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An overview of environmental scanning, a crucial process for businesses to examine and understand their internal and external environments for effective strategic decision-making. The importance of monitoring, evaluating, and disseminating information from the environment to key people within the corporation, as well as the factors to consider during the scanning process, including events, trends, issues, and expectations.
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Meaning of Environmental Scanning and Factors to be considered for Environmental Scanning Environmental Scanning relates to examining and understanding the environment in which a business unit exists, in order to facilitate strategic decision making. It refers to studying both internal as well as external environment and analysing its impact on the business opportunities. It also includes making prior judgements about the risks and uncertainties that the business may have to encounter in near future. Hunger pointed out that Environmental scanning is the monitoring, evaluating and disseminating of information from the external and internal environments to key people within the corporation. It is a tool that a corporation uses to avoid strategic surprise and to ensure long –term health. Azhar Kazmi, quoted in his book–“Business Policy and Strategic Management” that –“The process by which organizations monitor their relevant environment to identify opportunities and threats defecting their business is known as environmental scanning.” The businesses function in an environment which is ever changing as the environment is known to be dynamic; therefore the scanning of the environment has to be a fast and regular process. The environmental scanning cannot be a onetime action in a business; in fact it is constantly watching the external environment and micro-scoping of internal environment.Environmental Scanning provides a broader perspective to the management and planning department to formulate plans and strategies. In other words, it is the process which helps organisations to observe the environment in which they function in order to identify the opportunities and threats impacting their business.
Factors to be consider for environmental scanning – 1.Events are relevant and specific incidents which take place in the different environmental factors.