BU288 Lecture Notes - Lecture 6: Econometric Model, Market Environment, Time Series
Document Summary
There are many external factors other than the ones mentioned above. The process of environmental analysis consists of the following stages : Environmental scanning: scanning means the process of analyzing the environment for identifying the factors which may influence the business. Its purpose is to identify the emerging trends or early warning signals. Such trends may have evolved over time or may have appeared suddenly. Environmental scanning alerts the organization to potentially significant forces in the external environment so that suitable strategic initiatives may be taken before these forces become critical for the organization, scanning is basically exploratory in nature. There are so many environmental factors which influence the operation of a business. All these factors may not be relevant to an enterprise. Therefore, the critical and high priority factors must be identified.
