BUSINESS ENVIRONMENTS l Environmental Scanning Flashcards
1
Q
Definition of environmental scanning?
A
The process of obtaining information about possible current and future events that may impact the business’s performance.
2
Q
Why is environmental scanning done?
A
To ensure that the business is ready for developments in the internal environments by adapting taking advantage of opportunities and overcoming threats.
3
Q
What is the purpose of environmental scanning?
A
To identify possible challenges and opportunities for the business in a constantly changing environment.
4
Q
How do you enviromentally scan the Market enviroment?
A
Use Porters model to identify O and P.
5
Q
How do you enviromentally scan the Macro enviroment?
A
Use PESTEL to identify O and P.
6
Q
How do you enviromentally scan the Micro enviroment?
A
Look at S and W.
