BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Examining the impact of weather on past business results.
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Reviewing external factors that impact the business.
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Reviewing internal factors that impact the business.
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Evaluating the upcoming weather forecast.
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Detailed explanation-1: -Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions. It is closely related to a S.W.O.T. analysis and should be used as part of the strategic planning process.
Detailed explanation-2: -External factors of environmental scanning: Macro-environmental factors include legal, political, social, cultural, demographics, and technological. Micro-environmental factors incorporate suppliers, organisations, consumers, markets, and competitors.
Detailed explanation-3: -Environmental scanning is the ongoing tracking of trends and occurrences in an organization’s internal and external environment that bear on its success, currently and in the future. The results are extremely useful in shaping goals and strategies.
Detailed explanation-4: -Answer: The four important factors of environmental scanning are events, trends, issues, and expectations. Events are occurrences which takes place in different environmental sectors of a business.
Detailed explanation-5: -Environmental scanning may be defined as the process by which organizations monitor their relevant environment to identify opportunities and threats affecting their business for the purpose o taking strategic decisions. It helps identify the early signals of potential changes in the environment.