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    Formation of action plans and goals

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    What are some lessons learned relative to the importance and effectiveness of enviornmental scanning, strategy formulation and choice, and the formulation of action plans and goals? Could you please elaberate. Thank you.

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    With regard to environmental scanning:
    For a company to gain or maintain a sustainable competitive advantage, it must be ever vigilant, watching for changes in the business environment. It must also be agile enough to alter its strategies and plans when the need arises. There are three ways of scanning the business environment:

    Ad-hoc scanning - Short term, infrequent examinations usually initiated by a crisis
    Regular scanning - Studies done on a regular schedule (say, once a year)
    Continuous scanning - (also called continuous learning) - continuous structured data collection and processing on a broad range of environmental factors.

    Most commentators feel that in today's turbulent business environment the best scanning method available is continuous scanning. This allows the firm to act quickly, take advantage of opportunities before competitors do, and respond to environmental threats before significant damage is done.

    Why then is Environmental Scanning important?

    All organizations need to monitor at some level what goes on in their environments and recognize their strengths and weaknesses in relation to it. The importance of environmental information depends on the degree to which the success of the organization itself depends on its environment. In the business literature, ...

    Solution Summary

    The importance and effectiveness of enviornmental scanning, strategy formulation and choice, and the formulation of action plans and goals is emphasized.

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