Business Environment Scanning

GHANA INSTITUTE OF MANAGEMENT AND PUBLIC ADMINISTRATION, (GIMPA) vocation insurance policy & Strategy Business Environment S fagning as a precursor to Policy Formulation Written and Compiled by 20082142 FINANCE, LEVEL 400 Using business environs examine as a starting point to scheme formulation; also known as strategic plan cannot be seen as a waste of time because without pickings into account relevant surroundal influences, a company cannot stock to develop its strategies. There is no generally accepted exposition of strategic planning. Different authors use different terms to fixate the same concept. However, the definition proposed by Wheelan and Hunger (1998) is worth mentioning. In their view, strategic planning is the development of long range plans for the potent management of environmental opportunities and threats in the light of corporate strengths and weaknesses. They mentioned that much(prenominal) planning includes establishing the corporate mission, specifying objectives, developing strategies and setting policy guidelines. The basic stage of strategic planning is to scan the business environment in order to identify internal strengths and weaknesses as hale as external threats and opportunities.

To this end, Gary (2010) observes that the identification and management of environmental opportunities is positive to the competitive positioning of companies. The identification of business environment trends can be achieved through environmental scanning, which is seen by Mintzberg (2000) as a way to examine information about events and relationships in a companys internal and external environment. Business environment scanning involves monitoring, collecting, and evaluating information in order to understand the current trends in the societal and task environments. The information is then used to consider whether these trends will continue or whether others will take their place. Business environment scanning is vital in consolidating... If you want to draw a bead on a full essay, order it on our website: Orderessay

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