out few radical happenings or path breaking
developments which may be catching on and see their possible implications 5 to
20 years into the future. The purpose of environmental scanning is to raise the
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Environmental Analysis consciousness of managers about potential developments that could have an
impact on industry conditions resulting in new threats or opportunities.
Environmental scanning is normally accomplished by systematically monitoring
and studying current events, constructing scenarios and employing the Delphi
method (a technique for finding consensus among a group of knowledgeable
experts).
Constructing scenarios involves a detailed plausible view of how the business
environment of an organization might develop in the future based on the groupings
of key environmental influences and drivers of change about which there is high
level of uncertainty. For example in industries like energy, transportation, defence
equipment etc. there is a need for views of the business environment of more
than 10-15 years and factors like raw materials, substitutes, consumption patterns,
geo politics etc. would be of crucial importance. Foreseeing precisely for such a
longer duration may be very difficult but drawing up possible futures may be
viable. It is not unnatural to believe that several scenarios could unfold overtime
and these need to be understood. Scenario planning technique is briefly
discussed in Unit 5 under the competitive environment.

4.4 EXTERNAL ENVIRONMENT

The macro environment in which all organizations operate broadly consist of the
economic environment, the political and legal environment, the socio cultural
aspects and the environment related issues like pollution, sustainability etc. The
technological temper and its progress has been the key driver behind the major
changes witnessed in the external environment making it increasingly complex.
These factors often overlap and the developments in one area may influence
developments in other. For example, the opening up of economy integrated the
markets globally and increased the competition between private and public
organizations. This forced the Indian government to revisit its economic policies.
Under its new liberalization policy and economic reforms of 1991, regulations
like MRTP, which restricted the size of the business and therefore inhibited their
efficiency and competitive levels, were removed with a positive impact on the
indigenous industries. The current political developments are sure to have an
impact on the minds of business people regarding the future policy direction
in certain sectors. The social considerations in the context of a developing
nation like India also play a critical role in deciding the broad dynamics of the
business environment. The clash of ideologies between preserving the Indian
ethos and culture and giving a freedom of choice to people often create
problems and confusion for business.

4.5 INDUSTRIAL ORGANIZATON MODEL

Let us now discuss the Industrial Organization (IO) Model which forms the
basis to understand the concept of strategy leading to competitive
advantage. The Industrial Organization Model adopts an external perspective on
strategic decision- making. It begins with the idea that external factors have
major effects on organization’s strategic activities. In other words, this
model assumes that the features and conditions of the external environment
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impact the formulation and implementation of strategies in order to generate External Environment
above-average returns and thereby gain competitive advantage. Under this
model, external environment forces the organization to develop strategies to
meet that demand at the same time limiting the spectrum of tactics that may be
suitable and ultimately effective. Further, the model assumes that all
organizations operating within an industry possess similar set of resources.
This implies that, due to the similarity among set of resources, majority of
organizations operating in a certain industry or a section of an industry has
comparable skills and consequently pursues similar tactics. The resources
required to put strategy into action are highly transferable among organizations.
Significant distinctions in strategically relevant resources across enterprises in
an industry tend to diminish due to high resource mobility.
The industrial organization model follows a process for achieving competitive
advantage as shown in figure 4.1. The steps involved are discussed as below:
 Examine the external environment which includes general, industrial,
and competitive environment to identify the external environment
attributes and both decide and limit the organization’s strategic solutions.
 Based on the structural parameters of the industry, industry (or industries)
is to be chosen with a high potential for returns.
 Strategies associated with above-average returns should be developed
based on the features of the industry in which the organization plans to
operate.
 Acquire or develop the key resources required for successful
implementation of the formulated strategies and plans.
 The model indicates that competitive advantage will be achieved if an
organization successfully implements the strategic actions which enable
an organization to utilize its resources for meeting the demands of
external environment.

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Figure 4.1: Industrial Organization Model
Environmental Analysis This model is important for the organizations as it helps them assess the strategic
position of the organization.

4.6 PESTLE FRAMEWORK

The external forces can be classified into six broad categories: Political, Economic,
Social, Technological, Environmental and Legal Forces. Changes in these external
forces affect the changes in consumer demand for both industrial and consumer
products and services. These external forces affect the types of products produced,
the nature of positioning, market segmentation strategies, the types of services
offered, and choice of business. Therefore, it becomes important for the
organizations to identify and evaluate external opportunities and threats so as to
develop a clear mission, design strategies to achieve long-term objectives and
develop policies to achieve short term goals. Here, we will discuss all the six
forces individually and then try to come to the conclusion regarding environmental
analysis. A careful analysis of the above factors will help in identifying
major trends for different industries. Exhibit-2 shows the PESTLE framework
which is most popularly used for such analysis.
Few indicative points are listed to guide you to find the key factors in the general
environment. While PESTLE framework may be used to understand the most
important factors at the present time, it should be primarily used to look into the
future impact which may be different from their present or past impact.
Exhibit 2: PESTLE Framework

The PESTLE Framework- Marco-environmental influences. The framework

primarily involves the following two areas:
1. The environmental factors affecting the organization;
2. The important factors relevant in the present context and in the years
to come.
Political
1. Government stability
2. Political values and beliefs shaping policies
3. Regulations towards trade and global business
4. Taxation policies
5. Priorities in social sector
Economic Factors
1. GNP trends
2. Interest rates/ savings rate
3. Money supply inflation rate
4. Inflation rate
5. Unemployment
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 External Environment
6. Disposable income
7. Business cycles
8. Trade deficit/surplus
Socio-cultural Factors
1. Population demographics
 Ethnic composition
 Aging of population
 Regional changes in population growth and decline
2. Social mobility
3. Lifestyle changes
4. Attitudes to work and leisure
5. Education-spread or erosion of educational standards
6. Health and fitness awareness
7. Multiple income families
Technological
1. Biotechnology
2. Process innovation
3. Digital revolution
4. Government spending on research
5. Government and industry focus on technological effort
6. New discoveries/development
7. Speed of technology transfer
8. Rates of obsolescence
Legal
1. Monopolies legislation/Antitrust regulation
2. Employment law
3. Health and safety
4. Product safety
Environmental
1. Carbon emissions
2. Pollution levels
3. Environmental sustainability
4. Global warming
5. Biodegradable material
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Environmental Analysis Political factors
Politics has a serious impact on the economic environment of a nation. Political
ideology and political stability or instability strongly influence the pace and
direction of the economic growth. It also contributes to the economic environment
which is conducive for some businesses to grow or indifferent for some businesses
or at times be a hurdle. The governments at any levels be it central, state, local
and foreign, all have an impact on the businesses. These are the major regulators
or deregulators. The businesses all over depend largely on the contracts of
government, subsidies etc. which form a major part of external environment.
Any change in the laws, regulations, tax slabs etc. can affect the organization to
a large extent.
Looking back into the history due to certain ideological beliefs prevalent in some
section of politics, few of foreign organizations had to move out of India in the
late 70s. Entry barriers, protectionist policies, high tariffs, nationalist pursuits all
worked towards a closed economy which continued till the time liberalization
policies were introduced in 1991. This situation had a cumulative effect on making
the economy weak and the businesses were hardly competitive as compared to
the international standards. However in subsequent years, the political consensus
developed on issues such as labour reforms, power sector reforms, importance
of infrastructure etc. and these sectors are doing a lot good for business.
Activity 1
Identify few key active political forces. Discuss how they are shaping the overall
environment in the nation.
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Economic factors
Exhibit 3 gives you a view of broad indicators which give the economic picture
of the general environment and these should be carefully looked into while doing
the environmental analysis.
Exhibit 3: Common Economic Indicators

A. National Income B. Policy Initiatives

GNP Monetary policy
Personal disposable Income Fiscal policy
Personal consumption Labour and employment policy
C. Savings D. Foreign Sector
Personal savings Exchange rates
Corporate savings Exports/Imports
Balance of Payments
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 External Environment
E. Industry F. Sectoral Growth
Industry Investment Agriculture
FDI flows Industry
Services
Infrastructure
G. Capital Market H. Prices, Wages, Productivity
Equity market Inflation
Bond market Labour productivity

Economic factors throw light on the nature and direction of the economy in
which an organization operates. The organizations must focus on economic trends
in segments that affect their industry. For example the trend of low interest rates
on personal savings may compel individuals to move towards equity and bond
markets leading to a boom in the capital market activity and the mutual fund
industry. Consumption patterns are usually governed by the relative affluence of
market segments and organizations must understand them through the level of
disposable income and the tendency of people to spend. Interest rates, inflation
rates, unemployment rates and trends in the gross national product, government
policies and sectoral growth rates are other economic influences it must consider.
The services sector’s contribution to national income is increasing year after
year and the family incomes are rising faster than individual incomes, job
opportunities are more diverse and therefore these speak for different types of
opportunities and challenges which are emerging before the business. With the
opening up of the economy, trends in the global market needs a careful look. The
above needs to be analyzed and incorporated in your inferences for the general
environment and its other forces and how all these together may influence
business.
Activity 2
Suppose the foreign exchange reserves in the nation gets depleted by half of
the present level because of few developments in the outside world. Discuss
the environmental effects it may lead to.
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Social factors
Socio-cultural factors have a major impact on the markets, products, services
and customers. Almost all the organizations face challenges arising from the
changes in demographic and cultural variables. Let us discuss these in brief.
Demographic Factors: Demographic characteristics such as population, age
distribution, literacy levels, inter-state migration, rural-urban mobility, income
distribution etc. are the key indicators for understanding the demographic impact
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Environmental Analysis on environment. The shifts in age distribution caused by improved birth control
methods have created opportunities for youth centric products ranging from
clothes to entertainment to media. The growing number of senior citizens and
their livelihood needs have been highlighted and the government is paying more
attention in the form of social security benefits etc.
Considering literacy and the composition of literates in the nation creates
opportunities for particular type of industries and type of jobs. For example on
one hand, the presence of a large number of English speaking engineers
encouraged many software giants to set up shops in India and on the other, the
availability of cheap labour, India becomes a destination for labour intensive
projects. Moreover, large labour mobility across different occupations and regions,
in recent times, has cut down wage differentials greatly and this has an impact
for businesses which needs to be understood.
Cultural Factors: Social attitudes, values, customs, beliefs, rituals and practices
also influence business practices in a major way. Festivals in India offer great
business opportunity for certain industries like clothes and garments, jewellery,
gift items, sweetmeats and many others, the list could be endless.
Social values and beliefs are important as they affect our buying behaviour. For
example, a multinational fast food chain does not serve the beef burgers in India
because Indians do not have cow meat since the animal is considered holy and
sacred. A related example of an entertainment giant also brings out clearly, the
impact different cultures may bring to business. This organization which has
been so successful in the US market could not be so successful in European
nations because of the difference in the way in which people entertain themselves
there. Due to this they had to customize its offerings in order to be successful in
these markets. The spread of consumerism, the rise of the middle class with high
disposable income, the flashy lifestyles of people working in software, telecom,
media and multinational companies seem to have changed the socio-cultural
scenario and these needs to be understood deeply. The pandemic crisis bringing
the Work from Home (WFH) culture also has impacted the way the market is
perceived. Values in society also determine the work culture, approach towards
stakeholders and the various responsibilities the organization thinks of owing to
its stockholders and the society.
Activity 3
There has been a thrust on women literacy. Discuss the influences you see in the
social environment and their impact on business.
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Technological factors
Technological factors represent major opportunities and threats which must be
taken into account while formulating strategies. Technological breakthroughs
can drastically influence the organization’s products, services markets, suppliers,
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distributors, competitors, customers, manufacturing processes, marketing External Environment
practices and competitive position. Technological advancements can open up
new markets, change the relative position of industry and render existing
products and services obsolete. Technological changes can reduce or eliminate
cost barriers between businesses, create shorter production runs, create shortages
in technical skills and result in changing values and expectations of customers
and employees.
The impact of information technology (IT) which combines fruits of both
telecommunications and computers has been revolutionary in every field. Not
only has it opened up new vistas of business but also has changed the way the
businesses are done. IT has specifically brought in another dimension ‘Speed’
which organizations recognize as the additional source of competitive advantage
beyond low cost and differentiation. Manufacturers, bankers and retailers have
used IT to carry out their traditional tasks at lower costs and deliver higher
value added products and services. The pandemic situation has altogether
changed the way the organizations work. Artificial intelligence, robotics, cloud
computing, blockchain technology etc. have penetrated the business world to
a large extent.
Activity 4
Enumerate few of the technological advances in the field of agriculture and discuss
its role in tapping better opportunities in the overseas markets.
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Legal factors

Licensing policies, quota restrictions, import duties, FOREX regulations, FDI

regulations, controls on distribution and pricing of commodities together made
business difficult before the liberalization. However, with economic reforms
things have changed and legal formalities have eased. Nevertheless with
globalization, the rules of competition, trade mark rights and patents, WTO rules
and implications, price controls and product quality laws and a number of other
legal issues in individual nations have become important and therefore they need
to be included while understanding the general environment.

