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--------is the process of analyzing the environment for the identification of factors which have impact on or have implication for the business.
- a)Assessment
- b)Forecasting
- c)Scanning
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
--------is the process of analyzing the environment for the identifica...
Scanning as a process of analyzing the environment for the identification of factors which have an impact on or have implications for the business. It is an important part of strategic management and helps businesses to anticipate and respond to changes in the environment.
Importance of Environmental Scanning:
- Helps in identifying opportunities and threats in the environment.
- Assists in formulating effective strategies for the business.
- Enhances the ability of the business to adapt to changes in the environment.
- Helps in identifying potential competitors and their strategies.
Steps in Environmental Scanning:
1. Identify the environmental factors: The first step in environmental scanning is to identify the various factors that can impact the business. These can include technological, economic, social, legal, and political factors.
2. Collect data: Once the factors have been identified, the next step is to collect data related to these factors. This can be done by conducting surveys, analyzing industry reports, or gathering information from competitors.
3. Analyze the data: After collecting the data, it is important to analyze it to identify the trends and patterns that can impact the business. This can help in identifying opportunities and threats in the environment.
4. Interpret the results: Once the data has been analyzed, it is important to interpret the results and understand what they mean for the business. This can help in formulating effective strategies and making informed decisions.
5. Take action: Finally, based on the results of the environmental scanning, it is important to take action and implement the necessary changes in the business. This can help in staying competitive and adapting to changes in the environment.
Conclusion:
Environmental scanning is an important process for businesses to stay competitive and adapt to changes in the environment. By identifying opportunities and threats, businesses can formulate effective strategies and make informed decisions.
Importance of Environmental Scanning:
- Helps in identifying opportunities and threats in the environment.
- Assists in formulating effective strategies for the business.
- Enhances the ability of the business to adapt to changes in the environment.
- Helps in identifying potential competitors and their strategies.
Steps in Environmental Scanning:
1. Identify the environmental factors: The first step in environmental scanning is to identify the various factors that can impact the business. These can include technological, economic, social, legal, and political factors.
2. Collect data: Once the factors have been identified, the next step is to collect data related to these factors. This can be done by conducting surveys, analyzing industry reports, or gathering information from competitors.
3. Analyze the data: After collecting the data, it is important to analyze it to identify the trends and patterns that can impact the business. This can help in identifying opportunities and threats in the environment.
4. Interpret the results: Once the data has been analyzed, it is important to interpret the results and understand what they mean for the business. This can help in formulating effective strategies and making informed decisions.
5. Take action: Finally, based on the results of the environmental scanning, it is important to take action and implement the necessary changes in the business. This can help in staying competitive and adapting to changes in the environment.
Conclusion:
Environmental scanning is an important process for businesses to stay competitive and adapt to changes in the environment. By identifying opportunities and threats, businesses can formulate effective strategies and make informed decisions.
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Community Answer
--------is the process of analyzing the environment for the identifica...
Always Remember The Keyword "Monitor" For Environmental Scanning.
In the above question it is talking about environmental analysis not environmental scanning.
environmental scanning involves gathering of information from an organizations internal and external environments, and careful MONITORING of these environments to identify future threats and opportunities.
So the correct answer for above ques is Option D.
In the above question it is talking about environmental analysis not environmental scanning.
environmental scanning involves gathering of information from an organizations internal and external environments, and careful MONITORING of these environments to identify future threats and opportunities.
So the correct answer for above ques is Option D.
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