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A marketing-oriented firm looks outward to the environment in which it operates adapting to take advantage of emerging opportunities, and to minimize potential threats. The process of monitoring and analyzing the marketing environment of a company is called environmental scanning and analysis. Two key decisions that management need to make are what to scan and how to organize the activity. Clearly in theory every event in the world has the potential to affect a company's operations, but a scanning system which monitors every conceivable force would be unmanageable. The first task then, is to define a feasible range of forces that require monitoring. These are the potentially relevant environmental forces that have the most likelihood of affecting future business prospects. The second prerequisite for an effective scanning system is to design a system which provides a fast response to events that are only partially predictable and emerge as surprises, and grow very quickly. The internet is an effective method of gathering information on the environment.
Lellah answered the question on November 3, 2021 at 13:04
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