A constant and careful analysis of the internal and external environment of an organization
Purpose of environmental scanning
Detect opportunities
Detect threats
Detect trends
Detect important lessons
Detect weaknesses that can impact the current and future strategies of the organization
Identification of variables from environmental scanning
Used to build strategies either to expand the business or to minimize their impacts on the growth of the business
Environmental scanning
The process by which organizations monitor their relevant environment to identify opportunities and threats affecting their business to make strategic decisions
Environmental scanning
The process of gathering information regarding a company's environment, analyzing it, and forecasting the impact of all predictable environmental changes
Purpose of environmental scanning
Helps the managers to decide the future path of the organization
