The Environmental Scan Its the Careful monitoring of an organisation's internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans.
In comparison, surveillance is confined to a specific objective or a narrow sector.
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Barriers for Environmental Scan: Generally the main barriers for economical scanning may include Political factors such as taxation unemployment frequency etc., Socio-cultural factors such as illiteracy languages religions etc., Technological factors such as E-Commerce, technological changes, research and development etc., Economical factors include Interest rate Inflation rate Growth in spending power Rate of people in a pensionable age Recession or Boom Customer liquidations Balances of Sharing etc., Current scenario According to the world economic forum report 2016.
Seven years after the global financial crisis, the world economy is evolving against the background of the “new normal” of lower economic growth, lower productivity growth, and high unemployment.
Establish a self-regulatory unit within the organization which will responsible to scan wide range of environmental factors and makes..about specific variables through qualitative and quantitative means. Primary data collection approach, using research instruments such as questionnaire, personal interview, personal observation etc. Secondary data collection approach such as articles, textbooks, magazines and ready-made
With reference to the above statements the best managerial tools or products to increase the process we can adopt these approaches 1.‘Innovation management’ approach The models following the ‘innovation management’ approach do not focus on the development of innovation but rather on the evolution of companies’ innovation management strategies under different social, economic and political circumstances.