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    Strategic Management for Scanning an Environment

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    Discussion Board
    Subject : Scanning the Environment
    External environmental opportunities and threats
    Organizations as "open systems"
    Components of General and Specific environments
    Porter's Five Forces model
    Benefits and challenges of an external analysis

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    External environmental opportunities and threats:
    External environmental opportunities are those in the environment that can be identified, their trends understood, and those that are appropriate to the strengths of the firm can be availed of (1). The sources of external opportunities are new trends in technology, modifications in government policies related to the business, and alterations in social patterns, lifestyles, and demographics.
    External threats are those that pose obstacles, create difficult standards for the offering, or changes in technology that favor competitors. Competitor actions, changes in social patterns, and political upheavals also pose external threats to the business. The external threats should be viewed from the standpoint of the firms weaknesses and those threats that have the potential of harming the firm's interest should be addressed.
    Organizations as open systems::
    Organizations that regularly exchange feedback with its external environment are open systems. Such organizations learn from the environment. This learning affects its inputs, processes, outputs, goals, and assessments. Organizations as open systems swap feedback with ...

    Solution Summary

    The answer to this problem explains issues related to strategic management . The references related to the answer are also included.