Economic Impacts on the Completion of Environmental Scan

Introduction

Strategic planning is an essential aspect of a company and should be effectively managed. Strategic planning occurs through various phases within an organization, with the initial phase being environmental scanning. Both internal and external environmental changes pose an impact (either negative or positive) to an organization (Agbim et al., 2014). Therefore, a scan of environmental aspects offers a useful insight into the current trends and the reasons for changes in the environment. Effective analysis of the information retrieved from the environmental scan is thus of significance in an organizationís orientation and long-term stability. As such, the environmental scan is the means through which organizations acquire external information for the purpose of identifying and interpreting their possible trends (Jiang, & Gallupe, 2015). This paper will discuss how the current state of the economy will impact the completion of an environmental scan. To effectively evalu...