Posted in Marketing and Strategy Terms, Total Reads: 624
Definition: Environmental Scanning
Environmental scanning is a part of SWOT Analysis. Environment scanning is a process in which the organization undertakes a study to identify the opportunities and threats in an industry. The information obtained through environmental scanning can be used by leaders to design new objectives and strategies or modify existing objectives and strategies. An organization must be agile in responding to environmental challenges while making most of the available opportunities.
The frequency of environmental scanning depends on the needs of the organization. An organization operating in an industry which is highly impacted by technological innovations needs to constantly monitor its environment and use the results to design its processes. On the other hand, some organizations might need to conduct an environmental scan on an ad-hoc basis.
In environmental scanning, the following areas need to be covered-