November 17, 2014
The concept of environmental scanning is important because of the short term and long term success of a company. This tool helps companies scan, monitor, evaluate, and forecast the internal and external parts of the company. In order to obtain an accurate assessment of the internal and external variables of a company, the business managers would have to use a SWOT analysis to develop awareness to different of the company. For example, the company could want to measure consumer behavorior, competitor behavior, and current trends in their marketplace.
Environmental Scan and SWOT Analysis
The information discovered from conducting an environmental scan and SWOT Analysis is vital to an organization’s success as it will help businesses gain an accurate assessment of the opportunities, trends, and consumer behavior taking place in their market environment. Develop a full-awareness of their marketplace so that their organization can improve on their strategic planning and decision-making (U.S. Department of Health and Human Services, n.d.). This information will also help companies Verify if the organization has the internal resources they need to achieve their organizational goals and objectives. The environmental scan and SWOT Analysis will help establish the vision and strengths of the organization so that they can identify their organization’s strengths, weaknesses, opportunities, and threats (CPS Human Resource Services, 2007).
To show the benefits of an environmental scan and competitive advantages that could result from this tool, this paper will conduct an environmental scan of the companies A.O. Smith Water Products Company and Nike Incorporated. The environmental scan of these two companies will examine A.O. Water Products Company and Nike Inc value and sustain their competitive advantages using their business strategies. This environmental
References: A.O. Smith. (2011). About A.O. Smith. Retrieved, November 17, 2014 from, http://www.aosmith.com/About/Default.aspx?id=54 A.O. Smith. (2008). Vision and strategy. Retrieved, November 17, 2014 from, http://www.aosmith.com/About/Detail.aspx?id=122 CPS Human Resource Services. (2007). Workforce planning tool kit: Environmental Scan and SWOT Analysis. Georges, R. (1999). The importance of environmental scanning in business and ICT environments. Retrieved November 17, 2014 from, http://www.ehow.com/facts_7879244_importance-scanning-business-ict-environments.html Nike, Inc. (2012). Career areas. Retrieved November 17, 2014 from, http://nikeinc.com/pages/career-areas Nike, Inc. (2012). FYI 10-11 sustainable business performance summary. Retrieved November 17, 2014, from, http://nikeinc.com/news/nike-inc-introduces-new-targets-elevating-sustainable-innovation-within-business-strategy