Question

Write a 500-750-word essay that discusses how the current state of the economy will impact completing an environmental scan.

Answer 1

Environmental scan can be described as interpreting external events and trends; studying them to understand how they influence an organization, industry and market. It helps to analyse the entire environment from various angles and take into account the execution of plans. It helps to recognise potential trends and interpret them (Kerin, Hartley and Rudelius, 2010).

Economic, technological, competitive and regulatory forces are included in the sources that are part of these trends. The concerns that have an effect of economic aspect is taken into consideration for its evaluation. Macroeconomic factors like global or national events are taken into account. Recession, inflation rate or growth for spending power are the factors that have an effect on environmental scan. The recent state of unemployment also has an. Effect on environmental scan as the consumer spending is lower and the imports is reduced for making it difficult to identify. It is difficult to recognise the trends with reduced imports from other countries.

The income of the consumer is related to the reference for buying and it provides an idea about the impact of completing environmental scan. The components include gross, disposable and discretionary factors. The current economic state of disposable income affects the environmental scan along with the rise and fall of taxes. The discretionary income also has an effect on completing environmental scan.