Environmental Scanning: An Imperative for Business Survival and Growth in Nigeria

Abstract

There is no doubt that the business environment of the 21^st Century has been more volatile and challenging than those of centuries before it. This volatility is largely the consequence of globalization that has turned the world into a global village where event in one region transmits to others almost immediately. In spite of this environmental turbulence, organizations must effectively depend on its environment for operations and survival. This paper sought to assess the place of environmental scanning as a means of business survival and competitiveness in Nigeria. This study used mainly secondary data which it analytically adapted to suit its unique objectives. Findings generally reveal that environmental scanning is critical to business survival not only in Nigeria, but in other parts of the world. Nigerian specific data reveal that educational level of managers significantly impact on their tendency to scan the business environment. It also found out that informal sources are more used to gather data from the environment than formal sources and that customers and competitors are the most unpredictable and yet, the most attended factors of the environment.

Key Words: Environment Scanning, Business Growth, Competitiveness, Survival