Employing Strategy in a Competitive Environment

2827 WordsJun 24, 201312 Pages
Employing Strategy in a Competitive Environment Heidi L. Echols Dr. John H. Carter BUS 599 October 29, 2012 Question # 1- Create an environmental scan for the company indicating the most significant environmental threats and discuss how the company should respond to each threat to ensure that the impact to the business is minimal. Companies and industries are constantly impacted by their surroundings. For example, "all companies operate in a macro environment shaped by influences [including threats] emanating from general economic conditions; population demographics; societal values and lifestyles; legislation and regulations; technology; and closer to home the industry and competitive environment in which the company operates…show more content…
The factors, issues, and occurrences that are found in a company 's industry and competitive environment should be considered the strongest of the external threats."However, the factors and forces in a company 's macro-environment having the biggest strategy-shaping impact typically pertain to the company 's immediate industry and competitive environment-the actions of rivals firms, buyer behavior, supplier-related conditions, and so on" (Thompson, et al., 2010, p. 57). Environmental scanning is very important to the health and success of a business. This is especially true of SRI . Since SRI is dealing a lot with the foreclosure and REO markets, environmental scanning will be needed to keep the company abreast of constant and volatile changes in this market. SRI will constantly need to use this process to be able to keep up with changes in different variations in their macro-environment. Babatunde, & Adebisi states that: Environmental scanning is the process of dealing with the measurement, projection and evaluation of changes in the different environment variables (Oladele, 2006). Most of the organization[s] today are developing different types of strategies that will sustain them in their business environment, and this can only be achieved through the analysis of the environment.(Opportunity and Threats). Oladele (2006) stated some importance to environmental scanning as
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