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Business environment scanning, its need and techniques mba by riaz

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Information about Business environment scanning, its need and techniques mba by riaz
Business & Mgmt

Published on March 8, 2014

Author: riazzzu

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Business Environment Scanning, Its Need And Techniques. Submitted to Miss. Vidhu Koul Asst. Lecturer Submitted By: Riaz Ahmed MBA(2nd sem)

CONTENTS 1. 2. 3. 4. 5. 6. INTRODUCTION BUSINESS ENVIRONMENT ENVIRONMENTAL SCANNING ENVIRONMENTAL SCANNING NEED ENVIRONMENTAL SCANNING TECHNIQUES CONCLUSION 7. REFETRENCE

INTRODUCTION • BUSINESS According to Professor Davis, The term Business is defined as, “The organized efforts by the individuals to produce goods and services, to sell these goods and services in the market place, and to reap some rewards from their efforts”. • ENVIRONMENT According to Webster's dictionary, Environment refers to the surrounding conditions, influence or forces that modify as the aggregate of social and cultural conditions that influence the life of an individual or a community

BUSINESS ENVIRONMENT According to Keith Devis Business Environment is the aggregate of all the conditions, events, and influences that surround and affect it. It refers to those aspects of the surroundings of the Business enterprise which affect or influence its operations and determine its effectiveness.

ENVIRONMENTAL SCANNING • Environmental Scanning is the data collection practice. • It is aimed at collecting information about an environment such as an office or institution that can be used in planning, development, and ongoing monitoring by managers and supervisors.

Need to SCAN the Business Environment 1 • Identification of Strengths 2 • Identification of Weakness 3 • Identification of Opportunities 4 • Identification of Threats 5 • Optimum use of Resources 6 • Survival and Growth 7 • To plan long term Business Strategy 8 • Environmental Scanning aids Decision Making

ENVIRONMENTAL SCANNING TECHNIQUES SWOT PEST QUEST Techniques Industry Analysis Competitor Analysis

SWOT Analysis HELPFUL To achieving the objectives INTERNAL (attributes of the Organization) EXTERNAL (Attributes of the Environment) HARMFUL To achieving the objectives STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

PEST POLITICAL ECONOMIC PEST SOCIAL TECHNOLOGICAL

INDUSTRY ANALYSIS It is a market assessment tool designed to provide a business with an Idea of the Complexity of a particular Industry. It involves reviewing the economic, political and market factors that influence the way the Industry develops.

QUEST The Quick Environmental Scanning Technique, is a scanning procedure design to assist, executers and planners to keep side by side of change and its implications for the organizational strategies and plans. QUEST produces a broad and comparative analysis of the external environment.

COMPETITOR ANALYSIS According to the Michael. E. Porter The state of Competition in an Industry depends on five basic competitive forces, these are • Rivalry among existing firms • Threat of new entrants • Threats of substitute • Bargaining power of Suppliers • Bargaining power of Buyers

CONCLUSION In rapidly changing environment, one rule of thumb applies: if you don’t adapt, you don’t endure. That’s the core idea behind Environmental Scanning.

REFERENCE BOOKS: BUSINESS ENVIRONMENT BY: S.L KOHLI & N.K RESUTRA WEBSITE: www.studymode.com www.tutor2u.net www.caclubindia.com

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