Environmental Scan

Environmental Scan
Name Course Instructor Date
Write a 500- 750- word essay that discuss how the current state of the economy will impact completing an environment scan. Include an introduction and conclusion.
Introduction
The proposed product is a smartwatch that detects heart rate changes and the risk of sleep apnea. An environmental scan identifies and analyzes the environmental factors within a company that significantly impact the organization. Scanning extends to a focus on the trends, and the environment is affected by internal and external factors (Yu et al., 2019). The company would have to compete with more recognized brands such as the Apple Watch, Samsung Galaxy Watch, and Fitbit Versa smartwatch. The environmental scan focuses on the internal and external environment.
Internal environment 
 Internally the company is innovative, and in the digital era, consumers are more interested in being innovative products that also meet their needs and exceed their expectations. However, unlike, Apple the company does not have a diversified geographic presence, and operating in a diverse market reduces the risk of overdependence on a particular market. Apple can also distribute Apple watches and products more efficiently and reach a large customer base, including retail outlets. 
The company’s growth potential may be limited by its ability to get resources to finance operations in the first few years of operations repay money. Besides the finances, there is a need to consider the price, cost capacity production, price and product specifications, as they affect product viability Many startups fail for having no cash flow and there is no guarantee that selling the product will bring profitability fast enough to cover the costs and expenses. Strong financial performance helps a company to achieve growth and expand. Apple’s position in the market is partly because of its financial performance and selling related products and this is more challenging when launching new products from an unknown company.
External environment
 To ensure competitiveness, it is necessary to have quality internal resources, but it is also essential to prioritize the external environment and its operations. There is increased de...