Environmental scanning:
Environmental scanning is the process of monitoring and analyzing the external environment to identify opportunities and threats that may impact a business. It involves gathering information about the economic, political, social, technological, and competitive factors that can influence the organization's operations and decision-making.

The benefits of environmental scanning:
Environmental scanning provides valuable insights and information that can help a business firm in various ways. It allows the firm to stay updated and adapt to the changing business environment, make informed decisions, and identify new opportunities for growth and profitability. One of the key benefits of environmental scanning is gaining a competitive advantage.

First Mover Advantage:
The first mover advantage refers to the benefits that a business firm can achieve by being the first to enter a particular market or introduce a new product or service. It allows the firm to establish a strong market position, build brand loyalty, and capture a significant market share before competitors enter the market.

How environmental scanning helps in gaining the first mover advantage:
By conducting environmental scanning, a business firm can identify emerging trends, technologies, and market opportunities. This information can be used to develop innovative products or services and enter new markets before competitors. Through environmental scanning, the firm can:

1. Identify emerging market trends: Environmental scanning helps identify emerging trends and changes in customer preferences. By being aware of these trends, the firm can develop products or services that meet the evolving needs of customers and gain a competitive edge.

2. Identify technological advancements: Environmental scanning allows the firm to stay updated on technological advancements that can disrupt the market or create new opportunities. By leveraging these technologies, the firm can develop innovative products or processes that give it a first-mover advantage.

3. Assess competitive landscape: Environmental scanning helps the firm understand the competitive landscape by gathering information about existing competitors, their strategies, and market positioning. This information can be used to develop unique value propositions and differentiate the firm from competitors.

4. Identify untapped markets: Through environmental scanning, the firm can identify untapped markets or customer segments that have not been targeted by competitors. By entering these markets early, the firm can establish a strong market presence and gain a competitive advantage.

In conclusion, environmental scanning provides valuable insights and information that can help a business firm gain a first-mover advantage. By being proactive and leveraging the information gathered through environmental scanning, the firm can identify and capitalize on emerging trends, technologies, and market opportunities before competitors, thereby establishing a strong market position and enjoying the benefits of being a first mover.