Environmental scanning involves collecting internal and external data to assess current company performance, forecast future performance, and serve as an early warning system. It is defined as studying political, economic, social, and technological events and trends that influence businesses and industries. Business strategies can then be planned based on findings from environmental scans.
2. Environmental scanning can be defined as ‘the study and interpretation of the political, economic, social and technological events and trends which influence a business, an industry or even a total market.
3. Function of Environmental Scanning Environmental scanning is the internal and external collection of data to assess current company performance and to forecast future performance.
4. Significance of Environmental Scanning Environmental scanning is used as an early warning system for the entity developing and analyzing the data. Business strategies can be planned and implemented based upon the findings of the scans.
