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Country Analysis Project: Korea and Canada - Research Paper Example

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In order to warrant success, a business needs to pay attention on strategies that lead to the understanding of both the internal and the external business environment. This helps the business firms to plan on how to respond in ways that will ensure the survival and profitability of these businesses…
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Country Analysis Project: Korea and Canada
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Download file to see previous pages One of the major tools at the disposal of all organizations involved in businesses is environmental scanning. Environmental scanning is the practice through which the internal and external information regarding the business environment is scrutinized with regard to their latent influence in the decision-making process (SustainAbility Ltd. and the UNEP, 2005). It concentrates mainly on the recognition of the emerging issues, conditions, and potential pitfalls that endanger the future of any business organization. The data collected entails the events, trends and the relations that are external to the organization. Once gathered, the information is forwarded to the managers within the organization. The managers use the information as a guide to the business plans within that country (Andrew & Richard, 2009).
Whenever a business is in operation, the management should always seek to be aware of the environment of the business irrespective of the country in question. This is crucial for the success of the business activities being done since the environmental factors influence almost all aspects of business in terms of the nature, location, prices, products, and distribution system (Michael, 2009). The business environment consists of among other aspects, the customers, competitors, economical, socio-cultural, political, legal, and technological aspects (Andrew & Richard, 2009). Therefore, the external factors that influence the ordinary running of a business and are beyond the control of an organization’s management characterize the business environment. These factors have an effect on the decisions of a business either directly or indirectly. In addition, the business atmosphere in different countries is dynamic thus; it keeps on changing with time. Its dynamism renders it volatile thus becoming extremely complicated to predict the precise nature of the future occurrences and changes in both the economic and social facets of the environment. Furthermore, the business environment is different in several parts of a country. Other factors likely to affect a variety of businesses include the physical environment, population, and demographics. Consequently, businesses are required to adjust to these external factors and the transformations that accompany them in order to thrive (SustainAbility Ltd. and the UNEP, 2005). For the past few decades, Korea and Canada have experienced numerous changes in their respective business environments. The economies of the two countries have remarkably grown and relatively stabilized. Both countries registered several units of growth in GDP, growth of new industries, additional trade partners, and so on. Moreover, they have also experienced dynamism in other aspects of business environments. For instance, the countries’ physical environment influences some business operations in different regions of the countries. Several other changes in demographics and population have caused diverse modifications in the business approaches within the markets. The countries’ governments have also played a crucial role in influencing the business environments for the firms in the countries (Jamie, 2000). This entails the government rules and regulations regarding conducting business activities, the mode through which ...Download file to see next pagesRead More
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