Briefly discuss the external business environment in which the business operates?

The external business environment refers to factors outside of the business that can impact its operations and success. This includes economic conditions, political and legal factors, technological advancements, social and cultural trends, and competitive forces.

For example, economic conditions such as inflation, interest rates, and consumer spending can affect a business's sales and profitability. Political and legal factors such as government regulations and trade policies can impact a business's operations and costs. Technological advancements can create opportunities for innovation and efficiency, but also pose challenges in terms of competition and cybersecurity.

Social and cultural trends, such as changing consumer preferences and attitudes towards sustainability, can influence a business's marketing strategies and product offerings. Finally, competitive forces from other businesses in the industry can impact a company's market share and pricing strategies.

Overall, businesses must be aware of and adapt to the external business environment in order to remain competitive and successful.