To assess your ability to analyze the environment of a business from the internal, political, economic, societal, and technological perspectives.
There are five major environments associated with any organization or industry – internal environment and four external environments. The external environment analysis is sometimes referred to as a PEST analysis (political-economical-social-technological analysis).
In this assignment you will need to research the industry your chose in order to identify the trends, patterns, and consistencies in the business environments for that industry.
Trends - A series of data points that show either an upward or downward movement or a gradual movement in one direction.
Patterns - Finding items that are recurring over and over in a cyclic fashion or if something regularly happens and a resulting reaction always occurs.
Consistencies - Things (e.g., events or activities) that remain constant and really do not appear to change over time within the industries.
View the following videos on various business environments - both internal and external environments:
Pick three of the environments you would like to further research for this assignment.
Identify an industry that you would like to base your research on for this assignment. Use the Standard and Poor's electronic database on the Franklin University Library web site to identify an industry.
Conduct research to identify political trends, patterns, and consistencies in the three business environments for the industry you chose to research for this assignment at the local, regional, national, and global levels.
Write a 4- to 5-page business brief that addresses the following. Follow the Business Brief Guidelines. Use section headers. Include at least 6 references with at least two references from the MBA Journal List.
Briefly orients the reader to the industry that you have selected.
Describes the key trends, patterns, and consistencies in each of the three environments you researched.
Identifies, if any, important synergies or convergences among the trends.
Select what you believe are the three most critical trends, patterns, and consistencies related to your industry's future success from among all the trends, patterns, and consistencies you have identified. Explain why you think these are the most critical to the industry.
Analyze what you believe will be the major impacts of the three trends, patterns, and consistencies on the industry over the next five years.
Identify at least one major issue that the industry is facing in each of three environments you selected to research.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Subject: Analysis of the operating environment trends, patterns and consistencies of the general retail industry
This brief presents an analysis of the general retail industry.
The retail industry performs the logistics function in which it collects the products from the manufacturer and sells it to the final consumer.
It acts as an intermediary between the producer and the consumer and seeks to reduce the costs associated with distribution of products.
General retail industry includes products such as food, clothing, necessities, etc. Weber (2014) stated that there are several products which can be retailed.
Motor vehicles account for 20% of the sales in the retail industry, followed by 14% accounted by food & beverages stores and 10% by drug and cosmetic stores.
Since the consumers can find different brands of one product in one place, it becomes easier for them to compare prices and buy the brand which is best suited for their needs.
The retail industry has been witnessing structural transformation and this has resulted from several factors such as the global economic crisis, the increasing rates of Internet penetration and the increased basket of choices available to the consumer due to increased competition in each product category.
The three major forces – technological, economic and social that have impacted the general retail industry have been researched and analyzed in this report.
Key trends in the general retail industry
Technology has revolutionized the way in which the retail industry had been operating.
The traditional retail model was built on brick-and-mortar stores in which consumers used to visit the store and make all the needed purchases.
With the increasing penetration of smartphones and the Internet, consumers are making purchases online as they find it easier to compare brands and make purchases.
The whole process is very convenient as the consumers do not have...