express from the viewpoint of business owner the importance of scanning the environment and market in generating business ideas
Answers
Answer:
In generating a business idea, it is important to scan the environment and market because it affects the firm's ability to build and maintain successful relationships with customers. Its importance is to help the management to determine the future direction of the business.
Explanation:
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BAM Projects & Properties has partnered with the Federal Housing Authority (FHA) to develop a state-of-the-art residential project, Express View Estate.
The partnership is not only expected to fulfill the dreams of all Nigerians but also provide them with an opportunity to have a modern home in a quiet area with modern facilities and access to city markets at affordable prices.
Environmental scanning is necessary because there are rapid changes taking place in the area that have a significant impact on the performance of the business firm.
Business domain analysis helps identify strengths, opportunities, and threats.
SWOT analysis is necessary for the survival and growth of all business organizations.
With a new product or service area, the moderator focuses on group discussion in a direct or indirect way.
The team is encouraged by ideas from other team members about smart thinking and developing a new product or service to meet market demand.