SP WK2 2.3 External / Internal EnvironmentOrder DescriptionExternal Environment: Given the importance of understanding the external environment, why do some firms fail to do so? Can you provide examples of firms that did not understand their external environment? What were the implications of the firm’s failure to understand that environment?How is it possible that one firm could see a condition in the external environment as an opportunity while a second firm sees it as a threat?Internal Environment: Why is it important for a firm to study and understand its internal environment? How might internal environment impact external opportunity? Can you provide examples? What factors might influence the ability of a firm to gain clear insight into the internal environment? What steps would offset this?