This is not a WRITING ASSIGNMENT • Generate a UNIQUE BUSINESS IDEA using one of the methods/ tools in business idea generation discussed in the given image. After coming up with a final business idea, conduct an ENVIRONMENTAL SCANNING using the following techniques:1.SWOT Analysis2.PESTLE Analysis INTRODUCTIONEnvironmental scanning is a way of accumulating information aboutsituations that affects the internal and external environment of thebusiness. Internal environment focus on the different units and departments in theorganization while, the external environment focuses on the bigger part that couldaffect the organization directly or indirectly. An enterprise's external environmenthas two subdivisions: the micro-external environment, and the macro-externalenvironment.The micro-external environment consists of other entities close to thebustness enterprise which allow it to effectively, efficiently and economicallyprovide products for ts market. These entities are the enterprise itself, its suppliers,marketing channels, customers, competitors and publics.The basic purpose of environmental scanning is to help management or theentrepreneur determine possible direction of the organization.IMPORTANCE OF BUSINESS SCANNING1. Through environmental scanning one will be able to determine relevantinformation that the organtzation need for its plan. Valuable informationincludes the strengths, weaknesses, opportunities, and threats of a company.2. Environmental scanning helps us lead to proper utilization of business resourcesmay it be capital resources, human resources or other factors of production.This avoids wastages of resources and allow for the most operative andreasonable use of these resources.1. Proper environmental scanning and analysis will help the entrepreneur plan thenecessary business strategy for long and short terms.4. Lastly, environmental scanning allows the firm to make the best decision thatwill help the success and growth of the business.Relevant dynamics of environmental scanning are events, trends, issues, andEvents are manifestationswhich takeplaceinexpectations.diverse environmental sectors of a business. Sometimes these events follow apattern and tend to move in a specific direction.ENVIRONMENTAL SCANNING TECHNIQUES1. SWOT ANALYSISA SWOT analysis is a tool that will help you identify business strengths (S),weaknesses (W), opportunities (0) and threats (T). Through this technique one willbe able to bulld on strengths (S), minimize weakness (W), seize opportunities (0)and counteract threats (T).To get the most out of a SWOT analysts, one need to conduct it with a specificor particular business objective in mind.USES OF SWOT ANALYSISA SWOT analysis looks at internal and external factors that can affect yourbusiness. Internal factors are the strengths and weaknesses. External factors are thethreats and opportunities.BENEFITS OF SWOT ANALYSIS1. It helps you identify and understand key issues affecting your business, but itdoes not necessarily offer solutions.2. Conducting of a SWOT analysis incurs little or no cost · anyone whounderstands your business can perform a SWOT analysis.1. It concentrates on the most important factors affecting your business.LIMITATIONS OF SWOT ANALYSISWhen conducting a SWOT analysis, keep in mind that it is only one stage ofthe business planning process. For complex issues, you will usually need to conductmore in-depth research and analysis to make decisions.A SWOT analysis is limited because it:doesn't prioritize issuesdoesn't provide solutions or offer alternative decistonscan produce too many ideas but not all of it can help you choose whichone is bestcan produce a lot of information, but not all of it is useful. TIPS FOR A SUCCESSFUL SWOT ANALYSISS• Keep your SWOT short and simple.When done, prioritize the results by listing the most relevant elements thataffect your by listing them in order of the most significantGet multiple perspectives on your business. Ask for input from youremployees, suppliers, customers and partners. More heads is better than one.• Apply your SWOT analysis to a specific issue only.Look at where your business is now and think about where it might be in thefuture, as well as where you would like to be.Consider your competitors and be realistic when you compare.Use goals and objectives from your overall business plan in your SWOTanalysis.Steps in Conducting a SWOT analysis1. Identify your objective. Focus on one only.2. Research your business, industry and market. Get a range of perspectives bytalking to your staff, business partners and clients. Also conduct some marketresearch and find out about your competitors.3. List your business's strengths4. List your business's weaknesses5. List potential opportunities for your business6. List potential threats to your business7. Establish priorities from the SWOT8. Develop a strategy to address issues in the SWOTReview your 4 prioritized lists by asking:How can we use our strengths to take advantage of the opportunitiesidentified?• How can we use these strengths to overcome the threats identified?What do we need to do to overcome the identified weaknesses in order totake advantage of the opportunities?• How will we minimize our weaknesses to overcome the identified threats?Once you have answered these questions and finalized your lists, you can now usethe SWOT analysis to develop strategies for achieving your business goals.SWOT analysis should always befollowed by further planning anddevelopmentThink & Act1. Now do a SWOT analysis for a bustness idea that you want, then develop amatrix to identify strengths, opportunities, weaknesses, and threats.2. Think carefully about the strengths and weaknesses within the business.These maybe personal characteristics, financial tssues, the location of thebusiness, cost of promoting products or selling your products. Write themdown.3. Thínk of the external environment for this business. What are theopportunities and threats in your business environment? Try to look for keyinformants who can help you generate more information about your businessidea.4. Then write down the advantages and disadvantages, as well as how you intendto avercome them.

A lot of ground work goes before starting a business. Various factors of the environment are to…

This is not a WRITING ASSIGNMENT • Generate a UNIQUE BUSINESS IDEA using one of the methods/ tools in business idea generation discussed in the given image. After coming up with a final business idea, conduct an ENVIRONMENTAL SCANNING using the following techniques: 1.SWOT Analysis 2.PESTLE Analysis

This is not a WRITING ASSIGNMENT • Generate a UNIQUE BUSINESS IDEA using one of the methods/ tools in business idea generation discussed in the given image. After coming up with a final business idea, conduct an ENVIRONMENTAL SCANNING using the following techniques: 1.SWOT Analysis 2.PESTLE Analysis

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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