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Surveillance of external environment

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Reference no: EM132186694

Managers are conscious of their environment through, scanning, monitoring, and gathering competitive intelligence. 

  • Environmental scanning: surveillance of external environment to perceive changes/future environment.
  • Environmental monitoring: tracks the evolution of environmental developments, sequences of events, or streams of events. Environmental scanning not necessary; ability to respond to any trends needs close monitoring. 
  • Competitive intelligence: helps corporations to define and understand their business and recognize competitors' strengths and weaknesses. If done properly, anticipates competitors' moves and decrease response time, but a firm shouldn't focus all its' attention on competitive intelligence for making decisions.

Reference no: EM132186694

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