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Grace Kennedy Foods: External Environment

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Every strategy decision within any business entity must be in consideration of the prevailing external environment (Pederson, 2013). Depending on the nature of the business enterprise, the influence of the external environment on business activities varies immensely. In this case analysis of Grace Kennedy Group has been outlined. In addition, this paper will assess the importance of the external factors that affect the commercial operations of Grace Kennedy Foods.
External factors are outside influences that can impact a business whereby the company really doesn’t have much control of how the external environment elements will perform (EduNote.info, 2012). There are several external factors that can impact an organization to achieve its …show more content…

This includes market fluctuations as it relates to politics, terrorism attacks, and currency devaluation (Small Business - Chron.com, 2016). For instance in the local economy inflation affects the purchasing power of the people, whereby prices increases while reducing the buying power of income scales. This will ultimately results in consumer investing less which may impact the banks availability to lend money for personal and business loans (Small Business - Chron.com, 2016). The year 2012 was a challenging one for Grace Kennedy Financial Group whereby revenues increased and profit before tax declined compared to 2011 (Jamstockex.com, 2012). In addition, its subsidiaries encountered a decrease in business with higher taxes imposed on the financial institutions. Notwithstanding the challenges the money services and the insurance segments gained increase revenues at 7.7% and 9.1% respectively during 2011 (Jamstockex.com, …show more content…

Stakeholders are not all equal (www.boundless.com, 2016). Having identified stakeholders and their importance to the business, plans can then be made based on their needs and expectations. Stakeholders often have concerns that they expect to be fulfilled by the business. A typical example is where the owners of business expect it to be profitable and to distribute that profit to them while local and federal government agencies expect it to obey the law and pay its taxes on time (smallbusiness.chron.com,

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