Str 581 Wk 2 Individual: Strategic Plan, Part 1: Environmental

Strategic Plan, Part 1: Environmental ScanNameAffiliate InstitutionDateStrategic Plan, Part 1: Environmental ScanEnvironmental scanning is a crucial facet of strategic planning. It involves a systematic process of surveying and understanding the relevant information inregards to a business’s external environment(Amuna et al.,2017). This information is necessary for the business as it can alter its strategies to react to the information obtained. Acorda Therapeutics Inc. Is a biotechnology related company that is located in Ardsley, New York. Its main focus is the production of drugs that help patients with neurological deficits.The paper performs an environmental scan on Acorda Therapeutics to aid in the development of its strategic plan.Internal AnalysisAn internal analysis assists a company in the identification of its own weaknesses and developsstrategies to overcome them. A SWOT analysis can be used to assess a company’s performance factors such as its strengths,weaknesses,opportunities, and threats.StrengthsAcorda has a myriad of strengths that help it remain well above the rest in the biotechnology market. These same strengths assist it in penetrating into new markets.Exemplary performance in new markets-The Company is well known for its skill in entering new markets and succeeding very well at doing so.