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Approaches to Environmental Scanning

>> September 22, 2011

For analyzing the information in environment scanning, we can use following approaches.

1. Systematic approach

In this approach, we first collect the information in systematic way. This information is collected from market, customers and govt. organisations.

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Factors of Environment Scanning

Following are main factors of environment scanning.

1. Events

In environment scanning, we study past events. Past events are the one of the important factors of environment scanning. For example, gas leakage in Bhopal union carbide factory is a past event which will helps for environment scanning.

2. Trends

Trends also are the main factor of environment scanning. We see what is the trend of past event or trend of action after happening any event in past.

3. Issues 

Environment scanning also keep eye on important issue of business environment. For example, pollution is one  of important issue.

4. Expectations of People

We also check the expectations of peoples. For more expectations, we will have to enable our product according to their expectations for surviving in business. That is the reason, we are interested to know the expectations of people in environment scanning.

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Procedure of Formation of Company

>> September 6, 2011

When some persons join for business and register their company under company law 1956, then company comes in existence. But this is not complete formation of company. Following are the steps which you have to follow, if you want to format the company under company law.

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How to Start Contractor Business

You can start contractor business in any industry. Today, we are telling you, how can you start contractor business specially construction of water tanks. Following are its main steps

1st Step : Estimation of construction overheads 

Prepare a report of your estimated overhead cost and then it should be approved with proper authority. After this, contractor should fill the tender.

2nd Step : Investment 

For construction of water tanks, he has to invest his money in machines, shattering, skilled labour capital and security.

3rd Step : Qualification 

Minimum 10+2 or B.A. is sufficient to start contractor business.

4th Step : Experience

Before taking any govt. contract, he should take small private contract and his satisfied work will become his plus point for taking govt. contract.

5th Step : Way of Work 

1. Material is supplied by owner. He will just do the work with the help of labors.

2. He will also supply all raw material.

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Importance of Environment Scanning

Following are main importance of environment scanning :

1. Effective Utilization of Resources 

In environment scanning, we find the company's strength and weakness. With these strength and weakness, company can find future risk and opportunities.  For reducing risk and getting the opportunities, company can use its resources effectively.

2. Constant Monitoring of the Environment

For success in business, it is very necessary to keep eye on its changing environment. With environment scanning, we can scan important updates of environment. Now, by studying these environment changes, it is very easy to find the challenging way.


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Limitation of Business Environment Analysis

>> September 1, 2011

Following are main limitation of business environment analysis:

1. Unexpected and Unanticipated Events 

We can not tell unexpected and unanticipated events in business environment analysis. Sometime, business has to face unexpected happenings. So, there will no benefit of business environment in these cases.

2. No sufficient Guarantee

Business environment analyst does not give any guarantee whether all events will happen as per estimation in business environment.

3. Uncritical Faith 

Sometime data may be incorrect. So, decisions on basis of these analysis may be risky for business.

4. To much information

Sometime too much information relating to business environment analysis will create the doubt in businessmen. 
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International Environment of Business

In international environment of business, we can comprise all the factors which affects international business. These factors are international financial system, exchange rates, international lending operations, International organisations which control foreign business.

To know international business environment is very necessary because after knowing it, we can know its effect on Indian business. For example, we have to study WTO's rules and regulations. Check whether, these rules and  regulations are in the favor of Indian business or not. There are also other international organisations like IMF and world bank. We also study their changes and its effect on Indian business.

Foreign aid and foreign investment is also developing international factor in developing countries. We should study whether it is helpful for development of developing countries or not. 
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Political Environment of Business

Political environment is the mixture of the environment of legislature, executive and judiciary. In legislature and executive of Govt. decide the different work of nation. Judiciary sees whether it is legal or illegal. It is continue changing. As a businessman you should watch it. You can see the changes in the political environment with the help of media. Media shows the updates of politics. These days, Indian corruption is on the top of politics. You can  watch and also analyze its effect on your business.

Political environment also affects business with different business laws. These laws controls all the activities of business. In India, there are lots of laws which has been made by Indian Govt. In these laws, we can add company law 1956 and Factory act 1948. For controlling stock exchanges, Govt. has made SEBI. For controlling banking business, Govt. has made RBI.
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Objective of Business Environment

Following are main objectives of business environment:

1. Knowledge of Information 

By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 

2. Basis of Decisions 

One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 

3. Helpful in making of Policies 

For making good business policies, we need to know and scan business through business environment. 

4. Technological Planning 

Today, technology is changing very fastly. 3 years ago, I have to search software for downloading business software but today I can use all business software online free of cost. This has become possible due to changes of web technology. So, you have to study technological environment. With this, you can make better technological planning of your business. 

5. Survive in the Business 

Sometime industry may face recession. Production may be unlimited but sales will be limited. Only that business will survive who estimate all these situation in advance through business environment study. 
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FAMA Violation


a) Transfer of foreign security by Indian resident .
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