ENTREPRENEURSHIP

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: -Environmental scanning is the process of gathering information about events and their relationships within an organization’s internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization.

Detailed explanation-3: -Scanning-The process of analyzing the environment to spot the factors that may impact the business is known as Environmental Scanning. It alerts the enterprise to take suitable strategic decisions before it reaches a critical situation.

Detailed explanation-4: -There are five main types of environmental scanning: technological, legal, ecological, sociological, and economic (financial).