Environmental scanning is the process of gathering and analyzing information about the external factors that could potentially affect an organization. It is a crucial step in the strategic management process, as it allows organizations to identify opportunities and threats in the external environment and make informed decisions about how to respond to them. Some of the factors that organizations typically scan for include economic conditions, political and legal developments, technological advances, and changes in consumer behavior.
Environmental scanning is considered relevant and important in strategic management for several reasons. Firstly, it allows organizations to anticipate and respond to changes in the external environment, rather than being caught off guard by unexpected developments. This can help organizations to maintain a competitive advantage and avoid potential risks. Secondly, environmental scanning can help organizations identify new opportunities for growth and expansion, such as untapped markets or emerging technologies. Finally, environmental scanning can also inform organizations about potential changes in regulations or policies that could impact their operations and help them to prepare for compliance.
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Environmental scanning is the process of gathering and analyzing information about the external factors that could potentially affect an organization. It is a crucial step in the strategic management process, as it allows organizations to identify opportunities and threats in the external environment and make informed decisions about how to respond to them. Some of the factors that organizations typically scan for include economic conditions, political and legal developments, technological advances, and changes in consumer behavior.
Environmental scanning is considered relevant and important in strategic management for several reasons. Firstly, it allows organizations to anticipate and respond to changes in the external environment, rather than being caught off guard by unexpected developments. This can help organizations to maintain a competitive advantage and avoid potential risks. Secondly, environmental scanning can help organizations identify new opportunities for growth and expansion, such as untapped markets or emerging technologies. Finally, environmental scanning can also inform organizations about potential changes in regulations or policies that could impact their operations and help them to prepare for compliance.