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Environmental scanning is best described as the study and analysis of political, economic, social, technological factors, and trends that affect business operations, sectors of the economy, or even an entire market (Lesca, 2011). Those elements that need to be given prior consideration in this scanning are occurrences, trends, and future prospects for the interest parties. This essay seeks to explain how the current trend in the economy could impact environmental scanning. Issues in a market lead to breaks in trends. Trend breaks could point at an alteration of value in society.
There are various steps that are essential in carrying out an environmental scan. The first basic step is collecting data from the environment. This data can come from both internal and external environments. Any party involved in environmental scanning need to understand these environments well enough to be able to lay future strategies successfully. Secondly, the participation of relevant interest groups is necessary for a SWOT analysis stage where all the knowledge gained from the information on the environment can offer significant insight into the problems that may be affecting a certain business environment. Thirdly, in completing an environmental scan, a SWOT analysis meeting should be done by a team that comprises of all individuals who were involved in the scanning process.
The economy is multi-faceted. However, the various elements of the economy that may affect environment scanning include; rates of inflation, growth in the spending ability, rate of individuals falling under the pensionable age, an event of recession or boom, and customer liquidations. These elements are subject to change with shifting patterns of how businesses operate. It is this change that may affect the state of affairs of the economy and, in the long run, how environmental scanning has to be completed ( Stoffels, 1994).
The rates of inflation are an important element of environmental scanning. Any time inflation goes up, the rates of unemployment are also likely to rise ( Lesca, 2011). Unemployment points to a poor economy where a country fails to provide employment for its citizens. Consequently, this may directly affect environmental scanning activity. Currently, inflation rates are low. It, therefore, means that an environmental scan should identify the possible reasons why the rates are low and identify possible ways to avoid it in the future. Throughout the world, more and more people are seeking education. The result is qualified professionals who attract good jobs and consequently good pay. This leads to a society where people are able to spend more. For an environment scan, it implies, therefore, that the team facilitating the process links the importance of education and spending capacities of individuals in a market.
An event of recession or boom could be temporal but could definitely affect an economy ( Lesca, 2011). This essentially affects people’s financial ability, negatively or positively. However, it offers sufficient need for a team facilitating an environmental scan to identify it in the current society and offer information on how they can be dealt with. These are not the only economic factors. As mentioned above, economic factors are many, but they all affect a market’s operation.
In conclusion, it is important to note that an environmental scan is an important planning tool. Various government agencies and institutions need to appreciate their significance in dealing with any issues that affect a business’s environment for success.
References
Lesca, N. (2011). Environmental Scanning and Sustainable Development. New York: Wiley.
Stoffels, J.D. (1994). Strategic Issues Management. New York: Pergamon.
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