Context
Context: Businesses in the modern marketplace cannot afford to ignore the environments in which they operate. To navigate this vast and ever changing landscape, businesses must keep a keen eye on macro environmental factors that influence them. The environmental scan report is an effort to identify these factors and propose solutions to the risks they pose.
Linkages between Part A and Part B
Part A focused on the micro environmental factors that affect your chosen business.
Part B serves to expand on Part A by reporting on the macro environmental factors that affect your chosen business. It provides a comprehensive assessment of the challenges and risks posed to the business by its macro environment and proposes strategies to counter them
Instructions:
Further investigate the organisation you reported on in Part A, or you may choose another Australian or international well-known business still in operation in consultation with your facilitator. The macro environmental scan must incorporate the following:
• Identify macro environmental factors that influence the chosen business specifically. These factors may include but are not limited to changes in socio-cultural, technological, ethical, government regulation both in domestic and foreign, political, economic factors such as inflation, unemployment, income levels, economic growth, foreign exchange rates, international trade policies, foreign investment restrictions, taxation, etc.
• Analyse their impact on business that may be in terms of but not limited to changes in business performance, structure, policies, profitability, growth and market share.
• Propose solutions to challenges to counter prevailing/potential risks.
Learning Outcomes
a) Examine the influence of the external environment on the organisation
b) Identify and apply appropriate frameworks and tools to the problems and challenges faced by organisations
c) Research and relate industry specific factors to the organisation decision-making process
d) Apply a relevant framework(s) to evaluate the macro and micro environmental influences on an organisation