Environmental Scan Essay

Total Length: 629 words ( 2 double-spaced pages)

Total Sources: 3

Page 1 of 2


Environmental 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 impacts the disposition on how to spend.
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….....

Show More ⇣

     Open the full completed essay and source list


     Order a one-of-a-kind custom essay on this topic


Alkhafaji, A., & Nelson, R. A. (2013). Strategic management: formulation, implementation, and control in a dynamic environment. Routledge.

Havaldar, K. K. (2005). Industrial marketing: text and cases. New York: Tata McGraw-Hill Education.

Jain, S. C., & Haley, G. T. (2011). Marketing planning and strategy. South-Western Publishing Company.

Related Essays

External Business Environment from 3 Squares Restaurant

Environmental Scan of the Restaurant Industry PEST analysis remains a critical business tool essential in aiding the identification of macroeconomic factors that could affect the business. Specific measures encompassed in this tool are political, economic, social, and technological. Restaurants can improve their decision making processes and timing. PEST analysis is essential in tackling future challenges and highlight opportunities (Ho, 2014). Engaging this tool in analyzing the industry helps dissect the macroeconomic factors that determine the future of 3 Squares Restaurant with the United States and specifically Minnesota where it is… Continue Reading...

Understanding Nikes Marketing Channels

time at different destinations to be purchased by the consumers. The Environmental Scanning of Nike Corporation The environmental scanning of Nike comprises of the market target, distribution, social responsibility, and culture. Based on an internal assessment conducted in the organization, the targeted groups are both male and female individuals aged between 18 to 35 years. The groups is considered as the targeted group of the company since they are in their prime ages of being fashionable. The company ends up offering stylish shoes, clothes, and accessories to the clients. At times, customers can have their clothes customised under the same Nike… Continue Reading...

sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Environmental Scan" (2018, May 18) Retrieved February 1, 2023, from

Latest MLA Format (8th edition)

Copy Reference
"Environmental Scan" 18 May 2018. Web.1 February. 2023. <

Latest Chicago Format (16th edition)

Copy Reference
"Environmental Scan", 18 May 2018, Accessed.1 February. 2023,