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According to Aguilar (1967), he defined environmental scanning as the process through which a leader collects pertinent informationof 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 and concurrently posestests 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 accomplishmentsandbotches. There exists a robust connection between the shift in the environment, the calculatedreaction 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.

In a bid to comply with the findings of an environmental scan,a firm should attempt to realignits stratagems so as to embrace the prospects and avoid the threats presented by the externalenvironment.Simultaneously, the potential shifts in the external environment causes 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 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. A.............

Type: Essay || Words: 697 Rating || Excellent

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