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    Strategic planning

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    - What are lessons learned relative to the importance and effectiveness of environmental scanning?

    - What concepts and analytic tools will you be able to use in the development of a strategic plan (i.e., how do you expect to apply them)?

    - What do you think are the challenges facing strategic planners?

    P.S. Please provide appropriate references for statements and/or quotations next to the statements and/or quotations itself. Apart from the references that you would provide at the end of your response as well. If you're just going to respond with outside references only, then please do not respond.

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    What are lessons learned relative to the importance and effectiveness of environmental scanning?

    The primary lesson learned relative to the importance of effectiveness of environmental scanning is the fact that in today's extremely competitive and dynamic business environment, both internal and external environmental scanning is a must for every progressive business entity. Environmental scanning provides the basis for framing overall corporate strategy. Since corporate strategy in today's business world has to be made flexible and adaptive to rapid changes occuring in the external environment, environmental scanning has to be conducted more frequently than ever before in order to identify the changes occuring in the firm's internal and external environment.

    Internal environmental scanning helps to identify the firm's own strengths and weaknesses, thus helping them to capture maximum benefits from their strengths as well as devise strategies to overcome the key weaknesses. Further, it helps to identify the key opportunities which can be exploited in the firm's industry or business segment as well as makes aware of the key threats which can threaten the existence, profitability ...

    Solution Summary

    The primary lesson learned relative to the importance of effectiveness of environmental scanning is the fact that in today's extremely competitive and dynamic business environment, both internal and external environmental scanning is a must for every progressive business entity.

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