Lesson: Market Influences on Business Overview and Objectives

Instructor: Nick Palazzolo

In this lesson, dive into the world of market influences and their pervasive impact on business operations with Nick Palazzolo. Nick kicks things off with a sunny outlook, using everyday experiences to draw parallels with the multilayered effects of economic, environmental, governmental, and technological factors on businesses. With a focus on key marketplace determinants like competition, currency, and globalization, he sets the stage for a comprehensive exploration of strategy, operations, and risk management. Nick's practical approach not only preps for success in the corporate sphere, including the roles of CEO and CFO, but also offers insights that could spark the entrepreneurial spirit. Peppered with real-world examples, this lesson promises to equip with the essential knowledge to navigate significant business transactions and strategies, all while keeping it clear and concise, ensuring that only the most relevant information for the exam and beyond is covered. Let's embark on this journey to understand the profound influence of the market on business.

Updated: May 31, 2022 Create an account

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Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Welcome to market influences on business. Well, the market does influence business, and hopefully you have good influences in your life. For me, it's the weather. It's a bright, beautiful, sunny day out. We're going to have a good day.

If it's rainy, can't say the same. Let's see what are the factors that influence our business globally, domestically, anywhere that business may be taking place. Alright, let's talk a little bit and see what we've got as objectives. First, we want to identify and define key factors related to the economic marketplace. We've got competition, currency, globalization, supply and demand, trade, all those factors tying into our previous lessons.

And again, everything's all connected when it comes to economics here and generally how all these apply to a business entity. Cool. I think that sounds great. Does that sound good to you? Let's move forward.

We want to identify and define market influences, economic influences, environmental, governmental, political, legal, social, technological, gosh, the list goes on and on. There's just so many out there. Yeah, it makes sense, right? Everything's going to influence your business, especially in today's day and age, the Internet, so many influences on business. We're going to talk about what you need to know for the exam in that regard.

Next, we want to determine the impact of market influences on business strategy, operations, and risk. Remember, this exam is you are wearing the hat of someone who's the CEO of a corporation, CFO, you're a business owner, production plant manager, and all those individuals need to know more or less what is going on in most of these lessons. This is how you run a business. I mean, the business, economic, all of this. It's important.

So heck, it's going to help you start your own business one day.

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