Given the plethora of external influences, understanding the external environment requires managers to:
A)Use a framework or a system that allows them to organize information and rank factors
B)Monitor their rivals closely to detect signals of change in their strategies
C)Use all existing techniques to gather and analyze information
D)Work on the matter full-time

Question

Quizplus · Accepted Answer

Using a framework or a system allows managers to organize the vast amount of information related to the external environment and prioritize the most important factors. Monitoring rivals closely and using all existing techniques to gather and analyze information are helpful, but without a structured approach, the information can be overwhelming and difficult to manage. Working on the matter full-time is also not necessary if a system is in place to efficiently analyze and respond to changes in the external environment.

Given the Plethora of External Influences, Understanding the External Environment