Identify how changes in the external environment affect the OM strategy for a company. For instance, discuss what impact the following external factors might have on an OM strategy: a) Major increases in oil prices b) Water-and-air quality legislation c) Fewer young perspective employees entering the labor market d) Inflation versus stable prices e) Legislation moving health insurance from a pretax benefit to taxable income 2. How does an OM strategy change during a product's life cycle