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Business Finance

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Special Assignment #4 - Environmental Scanning

Watch VideoEnvironmental Scanning



Please view this video and write a 5-10 page synopsis on Environmental Scanning and why it is so vital to the success of business/company operations.

Cite some specific examples of business success as a result of good Environmental Scanning.

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Running head: ENVIRONMENTAL SCANNING

Environmental Scanning
Students Name
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ENVIRONMENTAL SCANNING

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Environmental Scanning
Introduction
A business entity is set up to produce specific products and services on demand from
their customers. For a business to be successful, several factors are considered and made sure to
be working and operating according to the business plans and expectations. It has been seen that
the success of a business largely depends on the environment in which the company is situated.
All internal and external environmental factors affect business in one way or the other depending
on the kind of action and impact they have on the business in question. The internal and external
environmental factors can be classified as macro-environmental factors and micro environmental
factors. Before a company is erected at any place, a critical environmental scan is done to ensure
that the elements favor the continuation of the business. Environmental scanning is a process that
involves significant analysis and survey of a business environment to identify possible business
threats and opportunities. Being in a position to determine potential business opportunities and
risks a business faces is essential as it helps in making critical decisions for the success of the
business. For instance, environmental scanning will be able to identify possible threats that will
threaten the existence and success of the business. Additionally, it can help a company identify
new opportunities that they may utilize apart from their primary aim of starting the business. Due
to this reason, an environmental scanning synopsis will be carried out to determine why it is
important to the success of any business.
Purpose of Environmental Scanning
Environmental scan...


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