In 7-9 paragraph please do strategic early warning scan analysis on Honda Motor Company?
There are seven significant components of an early warning scan system that should be considered when defining a business strategy:
Market definition: This involves clearly defining the scope of the field to be analysed. For instance, a particular market, brand, or location
Open systems: The capability of seizing huge amounts of information on important rivals
Filtering: This involves prioritising the information collected from the field based on their significance or relevance. It is important to be able to expertly interpret information in order to detect specific events that denote strategic shifts.
Predictive intelligence: Understanding the driving forces of a competitor so as to be able to envisage the direction they will possibly take. For instance, a business analyst may build possible scenarios and keenly pursue the indications that sanction the scenario.
Communicating intelligence: Confirming that the relevant people are regularly briefed on important signals in the organisation
Contingency planning: Establishing contingency plans for occasions that have a high possibility of occurring or high potential impact.
A cyclical process: The practise of assessing evidence for new warning signals should always continue while laying emphasis on emerging opportunities and threats. Additionally, the practise should be flexible in order to confront unforeseen short-term developments.