The Environment Scanning

The Environment Scanning
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The Environment Scanning
Environmental scanning is the systematic appraisal of external business environment data to understand the firm’s threats and opportunities. It involves acquiring and using data regarding trends, relationships, and events impacting a given firm’s operations. Environmental scanning lends to the social factors by establishing the target market’s cultural or societal expectations about the business enterprise. Social factors might include religion, education levels, language, norms, or lifestyle changes which improve the understanding of consumer preferences and needs. For example, urban lifestyle changes could favor business products, increasing sales revenues and profitability. Environmental scanning reveals technological factors or tools that provide opportunities to produce, distribute, or market the company’s products or services. For example, it could reveal crucial information concerning new technologies that reduce production costs and augment cost savings endeavors (Buye, 2021)....