Please respond the below statement also state if you agree or disagree. 5-7 sentences is sufficient.

Environmental scanning requires members of an organization to look externally and identify prominent lessons, trends, opportunities or threats that can adversely affect the company. Once identified, the company can develop new strategies that best correspond to these external market factors. Executives must be aware of issues that not only affect the companys direct customers or suppliers, but also competitors, regulatory changes, the overall macroeconomic environment and the ever-changing political landscape. Because of the constant introduction of new technological innovations, the business environment is always changing. As a result, organizations need to understand the entire market landscape in order to develop optimal business strategies. Constant oversight through research and learning that is shared internally can help mitigate the risk that a business is left unaware of important changes in the marketplace.

Given the number of factors that a company must watch, it is of little wonder why so many are unable to employ sound business strategies. While most organizations focus on industry and market conditions, it seems that fewer give consideration to emerging technologies, new regulations, or social changes. For an organization to survive, grow and prosper, management must master the challenges of this profoundly changing environment. To achieve this goal, leaders need to develop and implement a systematic approach to environmental scanning. One approach is a PESTLE analysis, which includes an assessment of six separate environments (Political, Economic, Social, Technological, Legal and Environment). According to Eileen Abels, formerly an Associate Dean and Professor at Drexel University in Philadelphia, environmental scanning efforts can include:

• Gathering data deliberately through market research studies;
• Having informal conversations with other executives;
• Reading secondary sources such as web articles, newspapers, magazines and journal literature;
• Monitoring demographic data; and
• Benchmarking initiatives that compare one companys or industrys performance, finances, etc., to another company or industry.