BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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substitute goods
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the aging population and ethnic shifts
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customer and firm bargaining power
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competitive rivalry
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Detailed explanation-1: -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-2: -Environmental scanning includes both looking at information (viewing) and looking for information (searching). Research in organization science suggests that it might be helpful to distinguish between four modes of organizational scanning: undirected viewing, conditioned viewing, informal search and formal search.
Detailed explanation-3: -A SWOT analysis is a common method of environmental scanning. SWOT stands for strengths, weaknesses, opportunities, and threats. When performing a SWOT analysis, an organization’s marketing department looks internally at the company’s strengths and opportunities and externally at its weaknesses and threats.
Detailed explanation-4: -The general environment can be defined as a variety of external influences, such as the environment, technology, economic conditions, demographics, socio-cultural forces, and political factors.