What Is Environmental and Internal Scanning

Question

Examlex · Accepted Answer

The Answer is The strategic management process begins with an understanding of strategy and performance. Environmental and internal scanning is the next stage of the strategic management process. Managers must constantly scan the external environment for trends and events that affect the overall economy and they must also monitor changes in the particular industry in which the firm operates. For example, Apple's decision to create the iPhone demonstrates their ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. For example, intellectual property is a vital resource for Apple. Between 2008 and 2010 Apple filed more than 350 cases with the United States Trademark office in order to protect their use of terms such as "apple," "pod," and "safari."

What Is Environmental and Internal Scanning

Definitions: