Mintribes, a silver jewelry shop that specializes in tribal jewelry, wants to move its store to a location near tourist attractions. To decide on the location, Mintribes's store manager went to some tourist spots to analyze buyer behavior, learn about the products of the existing jewelry shops in those areas, and study the spending pattern of tourists and locals in those areas. Which of the following concepts does this scenario best illustrate?

Question

Quizplus · Accepted Answer

This scenario shows Mintribes engaging in environmental scanning, which refers to the process of collecting and analyzing information about the external environment to identify potential opportunities and threats that can impact the business. By studying buyer behavior, existing competitors, and spending patterns in tourist areas, they are gathering information to make an informed decision about the location of their store.

Mintribes, a Silver Jewelry Shop That Specializes in Tribal Jewelry