Compare the external business environment of two companies (a fast-food restaurant and an insurance agency). Which...

Compare the external business environment of two companies (a fast-food restaurant and an insurance agency). Which external elements have the greatest impact on each business and how would management need to adapt to these environments? Be specific and provide examples.

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Expert Solution

Fastfood restaurant is B2C and is largely reliant on market proces and changing customers preferences and how competitive players offer their services.

However an insurance agency is affected by political movement ajd legal framework as laid out by government.

The Biggest impact however is due to changing technology and hypercompetition which challenges sustainability and thus management must tackle this by continuing investment on weaker zones of competitor and not allowing them to proliferate just like how Berkshire Hathway is biggest reinsurance company and no other companies can match their ubiquitous offerings at low cost and timely sanctions.

keosha answered 1 year ago

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