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IntroductionEnvironmental scanning can be defined as an approach of obtaining information regarding external events that can be beneficial to organizations in the identification of prospective trends and construing them. In other words, it encompasses the analysis of factors that are external and beyond the control of the organization. More often than not, these trends usually comprise of five dissimilar sources, including the economic, social, technological, legal and competitive forces (Jain and Haley, 2011). This paper lays emphasis on the economic environmental aspect, specifically laying emphasis on the manner in which the current state of the economy will impact the completion of an environmental scan.
One of the key objectives of an environmental scan is to gain knowledge and insight that would be beneficial to top-level management in its endeavor of mapping out and outlining the future course of action of the organization. The prevailing state of the economy can have an impact in the completion of such an environmental scan. This is owing to the fact that the external economic setting is a determining factor as to whether individuals and the market in its entirety has money flowing for spending and also...
Imperatively, consumer confidence regarding the state of economy is powerful in producing consumer spending, and the apprehension of economic instability impels them to stick to their money rather than spending it. As a result, it becomes significantly difficult to conduct an environmental scan in ascertaining the direction of the business (Havaldar, 2005).
It is imperative for any organization to determine whether its industry as a whole is sensitive to the economy and the manner in which it is measured in the dissimilar industry life cycles. The changes in the current state of the economy might impact not only the market share of the company but also for the industry. In numerous instances, the changes in the economy might be significant for the business as they can impact an industry linked to the business. This is in the sense that the prices of products and services offered in one particular industry can be in direct association with the prices of the products and services in a different industry. For instance, businesses in the transportation industry would have to be wary to the changes in the economy in terms of the oil industry for the reason that a rise…
Environmental Scan: The Gap and Urban Outfitters An environmental scan refers to the process of carefully monitoring both the internal and external environments of a particular company to determine if there are an nascent signs of threats or opportunities which might impact its present or future plans or intentions. For example, if one were to examine the retailer Gap, Inc., this is a company which has undergone a great deal of stress
Environmental Scan of Two Companies: The first step towards an organization's strategic management is environmental canning, which involves collecting information for the internal and external of the company. Generally, environmental scan is described as the watchful evaluation and monitoring of the internal and external environments of the company to identify early indications of opportunities and threats that may affect the firm's current and future plans. Through this process, the organization can
Environmental Scan External Environmental Factors Stryker is a medical equipment manufacturer and marketer. The regulatory environment is the most critical external factor for the company. The medical device industry is governed by the FDA, which must approve all medical devices prior to their use by the public. Almost all of Stryker's products is under FDA jurisdiction, and therefore the company is highly dependent on the FDA for getting its products to market.
Environment Scan Environmental Scan: Just Homestay LLC The emergence of technology in the past decades has led the world to many innovations. Things that were once impossible to conceive, such as minute-to-minute trans-Atlantic communication, are now commonplace. With the opening of communication, furthermore, has come the opening of borders and thus of constant interaction of communities that had previously interacted only in limited amounts. The history of studying abroad and of host families
Environmental Analysis: Target Corporation The objective of this work is to complete an environmental scan and economic analysis on Target and to identify any major changes expected to affect the remote, industry, and operating environments. This work will refine the analysis of the forces and trends, utilize a macroeconomic forecast of economic indicators affecting Target in the future and analyze the noneconomic factors in the remote environment including: (1) social/cultural; (2)
The long-term objectives of the pre-paid phone card company need to first focus on gaining new customers quickly, ensuring they stay loyal over the long-term. This has much more to do with branding and service than price. In addition to this strategic objective, there is also the need to continually add new services and innovation to attract new customers, while requiring suppliers to also innovate over time (Porter, 1980). The additional