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Wright Technology Firm

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Submitted By iGurujustus
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Strategic Management and Strategic Competitiveness

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General environment
A business is impacted by the environment it functions in and the success of the business depends on the way it is able to adjust to its environment. The difficulty of this actuality is made even more complicated by the many diverse business environments. There are situations or events that occur and can either affect a business positively or negatively. These events and situations are known as environmental factors (Hitt & Ireland, 2013).
There are two types of environmental factors, internal environment factors and external environment factors. Internal environmental factors are those events that happen within an organization and the company can easily control them than external environmental factors. Some of the internal environmental factors include management changes, employee morale, culture changes and financial changes (Hill & Jones, 2010). External environmental factors are the events that occur without the business and are more challenging to control. These factors are more dangerous to the organization than internal factors and include changes to the economy, competition, political factor and government regulations.
Segments that affect the company
There are five segments of the general environment, that is the, the macroeconomic, sociocultural, political technological and global segments. The segments with the biggest impact on Wright Medical Technology are the macroeconomic segment and the technological segment (Hitt & Ireland, 2013). The macroeconomic segment can affect small business because of changes in interest rates currency and inflation. When inflation increases, there will be an increase of prices of goods, services and commodities and Wright will have to incur more operational costs and employees’ wages and salaries will

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