There are a number of external factors that can have an impact on business operations. When undertaking a business planning endeavor, develop a long-term view of a firm's future by evaluating not only internal dynamics but also external dynamics that can impact its bottom line.

Business research and development includes understanding these external factors. They shape what should be produced and in what quantities. Below are at least five external factors that may impact your business enterprise performance.

What are Markets?

"Almost all marketing and advertising executives could answer the question, and yet many would give different answers to the same question," states Jack Z. Sissors in his article "What Is a Market?" in The Journal of Marketing. "Their answers might differ because their particular jobs require only the use of limited definitions of a market."

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