From the course: Certification Prep: Professional in Human Resources (PHR)®

Unlock the full course today

Join today to access over 22,600 courses taught by industry experts or purchase this course individually.

Environmental scanning

Environmental scanning

From the course: Certification Prep: Professional in Human Resources (PHR)®

Start my 1-month free trial

Environmental scanning

“

- [Educator] Economist Michael Porter once said, "Strategy is about setting yourself apart "from the competition. "It's not a matter of being better at what you do, "it's a matter of being different at what you do." This quote explains why companies engage in a strategic planning process to determine how they can do what they do differently than the competition. The strategic planning process begins by gathering information about the business environment and identifying themes. This is referred to as Environmental Scanning. Two commonly used Environmental Scanning techniques are a SWOT analysis and a PESTLE analysis. A SWOT Analysis explores the strengths, weaknesses, opportunities, and threats to the business. When evaluating a company's strengths, senior leadership considers the organization's value proposition and what the organization does better than its competitors. When analyzing a company's weaknesses, the senior leadership team may uncover unethical practices or other areas…

Contents