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.
For this discussion forum, discuss why environmental scanning is important. Then, select one question from each of the four external environment factors below. (In other words, you will only be answering four questions rather than all twelve, one question from Political, one question from Economic, one question from Social, and one question from Technological factors). Answer the questions as if you were the manager of the company. It can be a made up company or one that you have a particular interest, but either way, please be sure to mention the industry.