Activity 5

Discuss the legislation on patents in India and its impact on the business.

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Environmental Analysis Environmental factors
Environment conservation and protection is an issue, which has gained
prominence because of deteriorating environmental balance which is threatening
the sustainability of life and nature. Largely, businesses are also held responsible
for such situations as emissions from industries polluting the air, excessive
chemical effluents drained out in water making it poisonous and unfit for use,
usage of bio non-degradable resources affecting the bio-chain adversely and
exposure of employees to hazardous radiations bring their life in danger. All
these have been taken very seriously by different stakeholders in the society
including the government and legislations and movements are creating pressure
for an environment friendly business. These have far reaching implications for
businesses ranging from the kind of business, the product being manufactured,
how it is manufactured and how friendly it is for mankind and nature. Many
multinationals that come under the purview of the society regarding the
environmental hazards have started using more sustainable methods to survive
in the [Link] businesses all over are now concentrating more on preserving
the nature than harming it.
The competitive environment refers to the situation which organization’s face
within its specific area of operation, and this can be understood at an industry
level or with respect to smaller groups called Strategic groups. Generally
understood, an industry in the economy is recognized as a group of organizations
producing the same principal product or more broadly the group of organizations
producing products that are close substitutes for each other and in a given
industry different organizations have different intermediate basis of
understanding its relative position with respect to other organizations in the
industry.

Organizations within an industry with similar strategic characteristics, following

similar strategies or competing on similar bases are called strategic groups.
These characteristics for a particular group will be different from those in other
strategic groups in the same industry or sector. There may be many different
characteristics, which distinguish between strategic groups. For example size,
breadth of product range, geographical coverage, quality or service levels or
marketing spend. The concept of strategic groups when used helps in
understanding who is the direct competitor of any given organization and on
what basis competitive rivalry is likely to take place within each strategic group.
There are competitive forces beyond direct rivals which shape up the
competitive environment that can be better understood with the five forces
framework which we will discuss in unit 5.

Activity 6

List out five major industries which in your view, may pose danger to the
[Link] measures as to how these industries may act in an
environment friendly nature.

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................................................................................................................................ External Environment

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4.7 EXTERNAL FACTOR EVALUATION MATRIX

The External Factor Evaluation Matrix (EFE) is a tool which helps strategists to
summarize and evaluate the PESTEL factors. This involves five steps which are
as follows:
1. List key external factors
2. Assign weight to each factor
3. Assign a rating to each factor
4. Determine a weighted score
5. Determine the total weighted score.
Let us see how each step is to be performed to find out the EFE. Exhibit 4 gives
an example of EFE.
1. List key external factors: Once the PESTEL is performed, key external
factors are identified. In this all the factors (10 or 20) are included which
determine the opportunities and threats for the organization. Then the listing
of all the opportunities and threats is done using percentages, ratios etc.
2. Assign weight to each factor: This is the second step where each factor is
assigned weight sranging from 0.0 (not so important) to 1.0 (very important).
These weights depict the relative importance to each factor. These weights
are determined by comparing successful competitors with unsuccessful ones
or through a group discussion in the organization. The sum of all weights
should be 1.0. These are industry based.
3. Assign rating to each factor: A rating of 1 to 4 factors is assigned. This is
done to show the effectiveness of the organization’s present strategic response
to the factor. The rating scale is depicted as below:
1 = Poor response
2 = Average response
3 = Above average response
4 = Superior response.
Ratings are organization based.
4. Determine a weighted score: This is the fourth step and it involves
multiplying weight of each factor by its rating.
5. Determine the total weight score: This is the last step to be performed and
in this step a score of the weighted score of each variable is considered and
this gives the total weighted score of the organization.
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Environmental Analysis Exhibit 4: External Factor Evaluation (EFE) Matrix of X Inc.
Key External Factors Weight Rating Weighted score
(0.0 – 1.0) (1 - 4) (Weight X Rating)

