environmental scanning SM

A business has to offer wider choice in purchasing enhanced quality of goods and services in order to maintain an edge over its competitors. The implementation of the new economic policy with liberalisation, privatisation and globalisation has posed various challenges for the corporate sector. One of the important challenges is explained in the above lines. Identify it.

• Increasing competition

• More demanding customers

• Necessity for change

• Market orientation

The growing awareness about healthcare has led to an increase in the demand for healthcare products and services in the country. Identify the feature of business environment being described in the above case.

• Dynamic nature

• Uncertainty

• Relativity

• Interrelatedness

Which is an example of a macro economic factor?

• interest rates

• research and development

• climate change

These are factors in the environment outside of the institution that are out of our control but has to be managed.

• Internal Factors

• External Factors

These indicators may include internal issues and trends that are inherent to the institution such as the: the 5Ms – Manpower (Human resources); Money (capital/budget); Machineries (office fixtures, gadgets, equipment); Management (leadership); Materials (raw materials, ingredients).

• Internal Factors

• External Factors

statistical profile of a particular group of people i.e. customers locally, regionally, nationally, and increasingly internationally. (e.g., age, racial/ethnic mix, immigration status, social class, education level, etc.)

• Social/Demographics

• Politics, Governance, and public policy

• Economies

• Environmental/ ecology

• Technology

fauna and flora; natural landscape – land, water, and air that can be nurtured to enhance business.

• Social/Demographics

• Politics, Governance, and public policy

• Economies

• Environmental/ ecology

• Technology

changes in ___________ regulation, national financial aid policies, and LGUs, and _________agencies.

• Social/Demographics

• Politics, Governance, and public policy

• Economies

• Environmental/ ecology

• Technology

the application of scientific knowledge for practical purposes, especially in industry.

• Social/Demographics

• Politics, Governance, and public policy

• Economies

• Environmental/ ecology

• Technology

This l consists of both external and internal factors. Environment must be scanned so as to determine development and forecasts of factors that will influence organizational success.

• Enviromental Scanning

• PEST

• Organizational environment