Given the importance of understanding the external environment, why do some firms fail to do so? Can you provide examples of firms that did not understand their external environment? What were the implications of the firm's failure to understand that environment? How is it possible that one firm could see a condition in the external environment as an opportunity while a second firm sees it as a threat?

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External Environment Some of the firms fail to understand the external environment simply because they do not understand the impacts of the external e... View the full answer