BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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it results in higher performance
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co-ordinates all units of the organization
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helps managers to avoid scanning the external environment
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it is involved in managerial decision making
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Detailed explanation-1: -Environmental scanning is an important component of strategic planning as it provides information on factors that will affect the organization in the future. The information gathered will allow leadership to proactively respond to external impacts.
Detailed explanation-2: -Strategic management sets a direction for the organization and its employees. Unlike once-and-done strategic plans, effective strategic management continuously plans, monitors and tests an organization’s activities, resulting in greater operational efficiency, market share and profitability.
Detailed explanation-3: -Environmental scanning in strategic management is termed as the utilisation and possession of information regarding patterns, relationships, occasions and trends within a company’s external and internal environment that impact the future and current strategies.