Environmental scanning, also known as SWOT analysis, can help businesses in several ways. Firstly, it helps in identifying the internal and external factors that can affect the business. Secondly, it helps in detecting threats at an early stage, which can assist the organization in developing strategies for its survival. Thirdly, it identifies opportunities such as prospective customers, new products, segments, and technologies to occupy a maximum share of the market than its competitors. Fourthly, it helps in identifying the strengths and weaknesses of the business, which can be used to improve the business operations. Fifthly, it helps in developing a strategic plan for the business. Sixthly, it helps in identifying the resources required for the business. Seventhly, it helps in identifying the risks associated with the business. Eighthly, it helps in identifying the trends in the market. Ninthly, it helps in identifying the competitors and their strategies. Lastly, it helps in making informed decisions about the business. In conclusion, environmental scanning is an important tool for businesses to stay competitive and adapt to the changing market conditions.
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Environmental scanning, also known as SWOT analysis, can help businesses in several ways. Firstly, it helps in identifying the internal and external factors that can affect the business. Secondly, it helps in detecting threats at an early stage, which can assist the organization in developing strategies for its survival. Thirdly, it identifies opportunities such as prospective customers, new products, segments, and technologies to occupy a maximum share of the market than its competitors. Fourthly, it helps in identifying the strengths and weaknesses of the business, which can be used to improve the business operations. Fifthly, it helps in developing a strategic plan for the business. Sixthly, it helps in identifying the resources required for the business. Seventhly, it helps in identifying the risks associated with the business. Eighthly, it helps in identifying the trends in the market. Ninthly, it helps in identifying the competitors and their strategies. Lastly, it helps in making informed decisions about the business. In conclusion, environmental scanning is an important tool for businesses to stay competitive and adapt to the changing market conditions.
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