INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All information should be obtained in a formal manner.
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Information obtained from television is unreliable.
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You must focus only on relevant information.
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You should avoid using surveys.
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Detailed explanation-1: -Correct Answer: b) Environmental scanning identifies and interprets potential trends.
Detailed explanation-2: -Environmental scanning is important because it provides information on factors that will affect the organization in the future, allowing leadership to proactively respond to external impacts.
Detailed explanation-3: -Market research is an important component of environmental scanning because you need to learn about trends in your industry to take advantage of opportunities. You also need to be aware of potential pitfalls showing up in your industry due to competitor mistakes, which helps you avoid making the same ones.
Detailed explanation-4: -Identification of strength: Identification of weakness: Identification of opportunities: Identification of threat: Optimum use of resources: Survival and growth: To plan long-term business strategy: Environmental scanning aids decision-making: 09-Feb-2017