BU418 Lecture Notes - Lecture 4: Market Environment, Competitive Intelligence, Dynamic Capabilities
Document Summary
Being responsive to environmental changes is a prerequisite for building dynamic capabilities and gaining a first-mover advantage. Environmental scanning is the systematic monitoring of the major factors influencing the organization to identify trends that might affect the formulation and implementation of both the organizational and hr strategies. Environment can include culture and industrial environment such as porter"s. The analysis of the external environment consists of these stages: Scanning: an attempt to identify early signals of changes and trends in the environment. Monitoring: a systematic approach to following some key indications that may affect the organization, such as legislative changes. Forecasting: after monitoring a trend, an attempt to project the possible impact on the organization. Assessing: an attempt to describe the impact of the monitored trend on the organization, and make a judgment of the probability of each of several possible outcomes. Hr professionals actively scan canadians newspapers, business publications, and hr magazines, journals, and newsletters.
