Secondly, social factors are likely to lead to changes in consumer tastes, preferences and attitudes.
According to Lorat (2009), change in consumer attitudes towards a product in the negative always reduces sales thus revenues and profits. Due to technological advancements, the electronics industry has become one of the most competitive industries in the world.
This led to achievement of operating profits of 8.3 billion U. Other ways in which the company uses technology to deal with competition is development of other products such as Smart cameras and Tablet personal computers.
To influence the positive attitude towards its products, the company engages in community affairs especially in supporting education and healthcare (Samsung, 2013).
May it be duly based on convenience or innovation, the economic environment has evolved from whence it came.
One of the ways the economic environment has changed is it has become more dynamic fundamentally.
Today, to acquire an import to buy is as easy as clicking a button on your computer or mobile device and simply inputting information for verification.
The media is another tool and proof of technological changes in the economic environment.
This research paper generally seeks to explore the external and internal environments of the company.
To do so, the paper explores the most influential external environment factors, competition forces, what the company can do to address competition, external threats and opportunities, internal strengths and weaknesses, core competencies and value chain.