Internal and External Factors Essay Example for Free

Internal and External Factors EssayIn this paper, I will be discussing the internal as wellspring as the external factors such as Globalization, technology, innovation, diversity and ethics affect the four functions of caution in the eatery plan. I will be using examples from each factor as well as using peer reviews from my team discussion. The globalization in the restaurant industry is crucial this measures the reasoning(a) financial side of the company by developing and interacting with different cultures. People travel on holiday all the time we go to different countries and we enjoy the different cuisine. Investors argon always among this people and argon looking for growth opportunity for their business concept. One in truth good example that we oblige is GE which became a massive and profitable corporation by selling appliances, lightbulbs, and machinery to US customers, recently announced that it pass judgment its foreign sales to equal the sales within the Unite d States. ( ) globalization in any case gives employers to choose from an host of indefinite talent and employees as well they benefit from all this by experiencing cultural change qualification them grow and be more valuable for their employer.Another item to add to this smashing way of growing is the internet it is such a valuable tool for companies now days they butt terminus advertise their goods and go to the consumer directly and targeting the full food markets making it more cultural and diverse. Successful CEOs know the local to the global market place is crystalizeing momentum and it is irreversible. ( ) globalization also work ons possible for many employees to work from the comfort of their own crustal plate and in turn making it possible for companies to save in office space, for example some 1 after part supervise employees from other countries this can also cause for your day to start very early and end very late. Technology just as globalization it is wha t makes companies to be successful by reaching in markets companies never thought possible.Technology brings challenges as well as opportunities for business to grow at a rapid pace but if you blink you are out of your chance competition for refreshing markets is very tuff and everyone is just waiting for a chance to market their goods and services in a fast, abstemious and affordable way. The profit margin is bigger and companies thrive even in the worst economy.Some of the approximately successful companies are the web base companies that give consumers the choices of millions and millions of products at their fingertips. Technology also gives you the information you are looking for in the language you desire that is the beauty of technology we have all the information we regard 24/7. Companies can compare their goods and services against other companies and get the cutting edge on how to gain more profit from any opportunity since at the end of the day the goals for any busin ess is to make profit. The down side of technology is that there so much competition in the ecommerce industry that companies also lost much profit by investing their capital and was not able to get their investiture back. Many people also made a bad career move thinking this was the right way to go many drop school and managers left their careers to pursue the ecommerce innovation path.One lesson we can all learn is that technology is just part of the business not the whole business in itself and most successful companies integrate both the traditional business concept as well as the ecommerce business. In the restaurant, industry technology brings a new set of challenges especially for people that are not comfortable with technology or are simple the older crowd and are not automatic to change their way. Technology for someone like me is the best thing a restaurant can have it makes it creates simpler steps and I can see where my restaurant stands compare to others according to the metrics that we have in place. designing is inevitable for any company in the restaurant industry, we must adapt to the customers demand for new products and with this comes challenges in training and execution if your product is not up to consumers standards they will choose one of your competitors which means lost sales for the company and lower more hours for the employees. Innovation is also a great tool for the restaurant industry because now we can advertise our products and services in any affable media and people are more aware of what is out there for them. In order to be successful, the restaurant industry must give its consumers what is advertised. In the restaurant industryinnovation comes from globalization and gives us a chance to reach out far more customers, as before we only had limited resources. Innovation is the key to keep the restaurant growing in different markets and being more profitable. Innovation is connected to quality, if we dont execute.