Final answer:
Environmental Scanning is the process of continually gathering information about events or issues in the industry that might impact an organization. This includes analyzing news coverage of events and assessing economic changes in terms of their effect on demand or supply, influenced by technology and globalization.
Step-by-step explanation:
“Environmental Scanning” is defined as searching the industry for important events or issues that might affect an organization. This involves gathering information from customers and other stakeholders, finding expert information, and conducting a root cause analysis to identify the real problems. Today’s business environment, influenced heavily by technological advances and globalization, requires organizations to be vigilant in monitoring the various external factors that could impact their operations or market conditions.
For a detailed understanding of the potential impact of such events, individuals and organizations might examine coverage of live events, like a debate or a hearing, and then analyze the accuracy and focus of news reporting on these events. Deciding whether an economic change impacts demand or supply is also critical. By evaluating whether the change refers to a factor affecting demand or supply, organizations can better prepare and adapt strategies accordingly.