Environmental Scanning
This article covers meaning & importance of Environmental Scanning from marketing perspective.
What is Environmental Scanning?
Environmental Scanning is a process of analyzing internal and external factor of the environment. Environment scanning is a process in which the organization undertakes a study to identify the opportunities and threats in an industry. Environmental scanning is a part of SWOT Analysis. The information obtained through environmental scanning can be used by leaders to design new objectives and strategies or modify existing objectives and strategies. An organization must be agile in responding to environmental challenges while making most of the available opportunities.
Importance of Environmental Scanning
Environmental scanning is an important aspect to predict future and be prepared in the volatile business environment. The frequency of environmental scanning depends on the needs of the organization. An organization operating in an industry which is highly impacted by technological innovations needs to constantly monitor its environment and use the results to design its processes. On the other hand, some organizations might need to conduct an environmental scan on an ad-hoc basis.
Areas Covered in Environmental Scanning
a) Economic conditions
b) Competition
c) Global opportunities
d) Employment trends
e) Technological advancement
f) Industry
g) Geo-political climate
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