1. Understanding the environmental context of a business is of immense significance. Successful business persons would be those who may be ready to adapt to its environment. Companies that fail to adapt to their environment are unlikely to survive in the long run, and tend, like dinosaurs, to disappear.
  2. By monitoring the environment through environmental scanning, an organization can consider the impact of the different events, trends, issues, and expectations on its strategic management process.
  3. Marketers find many opportunities by identifying trends in the macroenvironment.
  4. To understand how competition affects their business.
  5. To understand the labor force.
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