Environmental Scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation.

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Issue:

Business

 

Written by:

Keith O

 

Date added:

October 28, 2015

 

Level:

University

 

Grade:

B

 

No of pages / words:

4 / 917

 

Was viewed:

5927 times

 

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Essay content:

Knowledge of these forces provides the company with ground work to prepare its strategies and course of action. These help company determine its core strengths and weaknesses, clarifying the areas where strategic changes may yield greatest payoff, and highlights the places where industry trends promise to hold the greatest significance as either opportunities or threats...
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In Ocean going tanker industry, the key forces is probably the buyers( the major oil companies). Likewise, in the steel industry, the key forces are foreign competitors and substitute products. Hence, a strategist should know what makes the industry tick or move, as each industry has a underlying structure, or a set of fundamental economic and technical characteristics...
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