Chapter 1 - Business environments:
- Environmental scanning
¬ Defined as the process of obtaining information
about possible, current and future events that may
have an impact on the business.
Why is environmental scanning done?
- It is done to ensure the business is ready for
development in the internal and external environments.
Purpose of environmental scanning.
➢ To identify possible challenges.
➢ To identify possible opportunities.
➢ Will also help management to understand the impact of business decisions
on the competitive position and sustainability of the business.
Where does Environmental scanning fit into the strategic?
Uses Pestle to identify Uses Porters model to identify
O&T Looks at S & W
O&T
SWOT Analysis:
Strengths – tangible & intangible factors
➢ Give business a competitive advantage.
➢ Adds value to the performance of business.
Weakness – Exact opposite effect on the success of the
business.
Opportunities – External factor
➢ Presents business with a chance to outperform competitors.
Threats – External factor
➢ Could hamper the success or growth of the business.
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