How 2 Make Business

A. Definition: process of acquiring information for decision making.

B. Surveillance:

1. Definition: watch over an interest.
2. Gives decision maker a general awareness.
3. Requires relatively low time involvement.
4. Keeping top management aware of what is going on.

C. Search

1. Definition: locating a particular piece of information needed to solve a particular problem.
2. Requires high time commitment.
3. Is problem oriented?

D. Three types of scanning models:

1. Irregular: ad hoc study triggered by unanticipated event in the environment.
2. Regular: periodic updates and reviews of environmental components.
3. Continuous: constant monitoring of environmental sectors.

E. Five characteristics of a successful environmental scanning system.

1. Holistic: view trends as a whole.
2. Repetitious: not a one-shot analysis.
3. Alternative futures: future is always uncertain.
4. Stress on contingency planning: provides a flexible strategy.
5. Integral part of decision-making system.

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