Do you think environmental scanning is essential in marketing? If so why?

Do you think environmental scanning is essential in marketing? If so why?

Environmental scanning comprises of conducting a detailed analysis of the external and internal environment to an organisation so as to be able to forecast the organisation's future- where it would stand in the future and within what time.

It helps to identify the opportunities that may exist for a company and the threats as well which it may face from external forces like competitors, change in trend of demand etc. Based on such information, the company can formulate the appropriate plans and strategies for its business. This can be done through SWOT analysis(strengths,weaknesses,opportunities,threats) of the environment.