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Monitoring
Environmental scanning is a concept from
business management by which businesses gather
information from the environment, to better achieve
a sustainable competitive advantage.
To sustain competitive advantage the company must
also respond to the information gathered from
environmental scanning by altering its strategies
and plans when the need arises.
Techniques
Industry Analysis
QUEST
Competitor
Analysis
SWOT
(Strength-Weakness-Opportunity-Threat)
SWOT Analysis
Examples of SWOTs
Strengths and Weaknesses
Resources: financial, intellectual, location
Cost advantages from proprietary knowhow
Creativity / ability to develop new products
Valuable intangible assets: intellectual
capital
Competitive capabilities
Big campus selection
Takeovers
Market Trends
Economic condition
Mergers
Joint ventures
Strategic alliances
Expectations of stakeholders
Technology
Public expectations
Competitors and competitive actions
Poor Public Relations Development
Criticism (Editorial)
Global Markets
Environmental conditions
Corporate planning
Set objectives defining what the organisation is
intending to do
Environmental scanning
Internal appraisals of the organisations SWOT, this needs to
include an assessment of the present situation as well as a
portfolio of products/services and an analysis of the
product/service life cycle
Also;
Use SWOT analysis for business
planning, strategic planning,
competitor evaluation, marketing,
business and product development
and research reports.
Handling SWOTs
Strengths (maintain, build and leverage)
Opportunities (prioritise and optimise)
Weaknesses (remedy or exit)
Threats (counter)