What role does environmental scanning play in strategic management?
Understand the Problem
The question asks about the role of environmental scanning in strategic management, aiming to identify its purpose and significance in assessing the market and organizational context.
Answer
Environmental scanning provides insights on external factors, aiding proactive strategic planning.
Environmental scanning plays a vital role in strategic management by gathering and analyzing data on external factors that may impact an organization’s future. This enables proactive decision-making and strategic planning, allowing the organization to anticipate and respond effectively to upcoming challenges and opportunities.
Answer for screen readers
Environmental scanning plays a vital role in strategic management by gathering and analyzing data on external factors that may impact an organization’s future. This enables proactive decision-making and strategic planning, allowing the organization to anticipate and respond effectively to upcoming challenges and opportunities.
More Information
Environmental scanning helps organizations to stay competitive and resilient by anticipating changes in market conditions, technological advancements, regulatory changes, and socio-economic trends.
Sources
- Environmental scanning in strategic management - Firmbee - firmbee.com
- Strategic Planning and Environmental Scanning - The Change Leader - changinghighered.com
- What is Environmental Scanning? (Importance and Applications) - Indeed - indeed.com
AI-generated content may contain errors. Please verify critical information
