This week we will discuss the environmental and economic issues facing an industry in your home country.
For an example of an environmental scan, click here to download and read. This article from 2004 represents a complete environmental scan. In particular, the first section deals with the following environmental factors: political, demographic, economic, technology, global, and socio-cultural.
After reading this section prepare for a discussion on current environmental issues facing an industry in your home country. Do some research on the Internet in order to gather some additional information on this topic. Then go to the Unit 5 Discussion Forum for and engage in a discussion with your classmates on environmental and economic issues facing an industry in your home country. Some issues to consider are:
Global competition in the industry
New technology used in this industry
The effect of emissions on the environment and government reactions to this
Consumer opinions about the product that your industry produces
Remember, business does not operate in a vacuum. In the section on strategic planning we noted that an analysis of the external environment is a part of the process of strategy formulation. Some parts of the external environment that are usually considered are: the state of the economy, the competition, technology issues, cultural values, government regulation, cost and availability of raw materials, and cost of labor. A business may have the best idea for a strategy, but one of the external factors could negate its best efforts to implement the strategy.
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