Challenge 1 Report Assignment Example | Topics and Well Written Essays - 500 words

Challenge 1 Report - Assignment ExampleThis net be instrumental in marketing the business and creating awareness to its potential and existing clients. However, for achievement to be attained, the management should objectively scan the environment to identify any opportunities to be exploited as fountainhead as the threats that might reach out it challenging for it to accomplish its short and long term goals. Amongst the external factors that aim to be considered are social and demographic environment economic environment technological environment competitory environment and legal environment (Gomez-Mejia 2008).Social demographic environment entails the economic, social and cultural features of the people. In this case, population is the market being served. So, when setting up a dentist facility, the investor need to consider the clients age, gender, marital status, culture, direct of income and level of education. All these can greatly set the purchasing power of the clien ts. For instance, clients with a higher level of income have higher purchasing power because they have enough resources to spend. Culture and religious beliefs can in addition influence the clients demand for the dental services to be offered by the facility.Economic factors can also influence the success of the business. If factors like inflation, interest rates and employment are taken into account, the facility can be put in the right path for success. The higher the interest rates and inflation in the country, the more than expensive it can be to operate the business (Gomez-Mejia 2008). This is because they help in increasing the costs of operations. Therefore, for success to be realized, inflation and interest rates should be lower. Otherwise, the buyers would be constrained. Meanwhile, technological environment also needs to be considered while marketing this business. For the dentist to enjoy a competitive advantage, he needs to make a good use of modern high technologies.