Understanding external environment of a firm

I do not believe that any firm could beat Amazon. Amazon is very dominant in this lifetime and it is unbeatable especially with pricing and delivery time. I was just saying something to my husband the other day about Walmart not having anything on the shelves and just bunch of pallets sitting out that needs to be put out. I have heard people call Amazon the Walmart of the Internet. If you look at Amazon goals, it is outstanding and it defiantly has shout off this year with the pandemic.  Amazon’s revenue grew from 71.3% over 2016 to 2018 to $233 billion and shows an expected increase by 50% to nearly $350 billion by the year 2020, according to Forbes.com. With Google, they have their pros and cons as well but with Google, they do complete with Amazon with the entertainment industry. Amazon gives you paid and free streaming services with television, etc. and Google gives you the Google Play and the pay per download and subscription services. Amazon’s strengths are its competitive edge on cost leadership, differentiation, and its focus on growth. Every company has its weaknesses, and Amazon is not immune to having them. Amazon lacks an imitable business model, limited penetration in developing markets, and a brick-and-mortar presence. Marc Lore, who also founded a company called Diaper.com, which was a competitor of Amazon, founded jet.com. I would consider Jet.com a concern to Amazon because they are targeting the same consumer demographic and offer guaranteed lower prices for their services.

A firm needs to study and understand the external environment for several reason. Understanding the external environment, companies can develop the skills to identify the opportunities and risk that exist. The external environment influences a company’s competitiveness to earn above average returns. One way for firms to understand the external environment is to acquire information about their competitors, customers, and stakeholders. With this new information, firms can build new core competencies and create a barrier from threats they may perceive.

Walmart is an example of a firm that failed to understand its external environment. Amazon dominating online shopping Walmart fell behind. The company failed because of a lack of innovation in its business model, failure to incorporate technology or adapt to its changing consumer . In addition, I read that Walmart Company ended up violating clean water act and was to pay back over $81 million to cater for damages. This would be another example of Walmart ignoring its external environment.

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