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CHS
Environment and Market
environment scanning
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Subdecks (3)
value
CHS > Environment and Market > environment scanning
44 cards
SWOT
CHS > Environment and Market > environment scanning
11 cards
concept of developing a product
CHS > Environment and Market > environment scanning
21 cards
Cards (87)
What is the purpose of conducting environmental scanning?
To identify the
needs
and
wants
of people, the niche for your
business
mission, and to give attention to
trends
and
issues.
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How does environmental scanning serve entrepreneurs?
It helps evaluate the
type
of entrepreneurial
activity
appropriate in the
community.
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What is environmental scanning defined as?
A process of
gathering
,
analyzing
, and
dispensing
information for
tactical
or
strategic
purposes.
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What types of information does the environmental scanning process entail?
Obtaining both
factual
and
subjective
information on the
business
environments.
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What aspects can the external environment in the community be viewed through?
Technological
,
political
,
legal
,
environmental
,
economic
, and
social
aspects.
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How did the community's use of personal computers illustrate a technological interruption?
People were not
satisfied
with what they had and continued to look for
changes
in their
lives
and
environment.
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Why must future entrepreneurs be well-versed in advancements in their environment?
To secure the
success
of their
future
business.
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What should entrepreneurs think about when developing new products or services?
They should think of something
new
,
novel
, and
authentic
, and consider
reinventing existing
products.
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How can an entrepreneur differentiate their product in the market?
By creating a
unique
version of
existing
products, such as
herbal
hair straightening instead of
synthetic
chemicals.
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What impact do changes in products/services have on business principles?
They can affect
existing
principles in business and industries, allowing
adaptation
to meet
community
needs.
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What steps should be taken in generating a business idea?
Identify the type of business suited to your idea.
Analyze
and scan the
potential
environment.
Study the
marketing
practices and strategies of
competitors.
Analyze Strengths, Weaknesses, Opportunities, and Threats (
SWOT
).
Ensure
products
/
goods
and
services
are
accessible
to target markets.
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