"Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats. An organization gathers information about the external world, its competitors and itself. The company should then respond to the information gathered by changing its strategies and plans when the need arises."
The purpose of an environmental scan is to survey the landscape around a problem space (or organization etc) and understand the EXTERNAL factors that shape strategy.
First, gather external information, which can encompass government, legal, economic, demographic, and social data (PESTLE analysis)
Next, research competitors to identify strengths, weaknesses, opportunities and threats (industry/competitor analysis)
Finally, assess your internal strengths, weaknesses, opportunities and threats, as well as future goals (SWOT analysis)
This should be done regularly to identify trends and unforeseen changes, so goals and strategies can be adjusted.
Environmental scans can and should cover:
● Existing solutions to the problem and the people, organizations and communities solving it
● Industry metrics and trends affecting the problem space
● PESTLE framework for environment analysis including:
○ Policy, Regulatory and Political situation and trends
○ Economic (micro and macro) situation and trends affecting a problem space and the actors in it
○ Social and Cultural situation and trends affecting a problem space and the actors in it
○ Technological development and scientific discovery state of the art and trends
○ Legal environment and trends
○ Environmental conditions and trends
Market research is divided into two parts:
1. Primary market research: interviews and other research involving YOUR (potential) customers, competitors, etc. done in the field.
2. Secondary market research: third-party market research on customer or user groups, relevant industries and competitors or partner companies
This page lists best bets for UTL library databases to find
secondary competitor/company, industry/sector, and
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