1. 2.02 Acquiring information to guide business decision making
U2.00 – UNDERSTAND ENTREPRENEURSHIP, PRODUCT/SERVICE MANAGEMENT, INFORMATION MANAGEMENT, PROFESSIONAL DEVELOPMENT, EMOTIONAL INTELLIGENCE, & OPERATIONS

2. ENVIRONMENTAL SCANNING
the acquisition and use of information about events, trends, and relationships in an organization's external environment
This info will assist management in planning the organization's future course of action. 

3. PORTER’S Five Forces Analysis
assumes that there are
five important forces
that determine
competitive power
in a business situation

4. FIVE FORCES Supplier Power Buyer Power Competitive Rivalry
Threat of Substitution
Threat of New Entry

5. (1) Supplier Power How easy it is for suppliers to drive up prices?
How many suppliers are there?
What are their sizes?
What is the cost of switching from one to another
The fewer the supplier choices you have, the more powerful your suppliers are.

6. (2) Buyer Power How easy it is for buyers to drive prices down?
How many? How large? Can they switch away from you?
If you deal with few, powerful buyers, then they are often able to dictate terms to you.

7. (3) Competitive Rivalry
How many and how capable are your competitors (direct and indirect)?
Is your product or service a commodity, or are you the only one who has/does what you do?
The ease with which your customers can switch to a competitor puts pressure on your business.

8. (4) Threat of Substitution
How easily can your customers find another way of doing what you do for them?
If you own a hamburger restaurant, how likely is it that people will change their minds and buy chicken?

9. (5) Threat of New Entry
How easily can new competitors start to do what you do?
Is it expensive to get started?
Is the business equipment or machinery heavy?

10. SWOT Analysis
SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.
The SWOT Analysis is sometimes called Internal-External Analysis
Helps you to craft a strategy that distinguishes you from your competitors
When carrying out your SWOT Analysis, be realistic and rigorous.