What is meant by environment scanning?
– 2 marks Environment scanning is a process by which organizations monitor their relevant environment so that they can consider the impact different events, trends, issues, expectations have on its strategic management process. Example – in the Union Carbide gas leakage incident in Bhopal in Dec-1984, The accident and the holocaust that resulted, was an “event” The consciousness on the part of the Regulatory Authorities regarding the safety from hazardous exposure to chemicals, was the “trend” The rising concern about environmental pollution was the “issue” “expectations” of the public from the government was to amend the laws to include safety measures and stricter enforcement through various mechanisms. Briefly discuss two dimensions of general environment? Classify business environment in two major categories and give one example of each? – 2 marks The two dimensions of general environment are: Economic environment : includes fiscal, monetary and industrial policies, etc Non economi
