HOD 1200- Test One Study Guide

HOD 1200- Test One Study Guide - HOD 1200 Study Guide Test...

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Unformatted text preview: HOD 1200 Study Guide Test One ENVIRONMENTAL SCANNING Environmental Scanning o The internal communication of external information about issues that may potentially influence an organizations decision making process. o Focuses on the identification of emerging issues, situations, and potential pitfalls. o Information is provided to key managers within the organization and is used to guide management in future plans. Why environmental scanning? o Its easy for an organization to fall behind. o It reduces the chance of being blindsided and results in greater anticipatory management. o The relationship between markets, strategic planning, and the environment external define an organizations success. o It allows for an organization to address external competitive, social, economic, and technical issues that may be hard to identify and are persistent. o It focuses on future impacts on the organization rather than those centered on the present situation. o Helps to adjust to organizational structure and strategic plans that are designed to be more effective and flexible to changing market forces. Puts the on learning as well as flexibility and responsiveness. o Allows necessary adjustments in the organizations response that can mean the difference between success and failure. External Environments o Industry/Market : Identifies the key competition in the industry. Understanding the role of competitors, their relationship with each other, their customers, and their suppliers. o Technology : By monitoring changes in technology, particularly those that influence business efficiencies, changes in production, existing infrastructures, and the rise of new products or services. E.g. energy, transportation, and communication o Regulatory : Changes in law and regulatory guidelines. E.g. media ownership laws, minimum wage laws, business taxes, employment practices, and intellectual property o Economic : The way economies (local to international) affect an organization. E.g. Rates of unemployment, inflation, exchange rates, and gross national product for trading nations o Social : Changes in society E.g. demographic shifts, shifts in population, age, education, and income. Also, qualitative indicators like consumer attitudes o Political : Trends in politics (local to international). E.g. Terrorism, tariffs, changes to policies or laws (ties to regulatory) How does Environmental Scanning work? o First, an organization cannot spend their entire time monitoring the environment. o There are five basic steps to a formal environmental scanning. Identify the environmental scanning needs of the organization....
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This note was uploaded on 04/07/2008 for the course HOD 1200 taught by Professor Mukolo during the Spring '08 term at Vanderbilt.

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HOD 1200- Test One Study Guide - HOD 1200 Study Guide Test...

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