Discuss the importance of environmental scanning in strategic business planning. How can it help organizations identify opportunities and threats?
Answer (1)
Importance of Environmental Scanning in Strategic Business PlanningEnvironmental scanning means checking the outside environment for trends, threats, and opportunities that can affect a business. It includes studying politics, economy, technology, culture, and competitors.How it helps organizationsPrepares the company for possible problemsSpots new trends before competitors doHelps in identifying new markets or customersAllows the company to make informed strategic plansAvoids surprises that could harm the business
