environment scanning

    Subdecks (3)

    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.
    • How does environmental scanning serve entrepreneurs?
      It helps evaluate the type of entrepreneurial activity appropriate in the community.
    • What is environmental scanning defined as?
      A process of gathering, analyzing, and dispensing information for tactical or strategic purposes.
    • What types of information does the environmental scanning process entail?
      Obtaining both factual and subjective information on the business environments.
    • What aspects can the external environment in the community be viewed through?
      Technological, political, legal, environmental, economic, and social aspects.
    • 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.
    • Why must future entrepreneurs be well-versed in advancements in their environment?
      To secure the success of their future business.
    • 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.
    • 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.
    • 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.
    • 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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