Business Studies Theory by Topic - External environment

Below is a list of business studies theory articles relating to the External environment section of The Times 100. Choose your sub topic from the list of arrowed links below the External environment heading to find all theoretical explanations.

External environment revision theory

Learn about external environment from the experts

The Times 100 work with some of the world's largest and most successful companies to bring you real life external environment case studies to help you with your studies.

By working from real world external environment examples, you will get more from your business education than ever before and learn from true experts.

What is ‘external environment theory’?

This part of the curriculum explains the purpose of the marketing function and the process of marketing planning. It shows the importance of marketing in matching the company's offer or brand to what customers want and expect, as well as how companies use their strengths to take advantage of opportunities or counter threats. This includes:

  • Identifying marketing opportunities - market research, SWOT analysis
  • Setting marketing objectives - product- versus market-orientation
  • Analysing and forecasting markets - understanding customer types and market segments
  • Identifying what customers want - market research, customer service
  • Understanding how evaluating the elements of the marketing mix (product, price, place, promotion) helps a business to achieve competitive advantage
  • Exploring the levels of risk associated with different marketing strategies (Ansoff's matrix - market penetration, market development, product development, diversification) and determining which a business should choose to fit different needs.
  • Considering what strategies are open to a company to market products that are at different stages of the product lifecycle, such as pricing and promotional strategies.

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Roles & responsibilities

OPITO logo This case study demonstrates how the right people with the right skills ensure that the sector can maximise the recovery of the remaining oil and gas reserves as well as remaining competitive and profitable.

Investment appraisal in action

Syngenta logo This case study looks at how in 2008 Syngenta proposed an investment in new manufacturing capacity that would allow it to increase production of Amistar. It reviews the analyses that helped the company decide whether to proceed with this investment.

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