The Forest And The Trees
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The document discusses the importance of macroenvironmental scanning for businesses. It explains that businesses can become so focused on their own operations and details that they fail to see larger opportunities and threats in the external environment. The document outlines five main variables that comprise the macroenvironment: socio-cultural, technological, political-legal, economic, and international factors. It stresses that in order to maintain a competitive advantage, companies must look beyond their own industry to identify risks in the broader environment and adjust their strategies accordingly.
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- 1. The Forest and the Trees (and kudzu, poison ivy, etc). We are all familiar with the saying cant see the forest for the trees. And we all know what its like to be in that situation where you are so entrenched in the details that its difficult (if not sometimes nearly impossible) to step back and truly see the big picture. As a business leader, our efforts sometimes are so focused on our own tree and all its parts (obviously accounting would be the root system) that we have a hard time seeing the external opportunities and threats. We may be very aware of our customers, vendors and competitors (the pretty little dogwood that sits nearby or the ever encroaching kudzu), but it can be very difficult to see the fire that is just starting on the other side of the forest. This broad view of the forest is known as macroenvrionmental scanning. This is an exercise where an organization attempts to identify the risk factors outside of the company that have the potential to affect the organizations strategies. While the company has no direct control over these risk factors, it still needs to be aware of them so that it can minimize the threat of these risk factors or so that it can maximize the opportunities derived from them. There are five main variables in the macroenvrionment. Socio-Cultural This includes the obvious factors such as population changes and education levels, but also includes customs, lifestyles, social responsibility and values. Socio-cultural factors influence the ability of the organization to obtain resources, produce its goods and services, and function in the society. One of the most significant issues in this category that influences businesses across the board is social responsibility with respect to the environment or green-initiatives. Technological Changing technology may affect the demand for an organizations products and services, its production process, and raw materials. Technological changes may even threaten the survival of a product (music mediums records, 8-tracks, cassette tapes, CDs, MP3), organization or industry. Political-Legal Legislative changes or even political attitudes toward business can have a significant effect on organizations or industries (i.e. healthcare, mining). These factors may be at the Federal, State or local levels of Government and include tax rates/structure. Economic The economic variable has had a tremendous impact on businesses over the last two years. Trends related to GDP, inflation, employment, consumer confidence, housing construction, and others all impact organizations and the business community as a whole. International A final component of the macroenvironment relates to the actions of other countries. This can come in the form of joint efforts such as NAFTA (North American Free Trade Agreement) or OPEC (Organization of Petroleum Exporting Countries) or current intergovernmental relations. In order for a company to maintain its competitive advantage, it must be able to look beyond its own walls and beyond the industry in which it operates. A company that can identify the risks in the larger environment can then
- 2. take the steps necessary to alter the organizations strategy in order to minimize those risks and see both the forest and the trees.