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For management to confidently implement a company’s strategy, managers must understand the company’s present situation. Two areas of a company’s situation that are important to understand are the external environment and the company’s internal environment. The external environment consists of understanding the industry and the competitive forces acting to reshape this environment. This is called looking at the company’s “macro-environment.” In addition, Michael Porter’s 5 Force Model is an excellent model to follow when analyzing the external environment.

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