Internal code: MAS5529
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 external factors which influence it. Customer behaviour, government
regulatory and economic policy, competitor strategy and public opinion all can impact on a business's success. The environmental scan report is an effort to identify these factors and propose solutions to the risks they pose.
1) To more broadly understand the environmental factors which influence business;
2) Assess and address the challenges and risks which businesses face due to external factors;
3) Identify and present appropriate solutions to offset these risks;
4) Propose strategies to prevent further risk
This assessment focuses on the broad assessment of the business environment. Identification and characterisation of risks, as well as a comprehensive assessment of environmental factors influencing the business, will be presented in this first part of the scan.
To expand on Part A through developing strategies not only to counter the risks faced by the business as identified in Part A but also to prevent future environmental challenges, as well as anticipate and deal with environmental shifts.
1) Describe the four types of factors which can influence the environments in which businesses operate
2) Identify and analyse environmental factors which influence Australian businesses specifically
3) Examine the chosen business and catalogue the factors in its environment which exert pressure
4) Discuss these factors in the context of the four components of the external business environment.