Environmental Scan Paper - 1148 Words

Environmental Scan Paper Shalunda Lester MGT 498 May 2, 2015 Jerome Dausman Environmental Scan Paper Introduction The monitoring, evaluating, and disseminating of information from the external and internal environments is known as environmental scanning. This information goes to key people within the corporation to identify strategic factors and help determine the future of the corporation (Wheelen Hunger). SWOT analysis is the simplest way to conduct environmental scanning. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. These factors are important because before an organization can begin strategy formulation, it must scan the internal environment for strengths and weaknesses and their†¦show more content†¦Threats A big threat for Best buy is strong competitors and the digital media rely on physical products and is hurting best buys profits. Some of the smaller products that Best buy sell are becoming more desirable. But, they are brought over the internet easily. Electronics are cheaper online and they have intense competition for stores like Best buy. Lastly the substitute for lower margin products could hurt best buy. Apple’s Competitive Advantages and Strategies One of Apple’s competitive advantages is that multiple products that integrate as one and the constant, never-ending change in Apple’s business climate. It’s hard for Apple customers to tell the difference between their product apart from for the size and shape. There is no other company that has efficiently corralled customers to other seemingly different products by getting them to purchase just one. Another one of Apple’s competitive advantages that really stands out is in marketing. Apple recognizes what will get customers enthusiastic about its products, and then they fulfils that vision. Apple shows how the computer will make your life better, rather than talking the about features and technology. Apple has manufactured a truly sustainable competitive advantage and created value by locking in deals with big record labels such as Universal, Warner Sony, and EMI. ICloud’s generates 30% of reve nue alone.. Best Buy’s Competitive Advantages and StrategiesShow MoreRelatedEnvironmental Scan Paper1539 Words   |  7 PagesEnvironmental Scan Paper MGT/498 July 22, 2015 Environmental Scan Paper The evaluating, monitoring, and disseminating of information from internal and external environments to key people within the corporation is called environmental scanning. (Wheelen and Hunger. 2010) Environmental scanning helps an organization identify relevant factors and use those factors to obtain a competitive advantage within the environment. The author will discuss how an organization creates value and sustainsRead MoreEnvironmental Scan Paper1272 Words   |  6 PagesEnvironmental Scan Paper There are internal and external elements that help a corporation determine their future. 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An organization should conduct a scan of its environment in order for it to determine development, and a forecast on the factors that may influence the success of the organization. Scanning the environment refers to the possession and utilization of the information that an organization hasRead MoreEnvironmental Scan1153 Words   |  5 PagesMGT 498 Environmental Scan Paper MGT/498 Environmental Scan Paper Environmental scans play a crucial role in the strategic planning process by helping organizations take a look at their competitive advantages and identify ways to sustain the advantages. Wheelen and Hunger (2010) describes environmental scanning as â€Å"the monitoring, evaluation, and dissemination of information from external and internal environments