External Environment Analysis Discussion
Scanning refers to the study of all segments of the general environment. The exercise is challenging because the general environment is vast, but ensuring that the organization is updated on trends is necessary. Companies that operate in highly volatile environments need external environment scanning the most due to their exposure to environments they cannot control. Environmental scanning helps companies discover potential and ongoing changes that are likely to affect the operations of a business.
According to Hitt (2017), companies that operate in the global environment need environmental scanning the most. For instance, Amazon leverages website visits to collect information about its customers. Consequently, the company personalizes future customer experiences based on customer interactions. One such move is when the company refers to the customer by name when revisiting the site. Also, Amazon sends customers special offers for previously purchased products to see if they may develop interest. The internet offers an excellent platform for conducting scanning since many people are online these days. Do you need urgent assignment help ? Reach out to us. We endeavor to assist you the best way possible.
Also, undertaking significant analysis of unexpected daily events is essential for the business to perform optimally. Unforeseen events may include internet cable cuts, power outages, accidents, and other eventualities that have economic ramifications. To that end, a risk assessment measuring the potential business hazards of these events will come in handy. For instance, power cuts may lead to more economic hazards than internet disruption. With such information available, such a business will focus on alternative energy sources in case of a power outage.
While scanning the external environment, a company should determine the factors that significantly impact its operations. That calls for the company to conduct an internal environment analysis (Hitt, 2017). To that end, the strengths and weaknesses will determine what external factors they should prioritize (SHRM, 2019). For instance, having realized that it has good cash flow and a solid financial position, Walmart focused on diversification. Unlike in the past, customers can now access multiple products under one roof.
The realities of modern business call for strategic preparedness when approaching inevitable business eventualities. One way to be strategically positioned to respond to these eventualities is by assessing the impacts and timing of potential changes. Henceforth, effective strategies to respond to the changes are devised. Assessing potential changes helps a business interpret their implications.
References
Hitt, M. A. (2017). STRATEGIC MANAGEMENT: concepts and cases, competitiveness and globalization. Cengage Learning.
SHRM. (2019). What are the basics of environmental scanning as part of the strategic planning process? SHRM. https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/basics-of-environmental-scanning.aspx.
ORDER A PLAGIARISM-FREE PAPER HERE
We’ll write everything from scratch
Question 
External Environment Analysis Discussion
Why does scanning the external environment play a significant role in strategic analysis? How do unexpected daily events warrant substantial analysis, and how would you determine their significance? As a strategic analyst, how would you approach and be prepared for their inevitable occurrence?
Complete the order form and upload all of your files, including any instructions, rubrics, or other materials provided by your instructor. 
Complete the order payment after filling in the order form. We’ll receive your order and assign it to a writer.
The assigned writer will complete your paper and forward it to our Editing Team for review and approval.
Once approved by the editor, the completed paper will be uploaded to your account for you to download, review and approve.