Through Environmental scanning a business firm can enjoy the _________...
Environmental Scanning and First Mover Advantage
Environmental scanning refers to the process of gathering, analyzing, and disseminating information about the external environment of a business firm. This involves monitoring various factors such as economic, social, technological, political, and legal changes that can have an impact on the firm's operations and performance.
One of the benefits of environmental scanning is the first mover advantage that a business firm can enjoy. This refers to the advantage that a firm gains by being the first to introduce a new product, service, or technology in the market. Here's how environmental scanning can help a business firm to achieve this advantage:
Identifying Emerging Trends: Environmental scanning helps a business firm to identify emerging trends in the market. By analyzing various factors such as consumer preferences, technological advancements, and regulatory changes, a firm can spot opportunities to introduce new products or services that cater to the changing needs of the market.
Market Research: Once a firm identifies a potential opportunity, it can conduct market research to gather more information about the market demand, competition, and pricing strategies. This can help the firm to develop a better understanding of the market and make informed decisions about the timing and positioning of its products.
Innovation: By being the first mover in a market, a firm can leverage its innovation capabilities to create a unique product or service that sets it apart from the competition. This can help the firm to capture a larger market share and establish a strong brand identity.
Conclusion
In conclusion, environmental scanning is an important tool for business firms to stay ahead of the competition and achieve the first mover advantage. By monitoring the external environment and identifying emerging trends, a firm can spot opportunities to introduce new products or services that cater to the changing needs of the market. This can help the firm to capture a larger market share and establish a strong brand identity.
Through Environmental scanning a business firm can enjoy the _________...
Yes...option B is correct answer because the opportunities wil be identified by the firm....