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...
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now