Gauli

Environmental scanning involves an organization to look at any trend, opportunity or threat that could create issues for their company. Once any of these issues are identified, the organization should consider new strategies that react to these external factors. Issues should be examined that involve not only direct customers and suppliers, but also competitors, any changes in regulations and possible political involvement. External factors will be constantly changing so environmental scanning should occur frequently and regularly to ensure the current issues have been captured. Research and data analysis can help drive decisions regarding overall marketing changes that might be necessary.

When manipulating a business’s strategy, it is important to focus on the external factors in the environment. An external analysis is where a business conducts environmental scanning that present a company with the key external forces influencing the organization. The facets of external forces examined are the business environment, remote environment, or the competitive environment. A business environment is all of the external factors in the general environment that a firm cannot control, but can affect their strategy. The remote environment is the forces that affect most firms. Lastly, a competitive environment is the firm’s specific industry and its entirety. The external analysis is pertinent to a company called Dick’s Drive- In; without it, Dick’s would not be a thriving popular business today.

Pestle Analysis The PESTEL analysis covers the analysis of Political, Social, Technological, Environmental and Legal factors to scan the organization’s external macro environment. The PESTEL analysis of Best Buy Co. is as follows: Political: Best Buy operates majorly in U.S. and Canada. At present both countries has stable government, therefore, Best Buy do not face any significant political threat.

Technological advances have overcome many of barriers over the years, and have been proven to be a beneficial if implemented and used correctly.

During environmental scanning of a company, there is a thorough assessment into a complete global analysis. This involves companies, markets, clients, industries, and businesses in the same market. For this study will consider the trends, technological events, successes, and expectations in business.

Listo Systems, one of the world’s top graphic service companies, was established in the 1990s when technological advancements were increasing and creating a more competitive market. After going through a period of great success and growth, the company decided to hire a number of new employees and adding new layers of managers and supervisors.

The system allows to company to modernize its strategies and processing more efficiently than its competitors

I am going doing this to look at the external factors affecting a business and what advantages/disadvantages there may be and if it affects the company in the long term.

Environmental scanning plays a critical role in the strategic management planning process. The environmental scan provides important information, which may be useful in forecasting changes for the future.

External environment refers to external aspects of the surroundings of business enterprise, which have influence on the functioning of business. The external environment can provide both facilitating and inhibiting influences on organizational performance. Key dimension of the external environment principally consists of a micro environment and a macro environment.

External environment is quite important for the any company, because it creates the conditions that the organization need to run the business in. In order to develop company strategy successfully, the external environment need to be analyzed properly. One of the best techniques to do that is Five Porter’s Forces analysis.

The internal environment analysis focuses on current marketing strategy and performance, present and anticipated organizational resources, current and projected cultural and structural issues, and the customer environment. On the other hand, the external environment addressed competition, economic growth and stability, political trends, Legal and Regulatory Issues, technological advancements, sociocultural trends, and the SWOT analysis.

External environment refers to the environment that has an indirect influence on the business. The factors are uncontrollable by the business. The external environment of an organization is those factors outside the company that affect the company 's ability to function. Some external elements can be manipulated by company marketing, while others require the organization to make adjustments. Some main components of external environment are:

With the development of the global economy, the interaction between environment and companies became more important, therefore, throughout macro environment analysis, which includes political, economic, social, environment, legal and technology (PESTEL) that provides an indispensable part in the comprehensive list to understand opportunities and threats on the businesses (Searle and Barbuto, 2010). In this industry, political, economy and technology would mainly influence the strategies, thus

PESTLE analysis of any company is done to check the capability of the organizations under headings – Political, Economic, Social, Technological and Legal.