Browse our Free Essay examples and check out our Writing tools to get your assignments done.
When developing your
products or services, it is crucial to identify the external factors or forces
that are either opportunities or threats. As a reminder, the macro factors
discussed in this module are political-legal, economic, social, and
technological. For instance, when considering political factors, be sure
to think about policies, environmental issues, and laws or
regulations. For economic factors, consider the impact of globalization,
taxes, and the current state of the economically. Social factors are
determined by the people. You’ll be considering how your customers, target
market, and buying habits affect profits and purchases.
Lastly, technological questions focus on technology related to your
business, such as the tech you use daily, and how advancements provide a
competitive edge.
Answer only one of these Political questions :
1.
What trading policies
impact business?
2.
What regulations must you
follow, and have they changed in the last 5, 10, 20 years?
3.
What environmental
issues, if any, should be addressed (i.e eco-friendly resources/products,
natural disasters, pandemics, etc)
4.
Has new legislation
passed that affects your organization?
Answer only one of
these Economic questions:
1.
How much does
globalization affect your market share?
2.
What taxes must you
follow, and how does it affect your service offerings (if at all)?
3.
Is the economy stable, unstable,
or growing for your industry?
4.
How does the current
economic climate affect your consumers and their spending habits?
Answer only one of
these Social and Cultural questions:
1.
Who is your target
market?
2.
How are consumer opinions
changing regarding your product or service?
3.
Is the population
demographic growing or slowing down and if so, how is it affecting your
business?
4.
Have you documented
changes in how and when your customers purchase your products?
Answer only one of
these Technological questions:
1.
What technology is
critical for your day-to-day operations?
2.
What new technology is
available that could streamline decision-making and product development?
3.
Do you depend on 3rd
parties for any tech support or solutions?
4.
Are you using technology
to stay ahead of the competition and if so, how?
Make certain that all posts or
responses address the question, problem, or situation as presented for
discussion. You should extend the topic, but do not stray from the topic. When
relevant, add to the discussion by including prior knowledge, work experiences,
references, web sites, resources, etc. (giving credit when appropriate).
Discussions occur when there is
dialogue; therefore, you need to build upon the posts and responses of other
learners to create discussion threads. Contributions to the discussions should
be complete and free of grammatical or structural errors.
The
External Environment Discussion Forum
Importance
of scanning the environment
Environmental scanning is
the process of gathering valuable information about the firm's internal and
external environment and careful monitoring of that environment to determine
future opportunities and threats. It informs entrepreneurs about changes that
are likely to occur in the business world in the future. The process is of
importance to a business enterprise.
First, market scanning enables SWOT analysis. The
company identifies its strengths, weakness, opportunities, and threats. It
utilize the available opportunities in the market to convert their weaknesses
to strengths and overcome present and future threats. Company strengths give it
a competitive advantage. Secondly, it helps the company in the effective
allocation of resources. It is significant to effectively utilize all sorts of
resources, including human, capital, or material resources. Scanning the
environment helps identify the best opportunities that minimize the wastage of
resources. Lastly, it helps in short-term and long-term planning. Entrepreneurs
understand the possible opportunities and threats through environmental
scanning then decide the best business objective to achieve business objectives.
What
trading policies impact business?
Apple Inc. is operating
in the technology industry, and the import tax highly impacts goods and
services produced. An increase in tariff on imports discourages the company
from importing goods and focus on domestic sourcing. However, it is will also
have an adverse impact since the countries denied opportunity to sell to Apple
company may reiterate by declining exports made by Apple Inc. to that
particular country. Tax incentive improves company profit margins.
How
much does globalization impact your market share?
Globalization has
promoted the interconnection of consumers and suppliers located in different
regions across the globe. Apple has experienced substantial market growth due
to globalization. The firm has taken advantage of technological advancement to
connect with customers located in diverse world parts over the internet. The
internet helps the company understand the customer specifications and
incorporate them into their product and services through innovation. They cover
a broader market share through online selling.
Who
is your target market?
Apple Company deals in electronic gadgets such as computers and mobile phones. Therefore, it targets individuals aged 18 years and above...
