External Environmental Scan-PESTEL Analysis of an Industry of Choice
Assignment 2: External Environmental ScanIn order to develop effective strategies, it is critical to understand the marketplace environment. In this assignment, you will explore the relationship between marketplace positioning based on environmental factors.Throughout this course, you will work on a strategy audit for a selected organization. In Module 1, you selected an organization for your course project activities and completed a market position analysis for your organization.In this module, you will conduct a comprehensive external environmental scan of your business unit, including a five forces analysis, to identify the relevant trends that pose opportunities or threats to your business. These will serve as inputs for a final strengths, weaknesses, opportunities, and threats (SWOT) analysis that will be due in Module 4: Assignment 2.There are many elements that can go into an environmental scan, and your analysis will depend on the nature of your business unit, product portfolio, target market, and other factors related to the scope of your business.Your environmental scan should include some or all of the following elements:Economic factors and trendsPolitical factors and trendsRegulatory and legal factors and trendsSocietal factors and trendsTechnological factors and trendsGeographic factors and trendsPorter’s five forces that consists of the following aspects:Threat of new competitionThreat of substitute products or servicesBargaining power of customers (buyers)Bargaining power of suppliersIntensity of competitive/industry rivalryAlthough your analysis will be tailored to your specific business, be sure to cover the following:A thorough five forces analysis of your industryThe key factors and trends in any other areas affecting your industryA preliminary classification of the external factors and trends as either opportunities or threats which will be the inputs for the final SWOT analysisWrite a 3-page report in Word format. Apply APA standards to citation of sources.
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