Opportunities

1. Global markets untapped by 0.15 1 0.15

alcohol free beverages
2. Increased demand by ban on 0.05 3 0.15
use of alcoholic beverages
3. Growth of social media 0.05 1 0.05
advertising
4. Social pressure to reduce 0.15 4 0.65
use of alcoholic beverages
5. Y the leader in discounted 0.10 3 0.30
alcoholic beverage market
Threats
1. Limit against public use 0.10 2 0.20
of alcohol
2. Limit on production of 0.05 3 0.15
alcohol increases
competition
3. Alcohol free beverage market 0.05 2 0.10
concentration in another
region of the nation
4. Poor media exposure 0.10 2 0.20
5. Government regulation 0.20 1 0.20
Total 1.00 2.10

One thing is to be noted here is that despite number of opportunities or threats in

an EFE matrix the maximum possible weighted score for an organization is 4.0
and the minimum possible score is 1.0. This shows that if an organization
gets a weighted score of 4.0, then the response of the organization to the
opportunities and threats is excellent and vice-versa. The example shown in exhibit
shows the total weighted score of 1.0. This indicates the organization is not
able to tap the opportunities and avoid the threats. Therefore, it is important for
organizations to have a thorough understanding of the factors so as to maximize
the opportunities and minimize the threats.

4.8 SUMMARY
Understanding of the general environment in which an organization operates is
the foremost prerequisite towards strategy formulation. The six broad dimensions
which this PESTLE framework provides the environment-political, economic,
socio- cultural, technological, legal and environmental are capable of giving a
comprehensive overview of how things may be unfolding. The objective of the
76 analysis of this framework however should not only restrict to the present and
past but the real focus should be on projecting the trends into future in order to External Environment
get the real feel of the environment. This shall enable the organizations to
proactively strategize for future considering the general [Link] matrix
is used to assess these factors.
The immediate competitive environment influences an organization and therefore
has to be understood alongside the general environment. It is therefore a
challenging task for managers to imitate and formulate strategies which can
effectively neutralize the negative impact on the competitive structure of industry
generated by these forces.

4.9 KEYWORDS
PESTLE Framework : This framework categorizes environmental
influences into 6 main types — political,
economic, social, technological,
legal and environmental.
Structural Drivers of Change : The factors which have a likely effect on the
structure of an industry or on the
competitive environment.
Environmental Scanning : One of the few ways to detect future driving
forces.
Competitive Environment : It refers to the situation which an
organization faces within its specific arena
of operation.

4.10 SELF-ASSESSMENT QUESTIONS

1) Briefly summarize what you understand by the general environment and its
importance for business.
2) Explain what is external analysis and its relationship with
strategy formulation?
3) Briefly explain the PESTLE framework.
4) Identify an industry of your choice and do a PESTLE analysis.
5) Explain the Industrial Organization Model.

4.11 REFERENCES AND FURTHER READINGS

David, R. Fred. (2007). Strategic Management: Concepts and CasesPrentice
Hall International Inc.
Haberberg, A. & Rieple, A. (2010). Strategic Management (2010ed.). New
York: Oxford University Press.
Henry, A. E. (2018). Understanding Strategic Management (3rd ed.). Oxford,
United Kingdom: Oxford University Press.
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Environmental Analysis Johnson, Gerrry & Scholes, Kevan. (2004). Exploring Corporate Strategy. Sixth
edition, Prentice-Hall of India, New Delhi.
Kazmi, A. (2008). Business Policy and Strategic Management (3rd ed.). Delhi:
Tata Mcgraw Hill Publishing Co, Ltd.
Kishor, R. M. (2016). Strategic Management (2015 ed.). Delhi: Taxmann
publication.
Miller, Alex. Strategic Management, Third edition. Irwin McGraw Hill.
Peters, Thomas J. and Robert, H. Waterman, Jr. (1982). In Search of Execllence
lessons from America’s Best- Run Companies, New York: Harper and Row.
Prasad, L.M. (2002). Business Policy: Strategic Management. Delhi: Sultan
Chand & Sons.
Shrivastava, R. M. (2017). Management Policy and Strategic Management(3rd
ed.). Mumbai: Himalaya Publication House.
Thompson, A. Arthur, Jr. and Strickland, A.J. III. (2003). Strategic Management,
Concepts and Cases, Thirteenth edition. Tata McGraw Hill Publishing, New
Delhi.

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