BU288 Lecture Notes - Lecture 21: Pest Analysis, Swot Analysis
Document Summary
The strategic managers should keep focus on the following dimensions: issue selection: Focus on issues, which have been selected, should not be missed since there is a likelihood of arriving at incorrect priorities. Some of the impotent issues may be those related to market share, competitive pricing, customer preferences, technological changes, economic policies, competitive trends, etc: accuracy of data: Data should be collected from good sources otherwise the entire process of environmental scanning may go waste. The relevance, importance, manageability, variability and low cost of data are some of the important factors, which must be kept in focus: impact studies: Impact studies should be conducted focusing on the various opportunities and threats and the critical issues selected. It may include study of probable effects on the company s strengths and weaknesses, operating and remote environment, competitive position, accomplishment of mission and vision etc. Efforts should be taken to make assessments more objective wherever possible: flexibility in operations:
