BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Monitoring: is the process of detecting meaning through ongoing observation of environmental changes and trends obtained through scanning. Forecasting: is the process of developing projections of anticipated outcomes based on monitored changes and trends.
Detailed explanation-2: -monitoring: detecting meaning through ongoing observations of environmental changes and trends.
Detailed explanation-3: -Environmental scanning is the continual analysis of the environment inside and outside of an organization. It’s used to evaluate potential opportunities, threats, market trends and lessons that can affect the company.
Detailed explanation-4: -Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions. It is closely related to a S.W.O.T. analysis and should be used as part of the strategic planning process.