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Name and explain the process by which a firm recognizes potential opportunities and threats.

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Name and explain the process by which a firm recognizes potential opportunities and threats.
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Environmental Scanning is the identified process.
Environmental scanning is a process of scrutinizing and weighing up changes and trends in marketing environment by the firm. Through environmental analysis, the management can develop an Environmental Threat and Opportunity Profile (ETOP) which gauges the impact of various environmental forces on the firm.
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