Discuss an industry that you would like to research and review. Your challenge is to identify trends in an area that will likely alter the way in which business is conducted in the future. Gather with your group and pick an industry from one of the following to serve as your focus:

• Health and Beauty Products
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• Manufacturing
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• Retail

Step 2: Use the four-step environmental analysis process to help you identify how the segment trends may provide your industry with an opportunity. Detail your conclusions for each of the four steps. You will be preparing a partial environmental analysis for your industry. A full environmental analysis would review all of the seven segments and address all four steps in great detail. For purposes of this project, you are conducting a mini-analysis that will concentrate on just a few of the segments and complete the steps for only your focus environmental factors.

Step 3: Scanning: Concentrate on 1-3 of the general environment's seven segments as your focus that you believe will have a big impact on the way companies in your chosen industry will do business. Once you've selected the segment, research the elements within that segment and trends over the last 5-10 years concerning it and generate connections to your industry.

Step 4: Monitoring: Prepare a 3-5 question survey asking respondents to rank the importance of these trends in their lives to gather original data. Distribute the survey to your classmates and collect their feedback on the topics you identified.

Step 5: Forecasting: Discuss with your group the results of your scanning and monitoring. Provide your best educated guess for the future of your trends. For example, in your research you found the overall average age in the U.S. is increasing. Based on your knowledge of that trend, you predict that will continue to be the case until 2020.

Step 6: Assessing: Make a connection between your analyzed trends and a business opportunity. Will it have an impact on businesses in your industry? Describe the opportunities that you believe exist for companies in your industry.

Some things to analyze are:

• Which of the seven dimensions of the general environment did you analyze?
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• Describe the effect on businesses in this industry.
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• List some business opportunities that may come from these trends.
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• Identify some existing businesses that stand to benefit from the trends.

Answer rating: 100% (QA)

Answer The manufacturing industry of the US 1 Which of the seven dimensions of the general environment did you analyze There are 7 dimensions of the general environment economic global technological p... View the full answer