• An analysis and evaluation process that business use to understand their current environment - Environment Scanning, • The aim is to identify trends, gaps, events, developments and issues that will impact the businesses - Environment Scanning, • An analysis and evaluation process that businesses use to understand their current environment - Environment Scanning, • An analysis and evaluation process that business use to understand their current environment - Environment Scanning, • An analysis and evaluation process that businesses use to understand their current environment - Environment Scanning, • The aim is to identify trends, gaps, events, developments and issues that will impact the businesses - Environment Scanning, consists of the internal and external factors that affect how the company functions including, but not limited to, the customers, management, supply and demand, and business regulations These are beyond the control of the business and they affect the functioning of a business enterprise - Business environment, • Refers to the environment which is in direct contact with the business organization and can affect the business straight away - Opportunity-seeker, displays full commitment to the work or endeavor that he/she undertaking - Micro environment, • Is a collection of forces that are close to the firm and these forces are very particular to the firm - Micro Environment, an important dimension of the business environment as the businessman cannot directly influence or change the components of the general environment, rather he has to change his plans and policies according to the changes taking place in the general environment - Macroenvironment, includes shareholders, investors, employees and board of directors - Firm(Elements of Microenvironment), the ones who purchase the firm's goods and services for their own consumption - Customers(Elements of Microenvironment), rivals which compete with the firm in the market - Competitors(Elements of Microenvironment), wholesalers, distributors and retailers that make a link between the firm and its customers - Marketing Intermediaries(Elements of Microenvironment), centers on the role of the governments in shaping business - Political Environment, • tax policies, changes in trade restrictions and tariffs - Political Environment, stability of the government and immigration policy - Political Environment, centers on economic conditions - Economic Environment, interest rates, inflation rates, gross domestic products, unemployment rates, levels of disposable income, and the general growth or decline of the economy - Economic Environment, Social Environment consists of the customs and traditions of the society - • standard of living, • taste, • preferences, • education level of people, • consists of the customs and traditions of the society - Social Environment, • changes taking place in the method of production - Technological Environment, • new equipment and machineries to improve the quality of product - Technological Environment, • physical conditions within which the organization operates - Physical/Natural Environment, Physical/Natural Environment is a physical conditions within which the organization operates this includes the following factors: - • natural disasters, • pollution level, weather pattern, Which of the following does not belong to the factors of Physical/Natural Environment - • natural disasters, • pollution level, standard of living, weather pattern, , Which of the following does not belong to the factors of Social Environment -  • standard of living, • taste, • preferences, pollution level, • education level of people,, centers on how the law influence the business activity - Legal Environment, Which of the following does not belong to the factors of Legal Environment - standard of living, employment laws, health and safety regulations, Why is Environmental Scanning Important to businness?(Read the notes) - Read the notes, • is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you are faced with - SWOT analysis, sometimes called Internal-External Analysis - SWOT analysis, • Helps you to craft a strategy that distinguishes you from your competitors - SWOT analysis, a favorable set of internal or external circumstances that creates a need for a new business. It usually presents itself as a gap to be filled a need to be satisfied or a problem to be solved. - Business Opportunity, a thought, impression, or notion of a business venture that could fill the gap, that is, satisfy a perceived need or solve a perceived problem - Business Idea, scanning your internal environment to search for business ideas - Internal Environment,

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