Explaining environmental scanning process

A business is affected by many external factors and it must monitor these factors all the time

. For example, if you are entering into a new market, you must obtain information about the import and export tariffs, rate of exchange or an idea of political stability in the region. Similarly, you should base your business expansion (or contraction) decisions on the economic growth, income level or employment rate in the market. When introducing a new product or technology, you have got to have an idea of how patent laws or copyrights work. Other legal factors include union laws, environmental protection or minimum wage laws. Similarly, observing the demographic factors like population distribution, income or education level can help you identify the future trends and eventually opening up various new opportunities for your business. Internal scanning can include the identification of resources in terms of workforce, capital, technology, strength and weaknesses.

Explaining environmental scanning process

By: William King

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