Introduction
According to Aguilar (1967), he defined environmental scanning as the process through which, a leader collects pertinent information of events. Unfolding outside the business and uses it to monitor the firm’s future strategy. The search to identify these trends establishes a firm’s prospects. Then concurrently poses tests to the unrelenting success of the firm. Thus when a firm conducts an environmental scan, it focuses on the configuration of the connection between the business and its environment.
The environment under which a business firm operates has a crucial role since it determines the firm’s accomplishments and botches. There exists a robust connection between the shift in the environment, the calculated reaction of firms to the shifts and the performance. Therefore, it proves to be crucial for a firm to comprehend the powers of the external environment and how they manipulate the connection. The external environment under which a firm operates is portrayed as dynamic and ever-changing. Moreover, the aforementioned traits of the external environment present both prospects and challenges to a firm.
Supporting Details; Environmental scanning
In a bid to comply with the findings of an environmental scan. The firm should attempt to realign its stratagems. So as to embrace the prospects and avoid the threats presented by the external environment. Simultaneously, the potential shifts in the external environment cause distress, to the appeal or the risk levels of investors or investments in a firm. All firms operate under a macro environment which consists of the political, legal, sociocultural, economic and environmental aspects. The environmental aspect highlights issues like the policy of sustainability and pollution among other issues. Additionally, the driving force behind the fundamental transitions witnessed in the external environment is technological progress and temper.
Macroeconomics
Macroeconomics is a domain concerned with the tendencies of the whole economy and not a specific fraction of it. This study delves into economic phenomena such as GDPs and how it impacted by shifts in national income, price levels, and unemployment. An exemplary example of how macroeconomics works is the variance in net exports and how it would affect the nation’s GDP and unemployment rate. Alternatively, microeconomics refers to the study of resolutions entrepreneurs make concerning the apportionment of prices and resources of merchandise and services. Under this study, the regulations and taxes imposed by the government are also put into consideration. All the forces that affect the price level in an economy including demand and supply are highlighted in microeconomics.
Macroeconomics can be measured through national income, prices and the rate of inflation, and finally real variables. Under national income/GDP the economic activity of the nation’s economy is measured. Statistics from GDP measurement provide a good basis for the structure of a nation’s economy. With regard to the inflation rate; it is measured as an increase in prices which are conveyed as an annual percentage. Inflation rate tabulates the speed at which the prices of commodities upsurge on average. For one to be able to measure the rate of inflation he/she must have the overall information on the level of prices. Real variables can also act as a measurement in macroeconomics. The aggregate of all outputs into one definite figure in macroeconomics is achieved through utilizing money as the yardstick for measurement.
Microeconomics
Microeconomics can be measured through stock variables and flow. The principle of stock variables is measured through the wealth and inventories of the firms and people in the market. Alternatively, the flow variables are measured through a period of time and consider factors such as incomes and rate of production and consumption. The other factor embraces so as to aid in measuring microeconomics is price. The prices can be categorized into two which are nominal and real price. Nominal price refers to the absolute dollar price of the merchandise when being sold in the market. On the other hand, the real price is worth comparative to a comprehensive measure of prices. The utility can also be adopted as a measure to microeconomics. The utility can be adopted by measuring the extent to which a market cannot do without a product.
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