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The general environment are the factors, conditions (such as legal, social and political situations) affecting people in an industry, It describes how society can affect a business or industry in general. These can be government regulations on trade practices,employment and taxation or even the economic climate: whether consumers have the purchasing power and willingness to buy products and services.
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The Industry enviroment
describes all conditions that can affect a business within the strict boundaries of a financial sector. It encompasses "Porter's Five Forces," such as rivalry between the industry's firms, the threat of new entrants, the threat of substitute products, the bargaining power of customers and the bargaining power of suppliers.
Jerry NA god
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Explain how the general environment and the industry environment are highly related how can such relationship affect the profitability of a firm or industry?
The general environment includes factors like economic conditions, socio-cultural trends, and technological advancements that can impact the industry environment, which consists of competitors, suppliers, and buyers. Changes in the general environment can create opportunities or threats in the industry environment, influencing the profitability of a firm or industry. For example, a recession in the general environment may lead to reduced consumer spending in the industry environment, affecting sales and profitability.
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