environmental scanning

environmental scanning
Gen Mgt
the monitoring of changes in the external environment in which an organization operates in order to identify threats and opportunities for the future and maintain competitive advantage. The process of environmental scanning includes gathering information on an organization’s task environment of competitors, markets, customers, and suppliers, carrying out a PEST analysis of social, economic, technological, and political factors that may affect the organization, and analyzing the implications of this research. Environmental scanning may be undertaken systematically by a dedicated department or unit within an organization or more informally by project groups and may be used in the planning and development of corporate strategy.
Also known as environmental analysis

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