BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
Detailed explanation-1: -PESTEL is an acronym, meaning it is an abbreviation formed from the initial letters of other words. PESTEL reflects the names of the six segments of the general environment: (1) political, (2) economic, (3) socio-cultural, (4) technological, (5) environmental, and (6) legal.
Detailed explanation-2: -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.
Detailed explanation-3: -There are five main types of environmental scanning: technological, legal, ecological, sociological, and economic (financial).
Detailed explanation-4: -Start scanning the relevant areas, using environmental scanning techniques like SWOT analysis, PESTLE analysis, interviews, surveys, focus groups, market research etc.