An Opportunity is a general environ

An Opportunity is a general environment condition that is exploited helps a company achieve strategic competitiveness. A threat is a general environmental condition that may hinder a company’s efforts to achieve strategic competitiveness. There are four components of external environmental analysis namely

Scanning: is the process of identifying early signal of environment changes and trends.
Monitoring: is the process of detecting meaning through ongoing observation of environmental changes and trends obtained through scanning.
Forecasting: is the process of developing projections of anticipated outcomes based on monitored changes and trends.
Assessing: is the process of determining the timing and importance of environmental changes and trends that impact a firms strategies and their management.