Overview

An external analysis considers both the general and industry environments that all businesses function in$.$ The general environment is composed of dimensions in the broader society that influence and industry and the firms within it$,$ while and industry analysis is restricted to factors that companies face in their respective industries. The phases of external environmental analysis include scanning, monitoring, forecasting, and assessing. This results in actionable data for strategic planning.

Assignment

If you are currently working for a company use that as your subject for this assignment, if not, choose a company you are familiar with. Engage in some scanning and assess the general environment for that company as outlined in Hitt, Ireland, & Hoskisson $($CH$\mathrm{.}2),$ using the dimensions of demographic, economic, political$/$legal$,$ sociocultural, technological, global, and sustainable$/$physical$.$ Identify some key factors $(2$ each$)$ that can help inform your strategic planning. Include $2$ citations to the theoretical material $($text or other scholarly sources$).$