Welcome to the InfoSci Platform
Reference Hub4
The Importance of PESTEL Analysis for Environmental Scanning Process

The Importance of PESTEL Analysis for Environmental Scanning Process

Tuğberk Çitilci, Murat Akbalık
Copyright: © 2020 |Pages: 22
ISBN13: 9781799825593|ISBN10: 1799825590|EISBN13: 9781799825609
DOI: 10.4018/978-1-7998-2559-3.ch016
Cite Chapter Cite Chapter

MLA

Çitilci, Tuğberk, and Murat Akbalık. "The Importance of PESTEL Analysis for Environmental Scanning Process." Handbook of Research on Decision-Making Techniques in Financial Marketing, edited by Hasan Dinçer and Serhat Yüksel, IGI Global, 2020, pp. 336-357. https://doi.org/10.4018/978-1-7998-2559-3.ch016

APA

Çitilci, T. & Akbalık, M. (2020). The Importance of PESTEL Analysis for Environmental Scanning Process. In H. Dinçer & S. Yüksel (Eds.), Handbook of Research on Decision-Making Techniques in Financial Marketing (pp. 336-357). IGI Global. https://doi.org/10.4018/978-1-7998-2559-3.ch016

Chicago

Çitilci, Tuğberk, and Murat Akbalık. "The Importance of PESTEL Analysis for Environmental Scanning Process." In Handbook of Research on Decision-Making Techniques in Financial Marketing, edited by Hasan Dinçer and Serhat Yüksel, 336-357. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-2559-3.ch016

Export Reference

Mendeley
Favorite

Abstract

Strategy and tactic are two inseparable dynamics for organization which can be the same as a chess game. Organizations' theoretical infinite life cycle needs well-established strategic management. To create competitive advantage among competitors, top management of organizations must scan environmental factors very carefully. Without environmental scanning process organization can be viewed as blind and deaf in an ecosystem which definitely ends with shutdown of activity. Environmental scanning has two parts; internal environmental analysis and external analysis which aim to create early signals for organization. Internal analysis deals with micro-based factors which can be controlled by organization whereas external analysis universe is larger and wider when compared to internal analysis. External analysis covers all the factors such as political, economic, social, technological, environmental, and legal, which an organization cannot control and cannot affect. This type of analysis can be named as top-down approach analysis aims to create competitive advantage.

Request Access

You do not own this content. Please login to recommend this title to your institution's librarian or purchase it from the IGI Global bookstore.