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Write a Literature Review on the following topic: How do firms respond to extern


Write a Literature Review on the following topic: How do firms respond to external influences? When I say how do firms respond, I mean how their business strategies change in response to the changes in the external environment.Context:Given the many challenges and opportunities in the marketplace, today’s companies must do more than set long-term strategies and hope for the best [3]. This involves a continuous process of environmental scanning and monitoring, obtaining competitive intelligence on present and potential rivals as well as maintaining close and effective relationships with key stakeholders outside the firm boundaries, such as suppliers, customers, and alliance partners. These activities provide valuable inputs that allow the companies to be proactive, anticipate change, and continually refine and, when necessary, make significant changes to their strategies.Sections of the Literature review:The dynamic nature of the business environmentExternal InfluencesStrategies in response to changes in the external environmentHarvard Referencing Requirements: .doc file