Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Provide a brief overview using these environmental scanning steps as a guide: 1. Choose an industry of your interest such as technology, healthcare, retail, energy,

Provide a brief overview using these environmental scanning steps as a guide:

1. Choose an industry of your interest such as technology, healthcare, retail, energy, etc.

2. Identify and briefly describe key external factors that are currently impacting the chosen industry. These factors may include economic, social, technological, legal, and environmental influences.

3. Research and analyze the competitive landscape within the chosen industry. Identify major competitors, their strengths, weaknesses, and any recent strategic moves they have made. Sources could include news articles, social media, etc.

4. Explore recent and ongoing changes in the market that are affecting the industry. Identify emerging trends, consumer preferences, technological advancements, and any new opportunities that organizations within the industry can capitalize on. This insight can be found from consumer reviews (Amazon, Reddit threads), social media (ie: TikTok, Instagram), news articles, etc.

5. Based on your analysis, provide actionable recommendations for businesses operating within the selected industry. Suggest strategies that can help organizations navigate challenges and take advantage of opportunities.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Human Resource Management Contemporary Issues

Authors: Mark N. K. Saunders; Mike Millmore; Philip Lewis; Adrian Thornhill; Trevor Morrow

1st Edition

9780273681632

More Books

Students also viewed these General Management questions