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“It is the forces outside the control of a business"

1. What is it? 

2. List out the importance of such forces.

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1. Identification of opportunities:

Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them.

2. Identification of threats:

Environmental awareness help managers to identify various threats on time and serves as an early warning signal.

3. Tapping useful resources:

Business environment helps to know the availability of resources and making them available on time.

4. Coping with rapid changes:

Environmental scanning enables the firms to adapt themselves to the changes in the market.

5. Assistance in planning and policy formulation: 

Environmental understanding and analysis is the basis for planning and policy making.

6. Improving performance:

Environment scanning helps an organisation in improving its performance

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