Environmental Scanning Techniques - 1335 Words

ENVIRONMENTAL SCANNING Environmental Scanning can be defined as the process by which organizations monitor their relevant environment to identify opportunities and threats affecting their business for the purpose of taking strategic decisions. Factors to be Considered for Environmental Scanning The external environment in which an organization exists consists of a bewildering variety of factors. These factors (could also be termed as influences) are events, trends, issues and expectations of different interested groups. These factors are explained below: Events are important and specific occurrences taking place in different environmental sectors. Trends are the general tendencies of the courses of action along which events†¦show more content†¦These approaches may range from an informal assessment of the environmental factors to a highly systematic and formal procedure. Informal assessment may be adopted as a reactive measure to a crisis and ad hoc studies may be undertaken occasionally. A highly systematic and formal procedure may be used as a proactive measure in anticipation of changes in environmental factors and structured data collection and processing system may be used continuously. Methods and Techniques Used for Environmental Scanning The range of methods and techniques available for environmental scanning is wide. There are formal and systematic techniques as well as intuitive methods available. Strategists may choose from among these methods and techniques, those which suit their needs in terms of the quantity, quality, availability, timeliness, relevance and cost of environmental information. Various authors have mentioned the methods and techniques used for environmental scanning. LeBell and Krasner outline nine groups of techniques: single-variable extrapolation, theoretical limit envelopes, dynamic modes, mapping, multivariable interaction analysis, unstructured expert opinion, structured expert opinion, structured inexpert opinion and unstructured inexpert speculation. Fahey, King and Narayanan have included ten techniques in their survey of environmental scanningShow MoreRelatedAnalysis Of Accor Hotels : Company Profile947 Words   |  4 Pagesthe most widely recognized approach for considering the external business environment (Gupta, 2013). PESTLE analysis stands for Political, Economic, Social, and Technological, Legal and environmental analysis and describe a framework of macro environmental factors utilized as a part of the environmental scanning component of strategic management. Generally, all the PESTLE factors might not important for all types of industry its depends up industry nature or size. This PESTLE analysis is based onRead MoreComplex and Dynamic Business World Essay1141 Words   |  5 Pagesdynamic and complex business world, it is important to decide whether to use and trust in planning tools or if one should abandon them because they are made for more stable environments. This essay will give an overview of the planning tools and techniques that exist for assessing the environment. It will discuss the use of planning tools in a complex and dynamic business world. The statement that planning should be abandoned in a complex and dynamic business world will be discussed in the followingRead MoreEnvironmental Scan Essays952 Words   |  4 PagesEnvironmental Scan Nanette Guffey MGT/ 498 – Strategic Management Richard Haines September 17th, 2012 Environmental scanning is an organization’s strategic management and is actual important to the corporation. 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This model predicts that as the environmental uncertainty increases, corporations work more diligently to analyze and predict more accurately. Environmental scanning is critical to the strategic managementRead MoreAn Introduction To Organizational Strategic Management958 Words   |  4 Pagesits relative internal shortcomings and competencies, anticipated changes in the business environment, and contingent moves by intelligent opponents. He further defines strategic management as a focus on the integration of managerial skills and techniques like financial accounting, mark eting, production management, human resource management, and research development to accomplish the organisational success (Weigl, 2008). This paper is an analysis of organisational strategic management focusing onRead MoreThe Macro And Micro And Macro Factors Influence Marketing Decision Process Of Tesco1101 Words   |  5 Pages Tesco carries out an environmental scanning process frequently to figure out all those business concerns and address them in order to remain competitive, and market force. Tesco has carried out an environmental scanning process for the business plan without doing such delineated process of scanning the environment, they would not be here today not being a multinational store. 1.1. Show the macro and micro and macro factors influence marketing decision process of Tesco. Macro environments